BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A money order is an order issued by the Post Office for the payment of a sum of money to the person whose name the money order is sent through the agency of the Post Office. A ‘Payee’ is the person named in money order as the person to whom the money is to be paid .

Detailed explanation-2: -A banker’s draft is like asking a bank to write a cheque for you. Some organisations may request it as a more secure way of receiving money than a personal cheque from an individual account.

Detailed explanation-3: -An Post also operates an inbound Eurogiro service for receipt of foreign payments. You can also purchase Sterling Drafts which are suitable for making cost effective sterling payments to many countries worldwide. These drafts are available at selected Post Offices.

Detailed explanation-4: -A bank draft and a money order are both prepaid, with a specified amount printed on the instrument itself. Each is considered a secure method of payment from a third-party institution. The payer does not need to carry large amounts of money when using a bank draft or money order.

Detailed explanation-5: -Bank drafts are payments that are made on behalf of the payer and guaranteed by the bank that issued the draft. A “money order” is a document that promises the recipient payment on the date specified. A bank draft is a check that is sent to the payee after the issuer has taken the monies from their account.