AIB Trade Finance Glossary of Terms


	AIB Tradefinance - Glossary of Terms	Sat, 25 May 2013
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See Bill of Exchange and Promissory Note

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See Discounting

FOB (free on board)

This is an INCO term and explains what the price quoted represents and the responsibility of the buyer and seller in relation to arranging for the various costs associated(e.g. insurance, freight, duties) with the shipment. It is normally used in sea shipments.

Foreign currency drafts

These are special foreign currency denominated bank cheques which customers can buy at any branch and send to their clients to pay off debts.

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