When would a bank draft be used?
A bank draft is a type of check that guarantees payment by the bank that issues the bank draft. It is typically used in any transaction where the buyer or seller wishes to guarantee the payment of funds. Bank drafts are frequently used in international transactions and they are often used in real estate transactions.
What are the main features of bank draft?
A bank draft is a negotiable instrument where payment is guaranteed by the issuing bank. Banks verify and withdraw funds from the requester's account and deposit them into an internal account to cover the amount of the draft. A seller may require a bank draft when they have no relationship with the buyer.
What is a bank draft and how does it work?
Examples of Bank Draft\n\n Some commonly used examples are: Demand Draft. Certified Cheque. Money Orders.
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