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Personal > Foreign exchange > Drafts
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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 N or the foreign currency. There are risks involved because drafts may be lost or stolen and if fraud occurs, you cannot lodge a claim for your money.
Drafts are usually used for payments, but they can also be used for travel purposes. However, they are not ideal to use for travel because foreign banks don't always clear the money immediately.
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