Many individuals want to send money to their children or their family members who are living in the US. So that they can live their life in a better way. And, also the people who are living in the US send money to their parents for their expenditure. Bank drafts are similar to cheques, which are used for large payments overseas. But it is not the quickest way to send the money. Many people are always confused about whether they can get a bank draft in US dollars.
How one can get in craft in US dollars
An individual just has to approach the bank, where he had his account to make a demand draft. And, bank draft will be made in foreign currency and, the equivalent amount of money in rupees will be debited, from your account.
It will take a week to have the draft mailed abroad. And the bank will charge some extra rupees for making the draft. When the children of an individual are studying abroad and, they want to transfer money to them they could not just courier them. They have to follow a criterion by which they can send the money to them. Since this criterion takes a week so they must be prepared for this situation.
An individual can also compare the bank draft on the various places like the fees, which bank charge for obtaining a draft, the available currencies, and countries, which a bank can provide to an individual, and the most important, the processing time. An individual must choose the bank that takes less processing time Pros and cons of bank draft
Pros
The Bank draft has been accepted in the majority of the countries in the globe. Therefore, an individual can be able to send money to people they want. This method is inexpensive. Moreover, the way of transferring money is safe and secure that is the most important while doing a transition of money
Cons
This method is relatively slow and, it takes almost a week to transfer the money. And sometimes the banks are not supported with the currency and country which you want to send the bank draft. Therefore, an individual can get the bank draft in US dollars and, it depends on the bank in which he has his account. If that bank supports that country and the currency of that country, then you will be able to get a bank draft in US dollars. Otherwise, an individual is not able to get a bank draft in US dollars
So before opening an account in a particular bank, an individual should inquire about it. So that, if in future he wants to make transitions, he can do so without any difficulty otherwise, it will be difficult for him to make transitions. If your bank supports the currency of a country with which you want to make transitions, then it will be an easy process otherwise, it will be difficult for an individual to make transitions.
