South African exchange control rulings do not normally permit the issuing of cheques by individuals or companies to beneficiaries who live outside the Common Monetary Area. To facilitate such payments, we can provide you with an Absa bank draft.
Bank drafts are normally sent directly to the beneficiary overseas, and are therefore a more personal way of effecting payment, since these instruments can be accompanied by a letter, invoice or personal note.
Drafts are useful for sending monetary gifts overseas and for the payment of foreign subscriptions. They can also be used for the payment of land arrangements for your upcoming trip abroad.
- Drafts can be used as travel funds, bear in mind that drafts must generally be deposited into an overseas account and cannot be cashed over the counter like travellers cheques
- After drafts are deposited, there is normally a delay of several days in clearance before you can withdraw cash
- Absa offers drafts in the currency of your choice, through our electronic system, certain branches can issue bank drafts while you wait
- Drafts are a convenient method to make international payments if time is not a factor
- Drafts can be stopped if lost or stolen and replacements issued (subject to terms and conditions)
- You can choose between “on-site” bank drafts that are issued and printed at Absa counters or “remote” bank drafts that are issued abroad by Citibank (Wordlink) at Absa’s request in terms of a formal agreement between the banks.
- Remember that a bank draft is generally deposited into an overseas account and cannot be cashed over the counter like travellers cheques.
- You will have to wait several days for the money to clear before you can withdraw cash, so a bank draft is only suitable if time is not a factor.
- You can order drafts in the currency of your choice and certain branches can issue bank drafts immediately.
- Should your bank drafts get stolen or lost, replacements will be issued.
- A valid ID document
- An original document or certified copy of a utility bill that is not more than three months old to verify your residential address.
- An original or certified copy of a SARS document reflecting your personal details and income tax number