An International Draft is like a bank cheque made out in a foreign currency, and is a really easy and affordable way to send money overseas. They are available in more than 25 currencies and are sent via mail, so they’re a great option if you’re not working to a tight deadline or if you don’t have the bank account details of the person you’re paying. International Drafts are also non-negotiable and can be enclosed with letters, invoices, and birthday or Christmas cards. If lost or stolen, a draft can usually be stopped and a new one issued, just as long as it hasn’t been presented.
To arrange an international draft, all you need to do is visit your nearest MyState Bank branch with the following details of the person you’re sending funds to:
- Person’s full name
- Person’s full street address
- Any special instructions for the transfer
- Currency and amount
Please note that once the payee deposits the International Draft into their account it will be subject to any clearance periods of the bank that the payee holds their account with.
Conversion of foreign currency drafts and cheques #
If you’ve received a draft or cheque in a foreign currency, MyState Bank, in association with Western Union Business Solutions, will usually be able to convert it into Australian dollars for credit to your account quite easily. Typically, any personal, bank, company or government foreign currency cheques can be converted (although money orders are not accepted), but please be aware that some conditions do apply. We’d recommend chatting to a branch staff member for more information.