Most authentic checks include holograms and other security features, but if the seller isn't familiar with what a real one looks like, he or she could be fooled. A fraudulent bank draft will not be paid. Experts recommend caution when accepting a bank draft as payment, particularly during times when financial institutions are typically closed, such as on a Friday night or a weekend.
Payment that is offered for goods before the potential buyer has even seen them should also be suspect. A potential buyer who shows up with a bank draft in hand on a Sunday morning to buy a car from a private seller without even asking to test drive the car is probably up to no good.
Sellers should never accept a form of payment that seems questionable or that cannot be verified. It is possible to send a bank draft by mail to another country to transfer currency. Policies on international drafts vary, so customers who want to transfer money this way should contact their bank directly with any questions.
The person requesting the draft usually makes the request in his or her local currency, which is converted to that of the payee when the draft is issued.
In many cases, an international bank draft must be deposited into a bank account and cannot be submitted for cash. Additional fees may be involved when international bank drafts are purchased and deposited. One main advantage of using this form of payment is that it usually clears much more quickly than a personal check, often in the same amount of time it takes a local check to be cleared.
Sending the draft by certified mail with a tracking number can help to ensure safe delivery. Many companies now accept what are sometimes known as automatic bank drafts ABDs , in which money is taken out of the payer's account electronically at regular times. This commission depends on the type of account you have. Each bank has their own scale of commission, but it is negotiable. Once again, it depends on the rules and regulations of each bank.
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So if you are selling a car, for example, or accepting another large payment, you may wish to consider sharing the cost of a CHAPS payment with the buyer, so that you can both be certain that the transaction will be cleared. These drafts are subject to the laws and practices of the countries where they are drawn rather than those in the UK.
It is, however, quicker, easier and safer to make an automated international payment if you wish to send money overseas. If you want to know more information about automated international payments and foreign currency drafts you should speak to your bank. There is also useful information relating to this on the Pay Your Way website at www. The comfort they provide is that they will not be returned unpaid i.
This is because they are drawn on the account of the actual bank itself and are paid for in advance by the person or business that has requested it.
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