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Foreign Currency Drafts
Solutions for Businesses
Foreign Currency Drafts
Foreign currency drafts are most commonly used for relatively low value payments or when there is a need to hand over payment or post it with a remittance advice.
- A fast settlement option
- Highly secured, low fraud form of payment
- Issued from local accounts to avoid foreign cashing fees
- Payment is traceable from issue to deposit
Is this the right solution for me?
Foreign currency drafts are most commonly used for relatively low value payments or when there is a need to hand over payment or post it with a remittance advice.
They decrease the likelihood of payment delays for the payee as the Currencies Direct foreign currency draft is issued on an account in the country it will be cashed.
Once issued, the draft is instantaneously validated via an electronic message from the issuing bank before the recipient’s bank will honour the draft - this makes the potential for fraud much less.
Say, for instance, a clothing retailer is purchasing a new line from a French designer. The designer wishes to be paid in euros by cheque in order to maintain a paper record, so the retailer pays by draft.
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