You can purchase foreign drafts in approximately 20 different currencies. A draft is a check payable in a foreign currency that can be deposited easily and without lengthy clearing times overseas. Use foreign drafts to pay overseas tuition bills, make hotel reservations, or send money to far away friends and family.
We are able to create foreign drafts in the following currencies: Australian Dollars, United Arab Emirates Dirham, Bahraini Dinar, Canadian Dollars, Czech Republic Koruna, Swiss Francs, Danish Krone, Euros, British Pounds, Fijian Dollars, Hong Kong Dollars, Indian Rupees, Israeli Shekels, Japanese Yen, Mexican Pesos, New Zealand Dollars, Norwegian Krone, Philippine Pesos, Saudi Riyal, Swedish Krone, Singapore Dollars, South African Rand, Thai Baht and Tunisian Dinar.
Please note: all foreign drafts are for deposit only, and cannot be signed over to a 3rd party. All drafts are made payable from a foreign currency bank account held in the country of that currency.
The Foreign Exchange Department will exchange and deposit all major currency checks into your account upon receipt. If a check is greater than $2,500 US equivalent in value, the amount greater than $2,500 will be placed on hold for 30 days.
The Foreign Exchange Department will deposit all US Dollar checks drawn on a Canadian institution into your account upon receipt. If a check is greater than $1,000 US in value, the amount greater than $1,000 will be placed on hold for 30 days.
The following items will not be provided immediate credit and will instead be placed on collection:
Your account will be credited once the funds have been paid by the remitting institution. This process can take between 2 and 8 weeks depending on the currency and country of origin. There is a minimum $35 fee for this service assessed by the Foreign Exchange Department and there may be additional charges from the issuing bank.