Foreign Currency Accounts
Foreign Currency Loans
Making International Payments
Receiving International Payments
Foreign Exchange
 
Making International Payments

A foreign currency draft is a cheque drawn on an overseas bank. It can be useful where a paper-based international payment is required, though it is not the fastest method of conveying funds overseas.

Other benefits include:

  • Is an efficient alternative when the beneficiary information required for an electronic funds transfer is not known
  • Enables enclosure of payment with purchase order and / or other transaction documents
  • Is more acceptable then a personal cheque
  • It makes it easier for the beneficiary to clear and receive funds as it is drawn on a bank in, and in the currency of, the beneficiary's country
  • Drafts may be issued in various currencies
  • Can be issued on demand at any of the Bank's branches