a) OCBC Bank, Singapore, maintains a "XXX" dollar account with Citibank, New York. Identify the correct currency. From whose point of view is the current account a (i) Nostro Account, (ii)Vostro Account?

b) Buyer and seller are negotiating to change the mode of payment. Would the seller prefer to receive a bank draft or a corporate cheque from the buyer? Why? Explain.

c) Telegraphic Transfer (TT) allows very quick transfer of funds, however it is also very expensive. Find out what are the associated costs (i.e. when you approach a local bank) when you perform a TT to wire funds to an account overseas.