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Your bank draft is irrevocable as soon as you hand it over in payment. If you need to send a large amount to someone in another country, e-transfers are another good option for sending funds anywhere in the world.
That means that if the person you give the bank draft to loses and then finds it again, they can still deposit it, at your expense, even if you gave them a replacement bank draft. It may be possible to trace the bank draft and buy back the non-negotiable part under certain conditions. If you change your mind and decide not to make the purchase or if the seller cancels the sale, you can get a refund on your bank draft.
All you need to do is bring both parts of the draft to your financial institution. To make sure the document you have in your hands is the real deal, contact the financial institution that issued the draft.
All in all, bank drafts are a handy payment method for making large purchases. Of course, there are other secure forms of payment in use these days, such as Interac e-Transfers. Find a National Bank location near you. Interac e-Transfer is a registered trademark of Interac Corp.
Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada. The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable. The longer the interval between the issuance of the bank draft and deposit, the more suspicious the receiving institution will become.
Most payees demand bank drafts to guarantee they will have immediate access to funds without going through the process of clearing bounced personal checks or having credit cards rejected. Therefore, sitting on a bank draft for an extended period is inherently contrary to the purpose of the bank draft, which will raise the suspicions of the receiving institution. If months have passed before the deposit, they may either contact the issuing bank for validation or simply reject the bank draft altogether.
An important note within this topic is that foreign banks nearly always reject bank drafts after six months. Bank drafts are valuable for foreign transactions for a couple of reasons, both of which help secure immediate access to foreign currency:.
As with anything pertaining to international commerce, the threat of fraud is heightened. So, when receiving bank drafts outside of six months from issuance, foreign banks will generally reject the draft. To avoid the possibility that a bank draft is rejected, either at home or abroad, it is always best practice to issue it as close to the date of its expected deposit as possible. In a less common scenario, the state may start escheatment.
These drafts are subject to the laws and practices of the countries where they are drawn rather than those in the UK. It is, however, quicker, easier and safer to make an automated international payment if you wish to send money overseas. If you want to know more information about automated international payments and foreign currency drafts you should speak to your bank. There is also useful information relating to this on the Pay Your Way website at www.
The comfort they provide is that they will not be returned unpaid i. This is because they are drawn on the account of the actual bank itself and are paid for in advance by the person or business that has requested it. Therefore, you should still wait until the end of the sixth working day to be certain the money is yours. Bankers' Drafts. Benefits if you're sick, disabled or a carer Understand what support is available for coping with ill health.
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