Drafts
If you are looking for a cost effective way to send money overseas, then consider sending your funds via a draft.
If you have no time constraints, are happy using the mail and you don’t need the funds to be paid directly into an account, then a Draft would be suitable.
How do they work?
A draft is like a bank cheque made out in a foreign currency.
It’s a very easy and affordable way for you to make payments or settle a transaction overseas. Drafts can be sent overseas via the mail and are available in a wide range of currencies.
Note: Before acquiring a Foreign Draft, you should refer to Travelex’s Drafts Product Disclosure Statement and the accompanying Financial Services Guide.
Available Currencies:
| Code | Currency | Code | Currency |
| AED | United Arab Emirates Dirham | SBD | Solomon Islands Dollar |
| CAD | Canadian Dollar | SEK | Swedish Krona |
| CHF | Swiss Francs | SGD | Singapore Dollar |
| DKK | Danish Krone | THB | Thai Baht (Govt. Restrictions) |
| EUR | Euro Dollar | YTL | New Turkish Lira |
| FJD | Fijian Dollar | TOP | Tonga Pa’anga |
| HKD | Hong Kong Dollar | GBP | British Pounds |
| JPY | Japanese Yen | USD | United States Dollar |
| NOK | Norwegian Krone | VUV | Vanuatu Vatu |
| NZD | New Zealand Dollar | WST | Western Soma Tala |
| PGK | Papua New Guinea Kina | XPF | French Pacific Franc |
| PHP | Philippine Peso | ZAR | South African Rand |
| SAR | Saudi Arabian Riyal | | |
Talk to us today about how we can help you sell and repurchase foreign documents.
Why are Drafts so popular for overseas payments?
Drafts may be enclosed with letters or invoices and forwarded direct to the Payee.
If a draft is lost or stolen the draft can usually be stopped and a new draft issued. However, it is important to note that a draft can only be stopped once it has been confirmed that the draft has not already been presented for payment. If a draft has been presented for payment it is not possible for it to be stopped.
A Draft is an economical method of transferring funds to a specific company or person overseas.
A Draft provides security of payment as it is a non-negotiable instrument and can only be credited to the Payee’s bank account unless the Payee has endorsed the draft.
How much do they cost?
The costs associated with Drafts are fairly consistent, however, commissions are subject to change from time to time. To confirm the cost come in and talk to us today. There are fees related to the stopping and re-issue of drafts and you should refer to the Product Disclosure Statement for Drafts.
The exchange rate that will apply to the purchase of a foreign currency draft varies from day to day and will be determined at the time of order.
Simply pop into your local Queenslanders branch or call QConnect on 1800 177 278 and speak with one of our friendly service officers.