As a buyer of goods and services you can purchase a foreign currency draft at your local branch of First Trust Bank, pay for it at the time it is issued and send the draft by post or courier to your supplier.
How a Draft works:
A draft is a guaranteed cheque issued by your bank.
It is drawn on a bank in the country to which you are sending the money.
This bank is called a correspondent bank e.g. if you are sending money to Canada, the branch will issue a draft in Canadian dollars.
Drafts in Euro
As there is no cross-border cheque clearing in euro, you must tell the branch the country where the beneficiary of the draft is likely to present the draft. They will then draw the Euro Draft on a bank in the appropriate country.
Benefits of Foreign Currency Draft:
Foreign Currency Drafts are relatively cheap and are available at any First Trust Bank branch.
Alternatives to a Foreign Currency:
Alternatives to a Bank Draft in Foreign Currency include:
- An International Funds Transfer
- Payment by credit card
Please refer to our Related Information Section for more information on International Funds Transfers and the Visa Business Card Programme.
Due to money laundering considerations, Foreign Currency Drafts are available only to customers of First Trust Bank.
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