International Bank Drafts

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Bank Draft Request Form (please complete all fields):
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Type of Currency being sent:	Australia Bahamas Bahrain Barbados Belize Bermuda Canada Cayman Islands Cyprus Czech Republic Denmark Dominican Republic Egypt England European Union Fiji Honduras Hong Kong Hungary Iceland Japan Mexico Morocco N. Ireland New Zealand Norway Philippines Poland Scotland Singapore Slovakia South Africa Sweden Switzerland Taiwan Trinidad/Tobago United Arab Emirates
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Once your request has been submitted, a representative will contact you shortly, to complete your Bank Draft transaction.

Sending International Bank Drafts: An Overview

When you have to make large purchases and you do not have a credit card or cold cash with you, you might be asked to pay by a bank draft.

More commonly known as the cashier’s check (bank check, teller’s check, official’s check, or treasurer’s check), the term bank draft is more popularly used in the United Kingdom than in the United States.

What Is a Bank Draft?

A bank draft is basically a check, the payment of which is guaranteed to be available by the issuing bank. They are normally treated as cash as banks will generally clear them right away.

Banks would usually review the requester’s account to check whether funds are available prior to clearing the check. With sufficient funds available, the bank will immediately set aside the funds to be given once the bank draft is used.

Currency Source is another great place to help you with sending international bank drafts.

What Are the Characteristics of a Bank Draft?

Bank draft forms will normally highlight the issuing bank’s name in a prominent location. Security threads, watermarks, color-shifting ink, and a special paper are characteristics of a certified bank draft.

These features are designed to ensure that bank draft payments are not forged or tampered. The name of the payee, the amount to be tendered, information regarding the remitter, and other pertinent tracking information are likewise found in front of bank draft forms.

You can fill up the bank draft forms online at Currency Source.

What Are the Pros and Cons of Sending International Bank Drafts?

Sending international bank draft payments are ideal when it comes to paying foreign trading partners using their currency. Not only is the bank draft process quick and easy to arrange, sending international bank draft payments are also economical and reliable.

The receiving company or individual will easily be able to check whether international bank draft payments have been made. You can check this with Currency Source. In addition, international bank draft payments are widely accepted all throughout the world and available in more than two hundred currencies.

However, one of the drawbacks of sending international bank draft payments especially by mail is the possibility of experiencing time delay problems. The beneficiary may likewise encounter delays in accessing the funds after having the bank draft payment deposited in their account.

It’s good to know the pros and cons of sending international bank drafts. But at Currency Source, you won’t have a problem with any delay.