Bankers Draft - can you get it the same day?

[Devilfish]

Hi folks,

See when you're getting a bankers draft to pay for something, when you go into the back to get it, do they give it to you straight away or do you need to wait a few days for it?

Cheers

[tyson36]

yeah i think they do....it costs quite a bit for it tho!

[krazylegz]

think its either 25 or 30 quid dependant on bank m8

[boothuk]

Do you need to draft? It's not very cost effective. Think HSBC charge ?10 for under ?100 draft and more thereafter.

My tip would be to use internet banking, most banks are now syndicated and transfer under 2 hours these days. (That's in the UK). Plus it's free.

[Evastar]

I have my account with the EBS and their drafts are free. If you have an account with a bank i don't see why they would charge you for drafts.

If you have an account with the money in it, or if you are borrowing the money from that bank, or give them cash, they will give you a draft straightaway.

[berley]

Bank of Scotland charge you for a bankers draft, I only know this because the last car we bought they insisted on being paid that way, I think we paid ?10 to get it.

@ Glen if your with Bank of Scotland I just went in and waited on them doing it.

[boothuk]

I know a few people who have cashed in a bank draft (Withdrawing funds from American betting sites) and not once have I heard of 'em getting it free.

The reason they charge is for the 'admin' fee, much like arranging an overdraft... it takes 2 minutes but they charge upto ?20-?30 for the privilege. It's how banks rake in money...

[Evastar]

Well as i said i'm with a building society in Ireland, and i get them all the time here, as i don't have a cheque book, and never get charged for them. :)

[boothuk]

Well Eva, I don't dispute that, but a building society is not actually a bank per se.

As I say, bankers draft's usually accumulate an associated fee. It's probably a service that is provided free of charge within your financial institution Eva, or maybe even all building societies.

[Evastar]

Ok, so i rang my bank, AIB, they charge €1.90 for a bankers draft, and €4.40 for a foreign draft.

[boothuk]

Ok, so i rang my bank, AIB, they charge €1.90 for a bankers draft, and €4.40 for a foreign draft.
That's a very good rate. Over here in the UK, they're about ?10 - ?20. Obviously shop around Devilfish, you might get a better price depending on which bank you are with.

In answer to the original question, you get it straight away once you've paid the associated fee and your account will be debited immediately. The person you give the draft to though will have to wait for the bankers draft to clear, as a normal cheque.

If you use BACS, which is typically free, it will take 3 days to clear, or around 2 hours if your bank is on the fast payment syndication. (Most UK major banks now support instant BACS payment, and the bigger ones accept instant send).