International Currency Drafts

In some circumstances an International Currency Draft is preferable to an currency transfer. Often goods will not be dispatched until payment is received and sometimes a foreign currency draft is most convenient. On occasion people don't want to accept goods until they have been checked and in these cases an International Draft is a great way of doing this.It is not unknown for businessmen to fly to a supplier, especially a new one, and inspect the goods. Once satisfied he can hand over the International Currency Draft that is payable to the supplier for the exact amount of foreign currency.

Buying a currency draft is much the same process as making an international wire transfer. The sequence of events are generally that a currency exchange rate will be quoted and if accepted the rate will then be fixed. The sterling amount is then sent. The currency draft is ordered for the currency amount, payable to the supplier. Once the sterling payment is cleared the currency draft is forwrded to you.