Bankers Draft

[chrosmond]

Thanks to everyone for their replies. I've ordered the draft today from HBOS, it seemed quite painless. The only thing is, is that it's not drawn on a Canadian bank and we couldn't find anywhere that would do that. We'll just have to hope it doesn't matter.

Originally Posted by Auld Yin

Well I can't address the regulations of banks in the UK or Cyprus but having worked for a major Canadian bank for 40 years I can assure you in Canada a bank draft is guaranteed funds. If the funds in one's account are not "clear" then a draft would not be issued. A Canadian bank would never deny payment of its own paper unless fraud was involved and only then as a last resort.

[Auld Yin]

Originally Posted by chrosmond

Thanks to everyone for their replies. I've ordered the draft today from HBOS, it seemed quite painless. The only thing is, is that it's not drawn on a Canadian bank and we couldn't find anywhere that would do that. We'll just have to hope it doesn't matter.

I can assure you that the Immigration authorities will have no concerns that the draft is not drawn on a Canadian bank. Applications come from all over the world with, I know, many foreign banks involved. Good luck with your application.

[chrosmond]

Thank you, I feel relieved about that. It's just got to arrive before Saturday now! Altho' there is a plan b!

Originally Posted by Auld Yin

I can assure you that the Immigration authorities will have no concerns that the draft is not drawn on a Canadian bank. Applications come from all over the world with, I know, many foreign banks involved. Good luck with your application.

[Raymapleleaf]

Originally Posted by Auld Yin

A bank draft, by definition, is cleared funds or the bank would not issue it. What you are suggesting is only complicating what is a very simple task. Not all money in the world is moved electronically. I just do not understand the reluctance of the OP's bank to issue a guaranteed funds instrument vs cash or withdrawal from his account.

hi we did this two months ago H.S.B.C easy same amount (check it out)

[csosnowy]

I'm lucky in that my sister works for a bank (U.S.) and was able to get a bank draft in Canadian currency for me. So the banks should be able to do it, they just may not want to. If they are able to exchange currency, there's no reason they can't do a bank draft for it. Have you spoken to managers? I would press with the exchange currency place. Again, it seems unreasonable for them to put up a fuss. I also encountered reluctance, which was mostly laziness, but if you push, you should be able to do it. I wish I had better suggestions but good luck.

[shazza151]

Originally Posted by Chris Ward

Being as you are sending it to the Canadian Authorities would it not be better to do a direct credit traansfer directly into their bank account (which is how I do all my business transactions worldwide) as it is coming from a traceable bank it bypasses the money laundering rules and for the same reason it's destination is traceable and please remember that a money order is NOT guarenteed funds it is only guarenteed that the funds are there at the time it was issued. This is always a good point to make when finding an alternative method of payment. By the way to do a BACs transfer you just need the other parties sort code, account number and a reference number and usually costs around £30 another alternative is to phone them with your debit/credit card details.
Chris

In canada money orders are for upto $1000 CAD, anything over $1000 CAD is a bankers draft, both are accepted by the canadian immigration as guarateed funds, because when you get the order or draft the funds are taken from your account there and then, to pay for the draft. There is no cashing in time limit on a draft or money order, unlike cheques, which the candian immigration won't accept unless certified by the bank.
P.S Dafts and Money Order are cheaper
Shazza 151