Observation

The question was fairly answered by candidates except International bank draft.

The expected responses to the question include:
            3.       (a)      Bill of exchange is a document drawn by exporters on importers. It is an
                             unconditional order to pay a specified amount of money. It must be in       
writing. It is paid on presentation at determinable future date. It must be           presented to drawee for payment to be made. It could be discounted                  before the maturity date.  
OR
Bill of exchange is “an unconditional order in writing addressed by one person to another and signed by the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer.

                   (b)      International bank draft: It is a bill of exchange drawn in one country and         made payable in another country. It can be purchased at commercial         banks which usually charge a fee that depends on institutions and the       type of account the customer holds. It is drawn on a financial institution         in the country of currency. It cannot be cashed but must be deposited into        the beneficiary’s account. It is a safe way of sending funds to a foreign          country in that country’s currency.

(c)      Travellers’ cheque: It is a special cheque issued by a bank to its                                             customers to enable them to make payments while outside the country.   
It is a medium of exchange that can be used in place of hard currencies    
They are available in several currencies such as dollar, pounds, euros etc.                                                                                                                                        
(d)      Electronic transfer: it is the transfer of money from one bank account to
another, either with a single financial institution or across multiple institutions through computer based systems without the direct intervention of the bank staff.