How does a Draft work?
A Draft is like a bank cheque made out in a foreign currency. It’s another way for you to make payments and settle a transaction overseas, especially if you don’t have the receiver’s electronic bank account details. Drafts can be sent overseas via mail and are available in a wide range of currencies.
Why should I use a Draft
- Access to more than 25 currencies. See our Currency List.
- Can be enclosed with letters or invoices and forwarded direct to the payee.
- Should your Draft go missing in transit, upon your notification, Western Union Business Solutions will normally be able to put a stop on it and issue a replacement. Conditions apply. See our Drafts Product Disclosure Statement.
- Offers security around payment – Drafts are a non-negotiable instrument and can only be credited to the payee’s bank account, unless the payee has endorsed the draft.
What transfer details do I need to supply?
For us to arrange the draft you will need to provide us the details of the person you’re sending the money to (beneficiary).
- Person’s full name
- Person’s full street address
- Any special instructions for the transfer
- Currency and amount
- All address details must be full street addresses (PO Box addresses are not acceptable)
- No symbols can be used in the beneficiary name (e.g. “&”, “/” etc.)
Conversion of Foreign Currency Draft
If you have received a Draft / Cheque in a foreign currency Fire Services Credit Union will usually be able to convert it into Australian Dollars for credit to your account.
Typically, personal, bank, company or government foreign currency cheques can be converted (although money orders are not accepted). However, please note that some conditions do apply. Speak to a branch staff member for further information.
The financial products referred to in this communication are provided by Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749 AFSL 404092, trading as Western Union Business Solutions (“WUBS”), under its agreement(s) with your Financial Institution. Fees & Charges and Terms & Conditions apply. It’s important for you to consider the relevant Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not a financial product is right for you. A PDS is available for each financial product issued by WUBS from your Financial Institution or on the compliance section of our website. Any advice provided above is general and does not take account of your personal objectives, financial situation or needs. This communication has been prepared solely for informational purposes and does not in any way create any binding obligations. The relationship relating to the financial products referred to in this communication are solely between you and the Financial Institution. No representations, warranties or conditions of any kind, express or implied, are made in this communication. Western Union Business Solutions is an operating division of the Western Union Company. Western Union is the issuer of the financial products referred to in this communication.