FAQ: Drafts   Q What is a draft? A A draft is a cheque drawn on a bank account in a foreign currency.   Q Is a draft transferable? A A draft is the same as a "crossed" cheque and is normally crossed "Not Transferable" and cannot be signed over to a third party.   Q Are there any charges when I deposit the draft? A With most banking institutions there is a handling-fee levied on a draft when it is deposited into an account. This should be confirmed with the bank where the account is held.   Q What would I use a draft for? A A draft may be bought as part of or the full annual R750 000 Single Discretionary allowance or it may be used to pay for any land arrangement requirements before the date of travel on presentation of a foreign invoice.   Q Is a draft refundable? A A stop-payment can be placed on a draft should it be lost or stolen. The issuing bank will be requested to verify that it has not been presented for payment after which a refund may be issued.

Q Are drafts generally accepted overseas? A As long as the draft is processed through normal banking channels it is a widely acceptable means of carrying foreign exchange.   Q Is there a clearance period on a draft? A Each bank will determine their own clearance procedure on drafts subject to verification of signatures and other banking regulations. Generally the time can vary from a few days up till six weeks depending on the bank and the country concerned.   Q Can a draft be cashed in a bank? A Drafts are "crossed" cheques and as such can only be paid into a bank account in the name of the person named as payee. They are also subject to a clearance period and can therefore not be cashed over the counter.   Q Are drafts available in all currencies? A Master Currency is able to offer draft in currencies for all major destinations. We have access to drafts in 6 currencies which cover the spectrum of all major international destinations.