Bank Draft Example

A Bank Draft it is commonly compared to a check, money order or money transfer that can be made between two banks. Most of the time it is used to make a payment or send money to a person who is in another country. Therefore, it is a more or less secure way to receive money since the check or amount must be deposited in a bank account so that it can transfer the funds. Although the use of a Bank Draft normally generates the collection of a commission, it is still a widely used resource thanks to the fact that people receive their money in the local currency of their country.

This document, by its nature allows the escape of funds from one country to another, something that can be considered money laundering, for this reason this document is not recommended for inexperienced people.

This document pertains exclusively to the banking field, it cannot be issued by another institution.

The collection of this document is paid exclusively on account and cannot be collected in cash or the payment transferred by check or otherwise.

In many places it is not regulated so the bank draft is used according to the rules of checks. In general, these documents require prior registration of the interested parties and are paid in branches, subsidiaries of the bank or associates and is capable of being transported freely by mail, parcel or personally.

This document has:

1. Exact address where it will be paid
2. Full date
3. Bank manager's signature
4. The word bank draft
5. Place of issue
6. Watermark (only on some documents)
7. Amount
8. Amount to transfer in letters
9. Amount to transfer in number
10. Name of the bank
11. Beneficiary's name
12. Beneficiary account number
13. Issuer account number
14. Folio and security numbers
15. Type of currency

Bank draft example:

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