International bank drafts

A draft is a bank cheque drawn on an overseas bank and issued through our branch network. We offer drafts in 14 currencies issued in more than 20 countries.

The difference between a bank draft and a corporate or bank cheque is that a draft may be able to be cleared as if it was a local cheque and does not have to be sent back to Australia to be cleared. This means the beneficiary will receive their funds sooner.

However, drafts cannot be cashed in but must be deposited into an account. Drafts presented directly to the drawee institution for encashment may be refused.

Be aware that the beneficiary will have to pay the costs associated with the presentation of the draft. These costs will vary from country to country and often from bank to bank. Generally, drafts presented in the local currency of the beneficiary will be subject to lower fees than drafts presented in another currency.

Drafts can be repurchased if they are lost or returned. If they are converted back to Australian dollars, the foreign exchange rate applying at the time of the repurchase will apply, in addition to the repurchase fee.

• Important information about advice
  As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. View our Financial Services Guide (PDF 59kb).