Is a bankers draft like a cheque

dj0586

Hey guys, i have just finished playing on a US based casino and have won about $700 woo hoo, only think the options for getting the money back are bankers draft or wire transfer, my questions, is bankers draft an easy option, is it just like paying in a cheque.

Thanks in advance

tracyk

Generally speaking, a banker's draft is better than a cheque because it doesn't have to clear. It's as good as cash.
Hth

dunstonh

You should note that what the US may refer to as a bankers draft may not be the same as what we refer to as one.

amandathepanda

tracyk wrote:

Generally speaking, a banker's draft is better than a cheque because it doesn't have to clear. It's as good as cash.
Hth

Bankers drafts still have to be cleared through an account. I would choose the international transfer option as once this is received it is cleared funds.

oldwiring

amandathepanda wrote:

Bankers drafts still have to be cleared through an account. I would choose the international transfer option as once this is received it is cleared funds.

Agreed. If I read the OP right the draft would be in $ and so require collection that takes time, or remotely possibly negotaition. Both collection and negotiation have risks of dishonour as well.

M_Thomson

tracyk wrote:

Generally speaking, a banker's draft is better than a cheque because it doesn't have to clear. It's as good as cash.
Hth

Hi,
That is a common misconception. It still has to clear like a normal cheque. The reason places like car dealership's ask for bankers drafts is that they are more likely to clear, as the account they are drawn from must have cleared funds.

disney_cjd

Not true. Whilst it can not be stopped it still needs to clear. Yes banks are thieving scum bags

samjef11_2

disney_cjd wrote: »

Not true. Whilst it can not be stopped it still needs to clear. Yes banks are thieving scum bags

another post count this thread is 4 years old troll.

preable

Wow this is over 4 years old troll