A bank draft is normally sent directly to an overseas beneficiary. Seeing as they can be accompanied by a letter, invoice or note, drafts are a personal way to make payments.
How it works
- Bank drafts are normally sent directly to the beneficiary overseas and can be accompanied by a letter, invoice or personal note
- Drafts are useful for sending monetary gifts overseas and for paying foreign subscriptions
- They can also be used to pay for land arrangements (hotel stay, touring activities, etc.) for your upcoming trip overseas
- Drafts can be used as travel funds
- After drafts are deposited, there is normally a delay of several days for clearance before you can withdraw cash
- Drafts are available in selected major currencies at selected bank branches
- Lost or stolen drafts can be stopped and replacements issued (subject to terms and conditions).
- A valid ID
- Supporting documentation for exchange control requirements.
Whether you’re an Absa client or not, you’re welcome to contact us to see how we can assist you.