- Competitive exchange rates
- Flexible transfer options
- Transfer to 50+ currencies
So you’re looking for a safe, secure and reasonably affordable way to transfer money overseas? An international bank draft might be just the ticket. Before we get into specifics, however, we should make mention of the fact that ordering an international bank draft is one of the absolute slowest way to send money overseas. For those who can’t afford to lose a single second, we’ve compiled some alternatives to bank drafts in the table below. If you have all the time in the world, feel free to scroll past our handy-dandy table for a run-down of how bank drafts work and what’s in it for you.
A bank draft is effectively a guaranteed cheque issued by your institution on their (instead of your) account. So how does that work? Put simply, the bank puts aside the amount of money specified on the bank draft until your recipient cashes the draft on the other end. What does this mean? For better or worse, your recipient will have access to their money and the cheque won’t bounce or be declined due to insufficient funds. The only catch is that in order for you to get your hands on a bank draft, you’ll need to pay for it in advance.
There are a couple of factors to keep in mind when comparing bank drafts, to make sure you end up with the most cash in your pocket.
While a bank draft is a viable option for sending money overseas, it’s important to keep an eye out for these potential drawbacks:
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With 240,000+ locations in 130 countries, Ria is the third-largest provider of international money transfers in the world. It offers great exchange rates, minimal fees and fast, secure transactions when you need to send funds overseas. Read more…
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