| When a bank issues a check on its own account | | | | attached documents to a check beneficiaries |
| to a customer, it is called a bank check. | | | | home or business address. |
| Such checks are issued for payment to a third | | | | |
| party and are also variously called as | | | | Bank checks are perhaps the most economic way |
| cashier's check or treasurer's check. Such | | | | of international money transfer. It is |
| checks are generally treated by the law in | | | | especially convenient when small amounts of |
| the same manner as ordinary checks. Many | | | | money are transferred because it is not |
| people regard bank checks as equivalent to | | | | necessary to make an extra money transfer. |
| cash, which it is not. In certain instances a | | | | Modern banks sell and collect checks of other |
| bank check might not be paid. A bank check | | | | banks also, the value of which is denominated |
| can be used to purchase large items such as a | | | | in convertible currencies. |
| car. | | | | |
| | | | Some advantages of bank checks include |
| Bank check payment is often considered an | | | | settlements with foreign partners. Bank |
| alternative to bank wire transfer. It is | | | | checks make it possible to make settlements |
| ideal for commercial payments between | | | | for products and services with foreign |
| companies. Such checks also find extensive | | | | partners, meaning subscription can be made |
| use for the payment of different fees and | | | | for books or publications, lotteries, goods |
| services. Modern banks issue bank checks even | | | | and education at schools abroad. Even cash |
| without the customer having an account with | | | | gifts can be sent through this way. A bank |
| the respective bank. The check issue | | | | check is also a very convenient way of |
| procedure is very simple and takes only a | | | | settlement if there is little information |
| small time to process. Banks also send the | | | | about beneficiary of the check. |
| issued bank check along with respective | | | | |