bill of exchange in Bengali বাংলা
bill of exchange in English
- bill of exchange⇄bill of exchange
a written order to a person, bank, or firm to pay a stated sum of money to a specified person; a draft.
bill of exchange in Hindi हिन्दी
bill of exchange in Marathi मराठी
Bill of Exchange
Part of Speech
Noun
Pronunciation
/bɪl ʌv ɪksˈtʃeɪndʒ/
Definitions
- Noun: A written order used in international trade, directing a bank or a person to pay a specified amount to the holder of the bill.
- Noun: A financial instrument used to facilitate the transfer of money or goods between parties, typically in business transactions.
Usage Examples
- "The exporter drew a bill of exchange to guarantee payment from the importer."
- "The buyer accepted the bill of exchange, agreeing to pay the amount on the due date."
- "Banks often facilitate the transfer of funds via bills of exchange in international transactions."
Etymology
The term "bill of exchange" derives from the Middle English "bill," meaning a written document or statement, and "exchange," referring to the process of transferring goods, services, or money. The term originated during medieval trade practices as a way of facilitating payments across borders in international trade.
Synonyms
- Draft
- Promissory note
- Financial order
- Letter of credit
Antonyms
- Cash payment
- Immediate payment
Translations
| Language | Translation | Pronunciation |
|---|---|---|
| Hindi | विनिमय पत्र (Vinimay Patra) | /vɪˈnɪmeɪ ˈpʌtrɑː/ |
| Spanish | Letra de cambio | /ˈle.tɾa de ˈkam.bjo/ |
| French | Lettre de change | /lɛtʁ də ʃɑ̃ʒ/ |
| German | Wechselbrief | /ˈvɛksəlˌbʁiːf/ |
| Mandarin | 汇票 (Huìpiào) | /hweɪ˥˩ pʰjɑʊ˥˩/ |
| Portuguese | Letra de câmbio | /ˈle.tɾɐ dʒi ˈkã.bi.u/ |
Regional Pronunciation Variations
The pronunciation of "bill of exchange" can vary depending on regional accents. In some places, the word "exchange" might be pronounced with an emphasis on the second syllable, while in others, the first syllable is stressed.
Historical Usage
The use of bills of exchange dates back to the 13th century and was an essential tool in the development of international trade. It allowed merchants to facilitate payments across long distances without the need for physical currency, thus promoting global commerce.
Cultural Nuances
In different cultures, the use of a bill of exchange might be seen as a sign of trust and reliability. In some countries, such financial instruments have long been a standard practice for managing international trade and commerce.
More Information
A bill of exchange is commonly used in trade, particularly in the context of international commerce. It serves as a written, unconditional order from one party to another, directing payment of a specified sum of money by a certain date. Bills of exchange can be drawn on either a person or a bank, and they often involve a third party who is responsible for processing the payment when due.
Historically, bills of exchange were a key part of the global trading system, allowing merchants to conduct transactions without having to physically transport large sums of money. Today, they remain an important tool for trade financing and international transactions, ensuring that businesses have the financial flexibility to complete deals and receive payments across borders.