What is the difference between a “wire” and a “draft”?
A Wire is an electronic transfer of funds from your card to another bank. A Draft is just like a check that is issued using funds from your card. ^top Q: How much does a wire or draft cost to send? A: The fee for a wire payment is US $15.00, and a draft is US $7.50, which includes all postage to send it to the payee. ^top • Q: What are the limits? A: The maximum amount for a single wire or draft is US $10,000. ^top Q: How long does it take for a wire or draft to be sent? A: Wire transfers will typically take 1 to 2 business days, depending on the country where the bank is located. Draft payments should be printed in 1 to 2 business days. All drafts are mailed from the United States, so delivery time may vary depending upon the location to which the payment is being sent. ^top • Q: Can wires and drafts be sent in a currency other than US Dollars? A: You can send wires and drafts in US Dollars or any number of foreign currencies. We would highly recommend that you send wires in the same
A foreign draft is a guaranteed cheque that is issued in a currency of the client’s choice. Drafts come in all major currencies and are less expensive than sending a wire. The draft must be physically transferred and is often difficult to cash in politically unstable countries. A wire or EFT is an electronic transfer of funds.
