Enjoy the convenience of paying by cheque while giving your supplier the security of guaranteed payment. A draft is an instruction given by us to a foreign bank to pay a beneficiary specified by you. It is for a fixed sum and the value is stipulated in either kwacha or a foreign currency. A draft can be used to send money abroad, for example, for gifts, payment for goods purchased, advance travel-related payments and maintenance. Unlike a cheque, a bank draft will not bounce as we make sure there are enough funds in your account before issuing the draft.
What does it offer me?
- Obtainable immediately
- There can be lengthy clearing delays before receipt of funds
- If you receive money from another country, you have up to 30 days from receipt of the transfer to convert it into kwacha.
- Fees and commission are charged.
What do I need to apply?
Bank drafts are available to all our customers with enough funds in their Stanbic Bank transactional account.
You need to ask for an application form to fill in the information you want to appear on the draft.