Definition of Bank Draft

The economy Today, it offers people infinite alternatives in terms of payment methods, when it comes to canceling balances of purchases, among others, and also offers us many other proposals when sending money to other individuals who are in distant geographical areas.

While, the bank draft is one of the methods of sending money abroad most widespread on the planet, especially for the safety what do you propose its methodology and that the money will reach the recipient as soon as possible and in the legal tender of the destination country.

The bank draft is also popularly designated as a cashier's check and it is necessary to deposit it in a bank account so that the money can be withdrawn and collected in a timely manner.

Bank drafts have distinctive physical characteristics that also make them safe and recognizable, such as the name and branch of the bank. Bank that issues it, the name of the person who will collect it, the collection value and other information that corresponds to the sender. And when it comes to security, they usually attribute special issues like threads and markings to them.

Water and special inks that guarantee its reliability and condition its falsification, something that is of course the order of the day in this type of payment documents.

As we have pointed out lines above, the main advantage of this way of sending money abroad is that being backed by an entity financial International guarantees its collection to the recipient, meanwhile as main disadvantages we can mention that it is necessary to send them physically, by mail or via courier and then this causes them to take a long time to get. The technology that it does arrive instantaneously is not yet rooted in it. And the last one is that the one who charges must have a bank account to collect it.

Each bank operates this type of action with its policies, although it is common for them to charge you a fee. commission both to the one who sends the money and to the one who receives it once it is withdrawn.

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