Money Orders

Money orders are often used by persons who do not have checking accounts. A money order is a draft issued by a post office, bank, express company, or telegraph company for use in making payment or transfer­ring funds upon the credit of the issuer. Money orders serve the same purpose as checks. For example, a money order is purchased from one post office, which orders payment by another post office in the home­town of the payee designated by the purchaser.

5. Traveller's Checks

Hotels and retailers around the world understandably prefer to take checks from persons they know and can trust only. At the same time, travellers do not want to carry cash on journeys. To meet the needs of both the traveller and the merchant, traveller's checks have been devised. A traveller's check is a check drawn by a reliable finan­cial institution (such as Bank of America or American Express Com­pany) on itself or its agent. Traveller's checks may be purchased from banks and other institutions. At the time they are purchased, each check is signed by the buyer. In a foreign land, when cashing one of the checks the traveller writes in the name of the payee and again signs her or his name as originally written on the check. This is done in the presence of the payee who can compare the signatures. The payee, who knows and trusts the drawee bank or issuing company, is usually willing to take the traveller's check. Thereafter, the payee may de­posit and collect the traveller's checks in the same manner as other checks. Although traveller's checks are still used, the greatly ex­panded use of credit cards throughout the world has reduced the need for them.

TASKS

I. Give Russian equivalents for the following words and word combinations:

bank draft

certificate of deposit

certified check

collateral note

comakers

dishonor

draft

judgment note

money order

mortgage note

sight draft

stop payment order

time draft

traveler's checks

II. Match the following:

1. Check drawn by a financial institution on itself and then sold to a person who signs it at the time of issue and again at the time of use.

2. Party directed by the drawer to pay a draft.

3. One who executes a promissory note or a certificate of deposit.

4. Unconditional written promise by one party to pay a certain sum of money to the order of another person or to the bearer on demand or at a definite future time.

5. One who executes a draft.

6. Special form of draft by which a depositor orders his or her bank to pay money to a third party.

7. Party to whom a promissory note or other commercial paper is payable.

8. An unconditional written order or promise to pay money.

9. Drawee's promise to pay a draft when due.

10. To pay an instrument when due.

A. acceptance

B. cashier's check

C. check

D. commercial paper

E. drawee

F. drawer

G. to honor
H. maker

I. payee

J. promissory note

III. Translate the following into Russian:

Important Points

1. Commercial paper was developed hundreds of years ago to serve as a safer, more convenient substitute for precious metals and currency.

2. There are four important types of commercial paper: (a) drafts, (b) checks (a special type of draft), (c) promissory notes, and (d) certificates of deposit.

3. In general, drafts are unconditional orders to another party to pay a certain sum of money on demand or at a definite future time. Checks, a special type of draft, are unconditional orders to a bank to pay a certain sum of money on demand. Initially three parties are involved in drafts and checks: the drawer, who gives the order to pay; the drawee, who gets the order; and the payee, to whom payment is to be made.

4. A check differs from other types of drafts in that:

a. the drawee of a check is always a bank,

b. a check is drawn against funds the drawer has on deposit in the bank, and

c. a check is always payable on demand.

5. Promissory notes and certificates of deposit are unconditional promises to pay a certain sum of money on demand or at a definite future time. Initially two parties are involved; the maker, who promises to pay; and the payee, to whom payment is promised.

Various forms of checks and drafts have been devised for special purposes. These forms include (a) certified checks, (b) cashier's checks, (c) bank drafts, (d) money orders, and (e) traveller's checks.

IV. Read the letter and translate the phrases below:

Alpha Bank REF. NO...

CIF

Partial Shipment allowed Transhipment allowed

Shipment from Russian Sea Port to Liverpool

Not later than...

Dear Sir(s),

We hereby issue in your favour this Irrevocable Docu­mentary Credit as per details stated above, available by negotiation of your drafts at sight drawn on the appli­cant /.../ for full invoice value of shipment purporting to be SOOOOkgs of... accompanied by the following signed documents....

1) не позднее чем;

2) в вашу пользу;

3) согласно подробностям (реквизитам);

4) путем оплаты;

5) выставленных на апликанта;

6) на полную стоимость счета-фактуры;

7) в сопровождении следующих подписанных до­кументов.

V. Translate into Russian:

as per details stated above

as per copy enclosed

as per instructions contained

as per your letter

as per international bank practice

as per Contract No....

VI. Match the synonyms:

to provide to pay

to honour to claim

to forward to send

to demand to effect payment

to provide for to comply with

to observe to supply

to stipulate to make payment

VII. Translate the sentences:

1.We receive reimbursement after a long period of time, and that leads to currency losses.

2. Besides, we would ask you to reimburse us the amount of commission of USD 30 since the above amount represents our clean expenses (copies ofthe credit advices are attached hereto).

3. Please reimburse yourselves by cable on Bank American New York value 2 working days under cable advice to us.

4. Please reimburse yourselves by debiting our branch account maintained with you.

VIII. Read the letter and translate the phrases below:

Dear Sir(s),

We hereby issue in your favour this Irrevocable Docu­mentary Credit... accompanied by the following signed documents:

• Commercial Invoice in three copies certifying goods to be of Russia origin.

• Full set of clean «shipped on board» marine Bill(s) of Lading made out or endorsed to our order showing «Freight prepaid» and marked «notify the applicant and us».

• Insurance Policy/Certificate in duplicate issued to your order and blank endorsed covering goods for the invoice value plus 10% covering marine and war risks...

Where the shipment is made by Air or Post, appropriate amendment should be made in the Insurance Policy/ Certificate. Claims payable in London.

• Works' Certificate of Quality or Sellers' Letter of Guarantee.

1.против платежа;

2. страховые документы;

3. документы, предусмотренные аккредитивом;

4. в сопровождении следующих подписанных документов;

5. удостоверяющий, что товар российского происхождения;

6. коносамент, индоссированный нашему приказу;

7. «уведомите аппликанта и нас»;

8. 10%, покрывающие морские и военные риски;

9. соответствующее изменение (дополнение);

10. требования оплачиваются в Москве;

11.заводской сертификат качества.

IX. Translate into English:

1. аккредитив, сопровождаемый следующими до­кументами;

2. письмо, сопровождающее следующие документы;

3. документы, подписанные начальником;

4. начальник, подписывающий документы;

5. коносамент, помеченный «известите апликанта и нас»;

6. коммерческий счет, удостоверяющий, что товары российского происхождения;

7. коносамент, выписанный нашему по приказу;

8. аккредитив, предусматривающий следующие до­кументы;

9. документы, предусмотренные аккредитивом;

10.коносамент, показывающий «Фрахт уплачен»;

11.страховой полис, покрывающий товар;

12.гарантийное письмо, выписанное продавцом;

13.продавец, выписывающий гарантийное письмо.

X. Translate into Russian:

1.goods of Russian origin;

2. original Bill of Lading;

3. original and two copies;

4. original instructions;

5. value 12.05.;

6. good value;

7. invoice value;

8. Commercial Invoice;

our USD account with you.

Дата добавления: 2015-09-06