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Bank draft

  • 26-09-2021 11:35am
    #1
    longmeadowwall
    Registered Users, Registered Users 2 Posts: 8 ✭


    If I give a bank draft from Bank of Ireland to a sister can she deposit it into a Allied Irish Bank account?



Comments

  • #2
    NewbridgeIR
    Registered Users, Registered Users 2 Posts: 4,126 ✭✭✭NewbridgeIR


    Yes, no issue



  • #3
    longmeadowwall
    Registered Users, Registered Users 2 Posts: 8 ✭longmeadowwall


    Can an Irish bank draft be lodged in a bank in the USA?



  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    You’re looking to pay money to your sister, why don’t you set her up as a payee on your BOI account and transfer the money via EFT?

    I wouldn’t even think about lodging an Irish bank draft in a foreign bank, it will cost an arm an a leg and that’s even if they accept the lodgement.



  • #5
    beachhead
    Registered Users, Registered Users 2 Posts: 2,987 ✭✭✭beachhead


    https://www.boards.ie/discussion/comment/117942729#Comment_117942729

    Yes,but expect to wait a long time for payment and get a really bad exchange rate and fees charged.Better to use Swift and specify a dollar lodgement by your bank here.Even with a dollar lodgement the recipient could be charged a fee.



  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/117942729#Comment_117942729


    Drafts, cheques and similar instruments can not be lodged in to any account. Such instruments have to be presented for payment at the bank on which the instrument is drawn and the cash collected before it can be lodged into your bank. Banks provide this service, they physically collect these instruments and deliver them to the bank on which the instrument is drawn at some point in the process. This physical operation is costly and not surprisingly you will be charged for it. Usually the rate you get will be from the date the instrument was cashed and it is unlikely you'll get their best rate on the day.

    Now if the cheque or draft is from a reputable source or for a small amount, the bank will normally advance you a credit immediately against the instrument, so it looks as if the cheque has indeed been lodged to your account. But if the bank fails to collect the money from the paying bank, there are normally provisions in their T&C enabling them to recover the credit they granted you.

    These days a direct transfer of some kind is at least as safe as a draft and definitely cheaper. In the case of the US, if you are dealing with a local bank they may not be well setup to handle international transfers and using one of the other electronic exchanges might be a better way to go.



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