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The cheque is an unconditional written order given to a bank (on a form) to execute a payment in favour of a natural or legal person. The parties involved in a cheque payment are: 1 – the DRAWER- the party ordering the payment of a certain sum of money; if trade is considered, the drawer may be the importer which, by issuing a cheque, compensates the counter value of the goods purchased. 2 – the DRAWEE – is always a bank, the drawer’s bank or the bank executing the payment. 3 - the PAYEE – is the person (natural or legal) indicated by the drawer, in favour of which the bank is to execute the payment; the drawer may indicate himself as payee if it wants cash. Banca Romaneasca provides USD, CAD and EUR denominated bank cheques that are drawn on itself and can be used to pay on behalf of its partners the counter value of some goods, various fees or subscriptions for foreign publications. We suggest that cheques should be used for modest amounts and only if the partners agree to the fairly large time intervals to be covered by the postal and defraying circuits. Attention! Accept cheques vigilantly and only for modest amounts for your export operations. The fact that the cheque is drawn on a bank does not mean that it guarantees the payment! Furthermore, a cheque payment may take from 20 to 45 days.
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