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Bank Draft Clearing time

  • 10-02-2020 6:57pm
    #1
    jordanfaf
    Registered Users, Registered Users 2 Posts: 163 ✭✭


    I'm traveling to the UK this weekend to buy a car, the owner has made clear he won't release the keys to me until the money shows in his account. He is a Nationwide account holder, we plan on meeting in a nationwide branch (open on Saturday 9-3) to lodge a bank draft from Bank of Ireland.

    According to Nationwide, the lodgment will clear instantly. however, I'm seeing conflicting reports from every single source I've seen online. Can you confirm for me whether the lodgment of a BOI bank draft will clear instantly (or within a few hours even) to a UK Nationwide bank account on a saturday... as I have to take a ferry trip back to Ireland the same day with the new car.


Comments

  • #2
    Bank of Ireland: Ashley
    Closed Accounts Posts: 24 ✭Bank of Ireland: Ashley


    Hi jordanfaf,


    [font=Calibri","sans-serif]Thanks so much for taking the time to check the clearing time of your Bank Draft with us,[/font]


    [font=Calibri","sans-serif]As a Bank Draft is not cash and the clearance is very similar to cheques, this will take time to clear in any bank its lodged to.[/font]

    [font=Calibri","sans-serif]If you are purchasing this draft from a Northern Ireland branch and you are lodging to a UK bank, generally it would take 5 business days although we would strongly advise you to check this again with Nationwide and they should be able to confirm this with you.[/font]

    [font=Calibri","sans-serif]Just to mention, although the person you are giving the draft to may see this within the balance of their account, as above, it will still be awaiting clearance.[/font]

    [font=Calibri","sans-serif]If you are visiting an ROI branch to purchase the draft, and lodging again to Nationwide in the UK, they would need to clear this as a "foreign draft" the time frame for this can greatly vary, just generally speaking, it would be 6-8 weeks. Again we would ask you to check with Nationwide and they can confirm their time frames with you.[/font]

    [font=Calibri","sans-serif]We are hoping the above information helps. Feel free to check back with us if you need to.[/font]

    [font=Calibri","sans-serif]Many thanks, Ashley.[/font]


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