Demand Drafts

Overview

Demand Drafts are cheques issued on behalf of a client and are used to make payment overseas in instances where cheques drawn on a local account are not acceptable. Demand Drafts are drawn on funds held at our correspondent account so they clear through the country in which that particular currency is domiciled.

Key features and benefits

• Negotiable in countries worldwide
• Reduction of collection fees and the incidence of deferrals
• Cost savings over Telegraphic Transfer (where time is not crucial)
• Advance order by phone or online
• Available in all major currencies
• Negotiable in country where currency domiciled
• Prompt placement of Stop Orders

What you should know before you apply

Information required to issue a Demand Draft:

• Payee's name
• Payment amount and currency
• Debit account name and number