6th December 2019


How long does it take for a bank to process a bank draft from another bank?

When two banks are involved then the money transfer has to take place through Clearing Process. The time taken is the same as that of a cheque. In normal course when the cheque/draft is presented for clearing in your branch, it clears in 2 days provided the paying bank doesn't ask for extension from RBI.

In respect to this, how much does it cost to get a bank draft?

Bank drafts are available for a fee of $7.50 each (any currency). And, depending on your banking package, you may be entitled to a number of commission-free bank drafts per year.

What is bank draft and example?

Bank drafts are not common in the United States; they are more popular in Britain. To obtain a bank draft, a person must first deposit funds equal to the check amount with the issuing bank. The bank then generates a check to the payee drawn on the bank's own account.

What is a bank draft payment?

A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. A draft ensures the payee a secure form of payment. During a payer's reconciliation of his bank account, he notices a decrease in the account balance because of the money withdrawn from the account.
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