Bankers Draft

tiamaria

Hi, could anyone explain to me the difference between a postal order and a bankers draft?

I know what a postal order is but it's lumped in with the bankers draft when you choose your payment acceptances. This isn't the same as a money transfer is it?

I have a buyer from Hong Kong who I suspect is going to ask to pay this way.

TIA

pinkgem

a postal order (if uncrossed) can be taken to a post office and exchanged for cash

a bankers draft has to be paid in to your bank and needs 4-6 working days to clear before the funds are available

by money transfer i presume you mean a bank transfer where the buyer arranges a transfer direct from their bank account to your bank account

TKPeters

A Bankers Draft is the same as a Cheque but has been issued by the Bank itself, although they're more likely to be fakes & will bounce shortly after paying it in

tiamaria

Thanks, yes pinkgem that is what i meant.

I gather then if it hasn't bounced in 6 days it would be safe to send the item?

TKPeters

tiamaria wrote: »

Thanks, yes pinkgem that is what i meant.

I gather then if it hasn't bounced in 6 days it would be safe to send the item?

Note: that is 6 'Working Days'