Need to send money via a Draft?
A Draft is a company cheque made out to your nominated recipient in a specified single currency. It’s another way for you to make payments and settle a transaction overseas. Drafts are convenient if you do not have the recipient’s electronic bank account details.
When might I use a Draft?
- When you don’t know the recipient’s bank account details
- When you’re sending a small amount of money
- When you want to send a payment by mail with a letter, card or invoice
Things to note:
Drafts are non-negotiable and can only be credited to the beneficiary’s bank account (unless the beneficiary has endorsed the Draft in favour of another payee).
In certain circumstances, Drafts can be stopped if missing in transit. Western Union Business Solutions may be able to place a stop on the Draft and issue a replacement. Conditions apply.
Should your draft go missing
You can easily stop it and arrange for a re-issue.
Secure method of payment
Drafts can only be negotiated (banked) by the payee.
Send a Draft via mail
Send a payment by mail with a letter, card or invoice.
Drafts are available in more than 24 different currencies
Including all major currencies, such as US Dollars, Great British Pounds and Euros.
Arrange your Foreign Currency Drafts
How do I arrange for a draft to be issued?
Please provide us with the following details of the beneficiary:
- Full name
- Full street address (cannot be a PO Box)
- Any special instructions or reference notes
- The currency required and the amount.
The draft will normally be available for your collection at 400 King William Street, Adelaide within 48 hours.
Want to do more with your money?
INFORMATION YOU SHOULD KNOW
Credit Union SA has entered into arrangements with Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092), trading as Western Union Business Solutions (“WUBS”) whereby WUBS offers Drafts directly to our members. Other financial products are provided to you by us. We have appointed WUBS to assist in facilitating some financial products. Please note that fees, charges and terms and conditions apply and may vary depending upon the financial product. If you are seeking to acquire Drafts, it is important for you to consider the Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not that financial product is right for you. Any advice provided is general in nature and does not take into account your personal objectives, financial situation or needs. WUBS does not give you any advice, general, personal or otherwise. Any advice provided, is provided by us or your adviser. This communication has been prepared solely for informational purposes and does not in any way create binding obligations. No representations, warranties or conditions of any kind, express or implied, are made in this communication. WUBS is a business unit of the Western Union Company.