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Bank drafts
Thread poster: Ziad Marzouka
Ziad Marzouka
Ziad Marzouka  Identity Verified
Switzerland
Local time: 05:44
English to Arabic
+ ...
Oct 9, 2006

Hello everyone,
I hope all is well.
One of my clients in Canada told me that he would pay via a bank draft. To say the truth I've never known what a bank draft means, and after checking the internet I have found a couple of definitions but still the way it works isn't very clear to me. Has anyone got any experience with bank drafts? How do they actually work? Thanks in advance
 
Francesca Pesce
Francesca Pesce  Identity Verified
Local time: 05:44
English to Italian
+ ...
If I'm not mistaken Oct 9, 2006

... it is a check, only that the issuer is formally the bank itslef instaid of your customer, so it is more "guaranteed" than a normal bank check.

They probably send it to you by post, and you deposit it on your bank account. This means that you have to wait a few days to have the value effectively on your account (depending on your bank) and that you pay any fees that your bank charges for the deposit of foreign checks.

Let's say that it is better than normal bank che... See more
... it is a check, only that the issuer is formally the bank itslef instaid of your customer, so it is more "guaranteed" than a normal bank check.

They probably send it to you by post, and you deposit it on your bank account. This means that you have to wait a few days to have the value effectively on your account (depending on your bank) and that you pay any fees that your bank charges for the deposit of foreign checks.

Let's say that it is better than normal bank checks (more secure) but worse than bank transfers or other systems (slower and maybe more costly).

Everything - timing and fees - depends on your bank. ▲ Collapse
 
Adrian MM. (X)
Adrian MM. (X)
Local time: 05:44
French to English
+ ...
Extra info - banker's and not bank draft. Oct 9, 2006

I agree with Francesca. In the UK and most Brit. Comm. countries it is called a banker's draft - see ref. So it is this term you should really be looking at:

Banker's draft. Definition. In situations where a person owes money to a creditor, and the creditor is not prepared to accept a personal cheque because he ...
glossary.global-investor.com/terms/banker's-draft.htm?id=117&ginPtrCode=00000&PopupMode=


Banker's drafts, unless forged, can't bounce.
 


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