Overview
The Cheque is an instrument issued by the drawer directing a bank to pay unconditionally a specified amount to its beneficiary or bearer upon presentation.
Features
Currently, the Cheque is the most commonly used and convenient cashless payment instrument in China.
Target Customers
Target customers include: enterprises and individuals.
Tips
1. A cheque bearing the word "cash" is a cash cheque, only used for cash withdrawals. A cheque bearing the word "transfer" is a transfer cheque, only used for fund transfers.
2. The presentation period of cheques is 10 days following the date of issuance.
3. If the bearer of a cheque authorizes his account-opening bank to collect the payment, the bearer should endorse the cheque for collection.
4. Cheques are transferable by endorsement. Cash cheques are not transferable by endorsement.
Note: Please contact your local branch for detailed information about the service.