Question

What is the Bill of Exchange in banking?

Answer 1

A bill of trade is a composed request utilized mostly in foreign exchange, requiring one party to pay a proper measure of cash to an alternate party, on-request, or at a set date. Trade bills are like checks and promissory notes—they can be drawn by people or banks, and can for the most part be passed by supports or endorsements.

Also read:

• Difference Between Bill of Exchange and Promissory Note
• Types of Bill of Exchange