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Sight draft

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Sight draft
A draft which is payable on demand.
    
It is a bill of Exchange payable on the day it is presented to the named entity (the drawee). Also called sight bill or at  sight .
    
Bank Draft is a  type of check where the payment is guaranteed to be available by issuing bank. Typically, banks Will review the bank draft requester's account to see if sufficient funds are available for the check to Clear. Once it has been confirmed that sufficient funds are available, the bank effectively sets aside the funds from the person's account to be given out when the bank draft is used. In case of a sight draft all these formalities can be avoided.
Posted by  Privatebanking.com
 
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