What is a sight draft?

Cheques, sight promissory notes and sight drafts are payable at sight.

A cheque is a bill issued by the drawer, and a bank or other financial institution entrusted to handle cheque deposit business unconditionally pays a certain amount of money to the payee or the holder at sight, so a cheque is a bill payable at sight.

Promissory notes can be divided into fixed-term promissory notes and sight promissory notes according to whether the face has an expiration date or not, and sight promissory notes are payable at sight.

Bills of exchange can be divided into sight bills and forward bills according to the time of payment, in which sight bills refer to bills that are paid immediately after the holder presents them to the drawee, that is, they are paid at sight.

Therefore, checks, sight promissory notes and sight drafts are payable at sight.

Extended data

Payment at sight means that the payer will pay at sight. That is to say, when the holder presents the drawee with the draft (see draft) as the due date, the drawee pays immediately.

References:

Baidu encyclopedia-immediate payment