20 Topic

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20 TOPIC 1. What do you know about money orders and international money order? (U 1)  International money order can be used to make payments aboard. It is safer than sending currency through the post because it is required a signature, and form of photo identification.  Money order is a type of check safer than sending cash (in the mail). There are three parties in money order: Postal services, grocery stores, convenience stores, and financial services companies such as banks. It consists of two portions: the negotiable check, and a receipt. It is purchased for amount desired, and limited in face value (under $1000). In addition, they are pre- paid and therefore cannot bounce. It is drawn on bank’s fund. 2. How many parts are there in a cheque? What are they? (U 2) There are seven parts in a cheque, and they are: 1. Place of issue 2. Cheque number 3. Account number MICR 4. Date of issue 5. Payee 6. Amount of currency 7. Signature of the drawer What is the difference between an order cheque and a bearer cheque? Order cheque Bearer cheque Is payable only to the named payee Is payable to anyone who is or they indorsee, it usually contains possession of the document, the the language “Pay to the order of cheque does not state a payee. (name).” 3. What is a traveler’s cheque? What are the parties of a traveler’s cheque? Give short explanation about each party of the traveler’s cheque. (U 3)  Traveler’s cheque is a preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else. It is available in several currencies such as: US dollar, Pound Sterling, Japanese Yen, and Euro; denominations usually being 20, 50, or 100 and are usually sold in pads of five or ten cheques. Traveler’s cheque do not expire, and unused cheques can be kept for latter use. We can get refund if traveler’s cheque lost or stolen.  There are four parties of a traveler’s cheque; and they are: The obligor or issuer: the organization produces it;  The agent: the bank or other place sells it;  The purchaser: the natural person who buys it;  The payee: the entity to whom the purchaser writes the cheque for goods or  services. 4. What is the difference between a cheque and traveler’s cheque? (U 3)
Traveler’s cheque Cheque  Preprinted, fixed-amount, sold in pads of five or ten cheque with denominations being  It is not. 20, 50, or 100.  It do not expire.  Just valid for 6 months.  Can refund if lost or stolen.  It cannot.  Unused cheques can be kept for latter use.  It cannot. Why are traveler’s cheque safe and convenient? • It is safe because of the two signatures needs: When you buy them, you sign in top left-hand corner; it says: signature.  When you changed them for cash in other country, you using again in the  presence of the payee and you sign where it says countersignature in bottom left. You fill in date of encashment in top right-hand corner.  In addition, you can get refund if you lost them.  • It is convenient because you can use them almost anywhere; they are acceptable as payment in restaurants, hotels, airlines, shops and so on, unused cheques can be kept for latter use and do not expired. 5. What does “Irrevocable L/C”? When is the exporter due payment? (U 4)  Irrevocable L/C is: One an L/C has been opened and advisement has been made, they cannot altered  or canceled without the consent of the seller. The buyer unable to pay goods, he request to his bank payment a full amount of  goods.  The exporter due payment is after shipment and presentation of the necessary documentation to the advising bank, if no discrepancies are found. 6. When does an invoice become action or inaction? (U 5) An invoice become action when using invoices that state specific dates that payment is expected and offer an incentive to pay promptly action- and will help get the money you’re owned flowing into your bank account. If not, it is inaction. When is a credit memo issued? When the buyer returns the products, the seller usually issues a Credit Memo for a same or lower amount than the invoice and then refunds the money to the buyer. 7. When are negotiable bills of lading required? (U 6) Negotiable bills of lading are required where collection and payment is through banking channels, such as under L/C or documentary collection. How does Unconfirmed L/C differ from Confirmed L/C?
Unconfirmed L/C Confirmed L/C Advising bank forwarded L/C to the export Add its own undertaking confirming that without adding its own undertaking to make payment will be made as long as compliant payment or accept responsibility for payment at a documents are presented. And, this commitment future date, but confirming its authenticity. holds even if the issuing bank or the Applicant fails to make payment.
8. What is the difference between an L/C and a B/L? (U 4+ 6) L/C B/L  Issuing by Advising banks  Issuing by Transportation carrier  Two types: irrevocable L/C and Non-  Two types: negotiable and Non- irrevocable L/C negotiable  Payment through bank channel  Negotiable is pay through bank channel, but Non-negotiable is pay directly for payer. 9. What are follow-up letters used for? (U 8) Follow-up letters shows your interest and explain the benefits your contribution will make. It makes stand out and get noticed for reader. In the case do you need to send follow-up letters? In the case, We inform others of important events and occurrence, and follow-up letters can help we accomplish what we need to. There are 9 tips for writing Follow-up letters and 12 uses of a well-written follow-up letter. 10. What is very effective way of making your voice heard when you want to get your problem resolved? (U 9) When you want to get your problem resolved, put your complain in writing! A respectful, yet firm, complain letter may help you accomplish what you want. Complaint letters can be a very effective way of making your voice heard. There are 11 advisement to write a complaint letter and 6 uses of a well-written complaint letter. What are the general tips in writing a complaint letter? There are six general tips in writing a complaint letter. They are: Try to make sure your letter is sent to the right person or department  Try and keep your letter short  Be polite as sarcasm or rudeness will not help you cause!  Give what you want for your complaint to be resolved  Keep a coppy of letter you write  11. What is a cheque and its history? (U 2) A cheque (CwE) or check (AmE), thought to have developed from Persian chek. It is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specific demand account held in the maker/ depositor’s name with that institution. 12. How many other kinds of cheques in details? (U 2) There are seven kinds of cheques. They are:  Payroll cheque: used to pay wages, issued by the military to soldiers.  Warrants: issued by government entities to their employees, beneficiants, and creditors.  Traveler’s cheque: is designed to allow the person signing it to make an unconditional payment to someone else.  Money order (postal order): sold by a post office or merchant such as grocery for payment by a third party for the customer.
 Cashier’s cheque (treasurers cheque or bank cheque): issued by a bank on it is own account for a customer for payment to a third party.  Teller;s cheque: issued by a bank but drawn on an account with another bank.  Voucher : made some public assistance programs which are good up to a certain monetary amount for purchase of grocery items deemed eligible under the particular program. 13. What should the purchaser do immediately when buying travelers cheques? (U 3) When buying travelers cheque, the purchaser should immediately write his signature once upon each cheque, usually in the top left-hand corner. What should he to do cash a traveler’s cheque while making a purchase? When he to do cash a traveler’s cheque while making a purchase he should use again in the presence of the payee. This time he signs a countersignature in the bottom left-hand corner. He also fill in the date of encashment in the top right-hand corner. 14. What is an L/C, in summary? And what are the parties to an L/C? (U 4) An L/C is a letter from a bank guaranteeing that buyer’s payment to the seller will be received on time and for the correct amount. In summary, an L/C is:  A formal document of payment  Opened by a party wishing to import  Communicated through banking channels  Paid by the opening bank within a specified timeframe upon presentation of stipulated documentation. There are four parties in L/C:  An applicant: who wants to send money,  A beneficiary: who is receive the money,  The issuing bank: of whom the applicant is a client,  The advising bank: of whom the beneficiary is a client. 15. What is the different between Revolving L/C and Transferable L/C? (U 4) Revolving L/C Transferable L/C Used for regular shipment of the same The exporter has the right to request the paying commodity between the same exporter and or negotiable bank to make part (or all) of the importer. credit value available to third parties. And it is useful for those who acting as middlemen, especially where there is a need to finance purchases from third party supplies. 16. What is a bill of lading? (U 6) A bill of lading (B/L) is a document which is issued by the transportation carrier to the shipper acknowledging that they have received the shipment goods and that they have been placed on board a particular vessel which is bound for a particular destination and states the terms in which these goods received are to be carrier. How does a non-negotiable B/L differ from a negotiable B/L?
Non-negotiable B/L Negotiable B/L  Goods deliver only to the consignee in B/L.  Related to ownership to the goods and the right to the re- rount.  Acts both as receipt of goods and as transport agreement.  Issued to the shipper order.  Consignee directly pays for  Required when collection and payment transportation charges. through banking channel under L/C. 17. How many types of bills of lading are there? (U 6) There are four types of B/L. They are: Inland Bill of lading is meaning is the contract between a shipper and transportation company. Ocean Bill of lading: this is contract between a exporter and an international carrier for transport of merchandise to a specified foreign market overseas. Through Bill of lading: a document that establishes the terms between a shipper and a transportation company covering both the domestic and international transport of export goods. Air Waybill: covers both domestic and international flight, establishes the terms between a shipper and an air international company for the transport of goods. It is a non-negotiable B/L. 18. What is the purpose of an enquiry letter? (U7) The purpose of an enquiry letter is asking for more information concerning a product, service or other information about a product or service that interests us. Why do need to write these letters? Because we are interested in purchasing a product, but would like more information before making decision. Why is it very important to make good impression when responding to enquiries? Because with well-written response you can persuade the reader to take the next step in placing an order or to become your client. 19. What is a sales letter? (U 8) A sales letter is a document designed to general sales. What should you do in preparing your sales letters? Preparing your sales letter you should understand the product or service being offered, the market, and the reader needs. 20. What are tips for responding to complaint letters? (U 9) There are six tips for responding to complaint letter. They are: