{"id":6475,"date":"2017-03-17T09:47:06","date_gmt":"2017-03-17T09:47:06","guid":{"rendered":"http:\/\/www.finder.com\/uk\/?p=6475"},"modified":"2026-02-18T11:33:46","modified_gmt":"2026-02-18T11:33:46","slug":"international-bank-drafts","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts","title":{"rendered":"International banker&#8217;s drafts guide"},"content":{"rendered":"<p>An international banker&#8217;s draft is accepted in most countries and is created in the currency of the destination where it&#8217;s sent. Although there are much quicker ways to <a href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/send-money-internationally\">send money overseas<\/a>, if time isn&#8217;t a factor when you&#8217;re transferring money to someone overseas, banker&#8217;s drafts are a decent option.<\/p><h3>What is an international banker&#8217;s draft?<\/h3><p>Also sometimes known as a &#8220;bank cheque&#8221;, a banker&#8217;s draft is like asking a bank to write a cheque for you. Some people might ask to receive an international banker&#8217;s draft as a more secure way of receiving money abroad \u2013 it&#8217;s more secure because the funds for the transaction are withdrawn from the bank, rather than from the person&#8217;s account.<\/p><p>Unlike normal cheques, banker&#8217;s drafts are prepaid and issued by the bank. Drafts can also be drawn in the foreign currency you choose and are available for personal or business use. They have a few advantages when used for international transfers:<\/p><ul><li><b>Exchange rate.<\/b> Banker&#8217;s drafts are exchanged immediately when they&#8217;re created. So going to your bank and creating an international banker&#8217;s draft for \u20ac100 will use that day&#8217;s exchange rate, while a cheque or postal order will use the exchange rate when it&#8217;s cashed \u2013 which could lead to less money being sent if the exchange rate shifts heavily.<\/li><li><b>Typically safer.<\/b> Many money scams involve fake postal orders or cheques. An international banker&#8217;s draft can be verified by contacting the issuing bank and providing the details on the draft itself.<\/li><\/ul><h3>How does an international banker&#8217;s draft work?<\/h3><p>A banker&#8217;s draft is effectively a cheque from a financial institution. This means the funds for the transaction are withdrawn from the institution, rather than from the individual&#8217;s account.<\/p><p>The funds from a normal cheque aren&#8217;t withdrawn from the individual&#8217;s account until the cheque is cleared, which leads to the risk of there not being sufficient funds available when the cheque is cashed and it may therefore bounce.<\/p><p>When someone requests an international banker&#8217;s draft, though, they must immediately transfer the funds from their account to cover the amount of the cheque, which adds a crucial extra level of security. Drafts can be drawn in the foreign currency you choose and are available for personal or business use.<\/p><div class=\"content-area-light-grey\"><div class=\"column_wrapper has-padding-large\"><h4><i class=\"icon-calculator icon--size-large icon--align-middle\"><\/i>Let&#8217;s crunch the numbers: Sending \u00a32,000 to Kenya<\/h4><p>Let&#8217;s say you need to send \u00a32,000 to Kenya. Here&#8217;s what you might face as far as costs when using an international banker&#8217;s draft compared to an international money transfer as of 22 April 2024.<\/p><table class=\"luna-table luna-table--responsiveList\" style=\"background: #fff;\"><thead class=\"luna-table__header\"><tr><th width=\"25%\"><\/th><th width=\"25%\">Money transfer<\/th><th width=\"25%\">International banker&#8217;s draft<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><strong>Fee<\/strong><\/td><td>\u00a30<\/td><td>\u00a315 + receiving bank fees<\/td><\/tr><tr><td><strong>Exchange rate<\/strong><\/td><td>1 GBP = 162.804 KES<\/td><td>1 GBP = 151.717 KES<\/td><\/tr><tr><td><strong>Transfer speed<\/strong><\/td><td>1\u20132 days<\/td><td>1\u20133 weeks, depending on mail<\/td><\/tr><tr><td><strong>Amount received<\/strong><\/td><td style=\"background-color: #99e3d7;\">KES 325,608<\/td><td style=\"background-color: #eba7a2;\">KES 303,434<\/td><\/tr><tr><td><strong>Verdict<\/strong><\/td><td><ul class=\"list-1\"><li>Better value and faster<\/li><\/ul><\/td><td><ul class=\"list-12\"><li>Slower and more expensive<\/li><\/ul><\/td><\/tr><\/tbody><\/table><p>As you can see, the international banker&#8217;s draft is much slower and gets a smaller amount of money to your recipient in Kenya. You also you pay a \u00a315 fee for the privilege. If you go with the money transfer service, your recipient ends up with KES 22,174 more than the bank offers.<\/p><\/div><\/div><h3>How do I cash an international banker&#8217;s draft?<\/h3><p>You can cash a banker&#8217;s draft in a variety of ways, including:<\/p><ul class=\"list-10\"><li><b>At the bank.<\/b> Bring the banker&#8217;s draft to your bank, along with photo identification, and ask for it to be deposited into your account.<\/li><li><b>At a cashpoint.<\/b> Some banks let you deposit banker&#8217;s drafts at cashpoints, as long as you hold an account with the bank. However, bear in mind that funds may not be immediately available.<\/li><\/ul><h3>How to compare international banker&#8217;s drafts<\/h3><ul class=\"list-10\"><li><strong>Fees.<\/strong> This is the most important factor to look at when comparing banker&#8217;s drafts. Look at the different fees charged for obtaining a draft and see if you could save money with a different provider.<\/li><li><strong>Available currencies and countries.<\/strong> Speak to your bank about the currencies in which you can obtain an international banker&#8217;s draft and the countries to which you can send them. If your bank doesn&#8217;t support banker&#8217;s drafts in your desired foreign currency, compare international money transfer options to send a transfer online.<\/li><li><strong>Processing time.<\/strong> Once you apply for a draft, how long will it take for your financial institution to process it?<\/li><li><strong>Application options.<\/strong> It&#8217;s also a good idea to compare the different methods available when applying for a banker&#8217;s draft. You&#8217;ll typically need to visit a branch or apply in writing.<\/li><\/ul><h3>Pros and cons of an international banker&#8217;s draft<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li><b>Accepted in most parts of the world.<\/b> International banker's drafts are used in the majority of countries around the globe.<\/li>\n                                    <li><b>Inexpensive.<\/b> Although you'll have to pay a fee when you apply for an international banker's draft, it's still a relatively cost-effective way to send funds overseas.<\/li>\n                                    <li><b>Created in the local currency.<\/b> As the draft is made out in the local currency where it will be sent, it doesn't require conversion and is therefore able to be banked quicker than a cheque written in GBP.<\/li>\n                                    <li><b>Secure.<\/b> Banker's drafts must be deposited into a bank account and cannot be cashed.<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li><b>Slow.<\/b> Banker's drafts typically take several weeks to process, so they're only a viable option where the speed of the transaction isn't a concern.<\/li>\n                                    <li><b>Availability.<\/b> There's a chance your bank may not support the currency and country you want to send an international banker's draft to.<\/li>\n                                    <li><b>Time-consuming to replace.<\/b> Banker's drafts are secure and can be replaced when lost, but the process is far from easy. Every bank has its own procedure, and at the very minimum you'll have to wait for the draft to be delivered a second time.<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<h3>Is an international banker&#8217;s draft my best option?<\/h3><p>An international banker&#8217;s draft is a secure way to send money abroad \u2013 but you have to rely on the postal service to deliver the banker&#8217;s draft safely. Many things can go wrong along the way, and even when everything goes right, there will still be a significant delay between sending and receiving the draft.<\/p><p>Consider using an international money transfer service instead of a banker&#8217;s draft when speed and convenience are crucial.<\/p><h3>Using a banker&#8217;s draft to pay someone abroad<\/h3><p>The transfer services below are not banker&#8217;s drafts, but rather allow you to make bank transfers which can be received by your recipient in their bank account or as cash. Consider using these services when:<\/p><ul class=\"list-10\"><li><b>Speed is important.<\/b> Some international money transfer companies can have money in your recipient&#8217;s account in as little as a few minutes.<\/li><li><b>You want to pay in cash or with a credit card.<\/b> An international banker&#8217;s draft is limited to payment by bank account, so use an international money transfer service to pay by debit card, credit card or cash.<\/li><li><b>Your bank is closed.<\/b> Banker&#8217;s drafts have to be created at the bank, in person, but online money transfers can be sent 24\/7, 365 days a year from the comfort of your home.<\/li><li><b>Exchange rates are important.<\/b> An international banker&#8217;s draft uses the exchange rate offered by your bank, which might not be as strong as the mid-market rate offered by many money transfer companies.<\/li><\/ul><h3>Bottom line<\/h3><p>An international banker&#8217;s draft has its time and place, but as the financial world shifts more and more into the digital realm, it might become obsolete. There are many ways to send money abroad that can be done entirely online. To learn how to get started with international money transfers, head over to our <a href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\">guide on transferring money abroad<\/a>.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Can a business use an international banker's draft?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Yes. If your business has overseas invoices that need paying, you can use an international banker&#8217;s draft to do so. However, they&#8217;re not a reliable option for invoices which require quick payment.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">I need to send an urgent transfer overseas \u2013 how should I do it?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Your best bet is likely to find a trusted service that allows the cash you send to be picked up within minutes. Some such companies include <a href=\"https:\/\/www.finder.com\/uk\/worldremit-international-money-transfers\">WorldRemit<\/a>, <a href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/moneygram-international-money-transfers\">MoneyGram<\/a> and <a href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/western-union\">Western Union<\/a>.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">What are some quicker ways to send money overseas than using an international banker's draft?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Banks offer international money transfers which can be typically processed between 24 hours and 5 days. Specialist online money transfer providers also offer quick fund transfers, with lower fees and better exchange rates than banks, while companies like Western Union and MoneyGram offer instant overseas money transfers.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">How long do cheques take to clear?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Cheques typically take up to 3 business days to clear, while an international banker&#8217;s draft can often take between 4 and 6 weeks.<\/p><\/div>\n  <\/div>\n<\/li><\/ul>","protected":false},"excerpt":{"rendered":"<p>If you\u2019re looking for a secure way to send money overseas, an international bank draft could be for you \u2013 but if speed is important, consider using a money transfer service instead.<\/p>\n","protected":false},"author":826,"featured_media":6477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[13],"tags":[],"asset_tag":[],"class_list":["post-6475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-money-transfers"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How does an international banker&#039;s draft work? | Finder UK<\/title>\n<meta name=\"description\" content=\"Want a safe way to send money overseas? An international banker&#039;s draft can be deposited like normal cheques and is accepted in many parts of the world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"International banker&#039;s drafts guide\" \/>\n<meta property=\"og:description\" content=\"Want a safe way to send money overseas? An international banker&#039;s draft can be deposited like normal cheques and is accepted in many parts of the world.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts\" \/>\n<meta property=\"og:site_name\" content=\"Finder UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/findercomuk\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-17T09:47:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/3\/2017\/03\/international-bank-drafts-250x250.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zak Killermann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@findercomUK\" \/>\n<meta name=\"twitter:site\" content=\"@findercomUK\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zak Killermann\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts\"},\"author\":{\"name\":\"Zak Killermann\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/7da2dcf917cf1f88a3d326c8791db247\"},\"headline\":\"International banker&#8217;s drafts guide\",\"datePublished\":\"2017-03-17T09:47:06+00:00\",\"dateModified\":\"2024-04-22T13:32:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts\"},\"wordCount\":1499,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\/\/www.finder.com\/uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/3\/2017\/03\/international-bank-drafts-250x250.jpg\",\"articleSection\":[\"International money transfers\"],\"inLanguage\":{\"@type\":\"Language\",\"name\":\"English\",\"alternateName\":\"en\"},\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#respond\"]}],\"comment\":[{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#comment-8840\"},{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#comment-4121\"},{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#comment-3234\"}],\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.finder.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts\",\"url\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts\",\"name\":\"How does an international banker's draft work? | Finder UK\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-bank-drafts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/3\/2017\/03\/international-bank-drafts-250x250.jpg\",\"datePublished\":\"2017-03-17T09:47:06+00:00\",\"dateModified\":\"2024-04-22T13:32:06+00:00\",\"description\":\"Want a safe way to send money overseas? 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