Bank Draft

A financial document prepared by banks. It is a movable asset that may be exchanged for money.

FAQ

What is the use of a bank draft?

A bank draft is a secure form of payment used for transferring funds. It is commonly used for large transactions, such as purchasing property or making international payments, where a guaranteed payment method is required.

Who issues a bank draft?

A bank draft is issued by a bank or financial institution. The customer requesting the bank draft provides the necessary funds to the bank, and the bank issues the draft, which acts as a payment guarantee.

Is a bank draft international?

Yes, a bank draft can be used for international transactions. It provides a reliable and widely accepted method of payment across borders, making it suitable for making payments to individuals or companies in different countries.

Is a bank draft certified?

Yes, a bank draft is considered a certified form of payment. It is issued by a bank or financial institution and is backed by the funds deposited by the customer. The bank's guarantee ensures that the funds are available and will be paid to the recipient when the draft is presented for payment.