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Bill of Exchange – Cheque

BOE - Cheque

Understanding the Use and Legitimacy of a Bill of Exchange Cheque

A Bill of Exchange Cheque is a vital financial instrument in commercial transactions, combining features of both a bill of exchange and a cheque. It plays a crucial role in facilitating payments, credit arrangements, and secure transfer of funds across various sectors of the economy. To fully appreciate its utility, it is essential to understand what it is used for and how its legitimacy is established and verified.

What is a Bill of Exchange Cheque?

A Bill of Exchange Cheque is essentially a written, legally enforceable order issued by one party (the drawer) instructing a bank or financial institution (the drawee) to pay a specified amount of money to a designated person or entity (the payee), either immediately or at a future date. It combines the characteristics of a bill of exchange—a formal, negotiable instrument used in trade—and a cheque, which is a direct order to a bank to pay on demand.

How to use a cheque to discharge debt

Instructions

Please follow our guidelines carefully to ensure your cheque is valid. Read the instructions shown in red next to the entry field (or underneath it on mobile).

When sending the cheque, please include just the first page of the presentment so the recipient can clearly see which account it relates to. The presentment will show the account details for easy reference. No other documents are required.

Cheque Number

Make your own number up e.g. (PostCode-No) 2750-001

Date

The date you filled this out (make sure its before the bill due date)

Drawer

The identical name as it appears on the Bill in the Addressee windowface box.

Drawee

The Cestui Que Trust Name: ALL CAPS FULL NAME

Drawee ID

Identity Verification – 100-Point Check

To verify your identity, you must present a combination of documents that add up to at least 100 points. For each form of ID you bring, be sure to list both the document type and its number.

Example – three forms of ID (total ≥100 points):

  • Tax File Number (TFN): e.g. TFN 123 456 789

  • Driver’s Licence (DL): e.g. NSW DL N1234567

  • Centrelink Card: e.g. Health Care Card CEN 123 456

  • Medicare Card: e.g. Medicare 1234 56789 0

  • Passport: e.g. AUS Passport N1234567

You can mix and match from the full list of acceptable documents here: Click to see

Payee

Corporation Name and ABN: The Billers name & ABN (or Corporation Registration No if overseas)

Payee Select

Choose depending on which country you are in.

Payee ABN or Corporation Registration

Please enter the corporate registration number

Currency

Will be used to write out the amount in words

Amount

When entering an amount, please do not use commas (,) to separate thousands. Use only numbers and a decimal point (full stop) for cents.
Example:
Correct: 124383.53
Incorrect: 124,383.53

Signature: ........................................

Your signature

Please sign on the dotted line after you printed the form with your normal straw man signature.

DISCLAIMER: By using this form or accessing this information, you agree that you have read and accepted the Legal Disclaimer and Limitation of Liability.

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