A banker's draft, also known as a bank draft, is a secure and guaranteed form of payment issued by a bank. It functions like a personal check, but because the bank guarantees it, it is considered a safer and more reliable form of payment than a personal check.
A banker's draft is like a personal check but is guaranteed by the issuing bank.
The payment is drawn directly from the bank's funds, making it a more secure form of payment than a personal check.
Banker's drafts are commonly used for large transactions, such as real estate purchases or business payments.
The recipient of a banker's draft can deposit it in their account just like any other check.
Banker's drafts are considered a safer payment than personal checks because the bank guarantees them.
Some banks may charge a fee for issuing a banker's draft.
Banker's drafts are commonly used internationally, as they can be easily converted into the local currency.
The funds from a banker's draft are usually available within a few days of deposit.
Banker's drafts are not as easily subject to fraud or forgery as personal checks.
Some banks may require identification and proof of funds before issuing a banker's draft.
