# Bankers Draft



## chrosmond (Jun 8, 2009)

Please help, I need some urgent help. I need a bankers draft for 25 June for our Permanent Residency fee (CAN$980) altho' I'm going on holiday on 13 June so I need it before then. We've tried a few banks and they're all a bit edgy because of money laundering rules and also they can't be drawn on a Canadian bank. We've found a foreign exchange outfit who might do it but now they're umming and aahing, what did anyone else do? (I'm still in the UK by the way)


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## Auld Yin (Mar 10, 2009)

chrosmond said:


> Please help, I need some urgent help. I need a bankers draft for 25 June for our Permanent Residency fee (CAN$980) altho' I'm going on holiday on 13 June so I need it before then. We've tried a few banks and they're all a bit edgy because of money laundering rules and also they can't be drawn on a Canadian bank. We've found a foreign exchange outfit who might do it but now they're umming and aahing, what did anyone else do? (I'm still in the UK by the way)


I'm sorry but I don't get it. No UK bank will issue a draft for less than $1,000? In Canada money laundering rules do not kick in until the amount is $10,000. I could walk into a Canadian bank this morning and walk out in 30 seconds with a bank money order for up to $2,500 without any fuss whatsoever.
Someone is jerking your chain.


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## Chris Ward (May 13, 2009)

chrosmond said:


> Please help, I need some urgent help. I need a bankers draft for 25 June for our Permanent Residency fee (CAN$980) altho' I'm going on holiday on 13 June so I need it before then. We've tried a few banks and they're all a bit edgy because of money laundering rules and also they can't be drawn on a Canadian bank. We've found a foreign exchange outfit who might do it but now they're umming and aahing, what did anyone else do? (I'm still in the UK by the way)


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


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## Auld Yin (Mar 10, 2009)

Chris Ward said:


> 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


I do not believe this facility is available with the Canadian government, rightly or wrongly.


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## Chris Ward (May 13, 2009)

Then how would you be able to post a bank draft and it be cleared funds by the date you need - this facility is available in the USA as I use it all the time my only other suggestion would be to contact the Canadian embassy in London explain your predicument and ask for their assistance in arranging the transfer of funds - it is a good lesson to learn that if you are moving away to arrange a bank account in the country of destination prior to arrival without one how were you going to access your funds when you arrived? As a Canadian by birth you will find things are much more formally done over there and there are fewer shortcuts as here and I also would have thought your own bank would/should have had no problem assisting you as the other message said someone is definately not being frank with you. Another thought is this an agency fee or a government fee?
Chris


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## chrosmond (Jun 8, 2009)

Chris Ward said:


> Then how would you be able to post a bank draft and it be cleared funds by the date you need - this facility is available in the USA as I use it all the time my only other suggestion would be to contact the Canadian embassy in London explain your predicument and ask for their assistance in arranging the transfer of funds - it is a good lesson to learn that if you are moving away to arrange a bank account in the country of destination prior to arrival without one how were you going to access your funds when you arrived? As a Canadian by birth you will find things are much more formally done over there and there are fewer shortcuts as here and I also would have thought your own bank would/should have had no problem assisting you as the other message said someone is definately not being frank with you. Another thought is this an agency fee or a government fee?
> Chris


It's a government fee I think. The consensus seems to be that our own bank should be able to do it, but every time we enquire we get a different answer. I thought it was to do with the exchange rate, but if we're doing it from our own bank, the exchange rate will be borne by us surely and they'll get their full $CAN980. It's complicated by the fact we're going on holiday on the 13th, but since when has emigrating ever been straightforward?


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## Auld Yin (Mar 10, 2009)

Chris Ward said:


> Then how would you be able to post a bank draft and it be cleared funds by the date you need - this facility is available in the USA as I use it all the time my only other suggestion would be to contact the Canadian embassy in London explain your predicument and ask for their assistance in arranging the transfer of funds - it is a good lesson to learn that if you are moving away to arrange a bank account in the country of destination prior to arrival without one how were you going to access your funds when you arrived? As a Canadian by birth you will find things are much more formally done over there and there are fewer shortcuts as here and I also would have thought your own bank would/should have had no problem assisting you as the other message said someone is definately not being frank with you. Another thought is this an agency fee or a government fee?
> Chris


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.


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## Chris Ward (May 13, 2009)

Auld Yin said:


> 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.


I'm sorry I beg to differ on the issue of a bank draft it is not any longer cleared funds as I had this discussion not long ago with my banks business manager and I have had Gordon for 10 years when I was talking about selling a camper van and accepting a bankers draft which is when he informed they are no longer guarenteed funds I am with Lloyds TSB I do not know if this varies from bank to bank but it is in the last three months that I had this conversation. As I said they issue it from the funds you have in your account but it clears just like any other cheque and you can withdraw that money before the cheque is presented for clearance - like you I was surprised to learn this.
Chris


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## Chris Ward (May 13, 2009)

By the way all money in the world is moved electronically - just maybe not by the individual

Chris


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## Auld Yin (Mar 10, 2009)

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.


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## chrosmond (Jun 8, 2009)

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.



Auld Yin said:


> 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.


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## Auld Yin (Mar 10, 2009)

chrosmond said:


> 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.


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## chrosmond (Jun 8, 2009)

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



Auld Yin said:


> 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.


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## Raymapleleaf (Nov 1, 2008)

Auld Yin said:


> 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):clap2:


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## csosnowy (Jun 12, 2009)

*bank draft*

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.


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## shazza151 (Jan 10, 2008)

*Canadian immigration payment for PR*



Chris Ward said:


> 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


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