If I'm sending a bank draft to someone, all I need is their address, right?

Cellar_Door

Stupid question probably.

I just need their address, I don't need bank details or anything like that?

stevoman

depends. if they live on the ivory coast they will also need your bank account number, sort code and your mothers maidan name!

Cellar_Door

stevoman wrote: »

depends. if they live on the ivory coast they will also need your bank account number, sort code and your mothers maidan name!

How strange that they'd need your mother's maiden name...

Would I need their details as well, i.e. their bank account number and so forth?

seamus

No, but you will need their name to put on the draft. Second to posting cash, posting a draft is the most insecure way to send anyone money.

connundrum

I'll PM you my name and address, send me the bank draft and I'll tell you if it works.

Cellar_Door

connundrum wrote: »

I'll PM you my name and address, send me the bank draft and I'll tell you if it works.

Done. My ten-thousand euro bank draft is on the way to you.

Cellar_Door

seamus wrote: »

No, but you will need their name to put on the draft. Second to posting cash, posting a draft is the most insecure way to send anyone money.

Could you please elaborate?

kittenkiller

You should put something to identify who the draft is coming from, like a customer number and name and address of the sender on it too so they know it's from you and there's no confusion.

seamus

Cellar_Door wrote: »

Could you please elaborate?

A bank draft is nothing like a cheque and can effectively be cashed by anybody. Once the bank hands it to you, they no longer care about it and banks will not void or trace drafts which have gone missing. The safest way to send money is via bank transfer. All you need is a bank account number and sort code, and you get a receipt of the transaction.

Cellar_Door

seamus wrote: »

A bank draft is nothing like a cheque and can effectively be cashed by anybody. Once the bank hands it to you, they no longer care about it and banks will not void or trace drafts which have gone missing. The safest way to send money is via bank transfer. All you need is a bank account number and sort code, and you get a receipt of the transaction.

So if I sent the draft by post, and it got lost, the money is gone?
Hooo-lee ****.

Zadkiel

seamus wrote: »

A bank draft is nothing like a cheque and can effectively be cashed by anybody. Once the bank hands it to you, they no longer care about it and banks will not void or trace drafts which have gone missing. The safest way to send money is via bank transfer. All you need is a bank account number and sort code, and you get a receipt of the transaction.

I have to Disagree, I have worked in retail banks for the past 10 years and we would have regularly placed stops on Drafts for customers. We also investigated where and when said drafts were presented for payment.
We would also as a rule have marked drafts as account payee only.
So it depends on the issuing bank.
But yes the safest way of payment would be lodging it direct to their account or making a money transfer.

Cellar_Door

So, how do I directly lodge the money into their account?

I just get their account number and sort code, go to the bank, and they'll take it from there?

I'm sending a large amount of money. I want it to be as secure as possible.

chakotha

You will probably need their IBAN and Swift codes for transfer.

Their bank will give to them.

Zadkiel

Cellar_Door wrote: »

So, how do I directly lodge the money into their account?

I just get their account number and sort code, go to the bank, and they'll take it from there?

I'm sending a large amount of money. I want it to be as secure as possible.

Lodging it direct yourself is the safest way of ensuring the money goes straight to his account.
If you get his details and lodge the funds get a stamped giro receipt from the bank as proof of lodgement.
Alternatively get your bank to make a same day value payment, this will cost more but if you are transferring a large amount the extra cost will ensure your peace of mind!

Cellar_Door

Zadkiel wrote: »

Lodging it direct yourself is the safest way of ensuring the money goes straight to his account.
If you get his details and lodge the funds get a stamped giro receipt from the bank as proof of lodgement.
Alternatively get your bank to make a same day value payment, this will cost more but if you are transferring a large amount the extra cost will ensure your peace of mind!

Sorry about all the questions, but what's a "same day value payment" exactly?

Also, is this a straightforward process? (I'm confused as to why anyone would send a bank draft when this option is available - is there an extra charge or something? I'm sending over a grand)

Zadkiel

Cellar_Door wrote: »

Sorry about all the questions, but what's a "same day value payment" exactly?

Also, is this a straightforward process? (I'm confused as to why anyone would send a bank draft when this option is available - is there an extra charge or something? I'm sending over a grand)

For an amount like that I'd lodge it direct to their account.