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What is a bank draft?
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I have $3600 to pay a University In South Africa.I was wondering what a bank draft is and whether my bank HSBC will charge me a fee for this? Also how will they convert pounds to dollars?
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It can be described a Bank cheque. It's drawn on the HSBC's own account and is guaranteed to clear. You will need to fill in a form and pay the Bank in full prior to it being drawn. The exchange rate will be ageed on the day you pay, yes there is a fee.I would say a better way to pay would be by International Transfer bank to bank, this avoids the problem of the draft being lost or stolen.You only need to know the beneficiaries bank details and it is certainly faster as it avoids postal delays.Either way it will cost you about �20.
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