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You usually need to give your bank 24 hours' notice to prepare a banker's draft, and they will probably charge for the service. A banker's draft, also known as a banker's cheque, is like asking a bank to write a cheque for you.

A bank draft doesn't have an expiry date ? it can be cashed at any time by the payee. Conversely, a cheque becomes stale-dated after six months, at which point financial institutions may decide not to accept it. A bank draft can't be cancelled once issued, as it represents a transaction that has already taken place.

A Bank Draft requested in branch and intended for a payee based in the Republic of Ireland or the UK can usually be provided there and then. Please note that from , Bank Drafts intended for a payee outside Republic of Ireland or UK will require notice of 1 business day.

But, many people still use them to make payments, particularly when they're buying goods from another person rather than from a shop. Unlike a cheque, a banker's draft is prepaid and issued by a bank.

Banker's drafts must be deposited into a bank account and cannot be cashed.

A demand draft is cleared within 30 minutes by the bank. Is Demand draft and Cheque similar? No, demand draft and cheques are not similar. Cheque is issued by the customers while demand draft is issued by the bank.

A bank draft is a payment that is like a check, but its amount is guaranteed by the issuing bank. The funds are drawn from the requesting payer's account and are then placed in the bank's reserve account until the draft is cashed by the payee.

The person receiving the bank draft can deposit it at any bank, just like cash. Bank drafts by most financial institutions do not expire. However, certain financial institutions may not accept bank drafts that are more than a few months old. Bank drafts are also commonly known as bankers' drafts and bank checks.

It's a paper document that looks a lot like a regular cheque. The main difference is that someone who receives a bank draft has a guarantee that the funds are available, as opposed to a regular cheque, which could bounce. Bank drafts are made out to the person receiving the money.

Bank draft: Made out by a financial institution that guarantees the funds after withdrawing the amount from one of your accounts. Bank drafts can be made out in foreign currencies. Certified cheque: Similar to a bank draft, but the money isn't withdrawn from your account.