- FF-17,Goyal Tower, Panjarapole, Ahmedabad
- Mon - Sat 10.00 AM - 08.00 PM.
Apart from foreign currency, another way to make or receive payments is by forex demand drafts. It is a draft which is made by a financial institution of a country and can be drawn or encashed in another country. It is a written order, which binds the payer to pay a certain amount of money to the payee on demand or according to existing conditions.
So basically, fund in one country’s currency is being transferred to another country’s currency which is then being encashed by the recipient in the other country.This method is actually cheaper and more efficient than sending the actual currency as it helps nullify the effects of exchange fees and bank routing delays. The receiver can receive the funds easier through the draft. Also, it requires less information to process than wire transfers.
It is beneficial for the sender as it can be credited only to the specified beneficiary’s account.Hence it is evident that this is one of the most popular modes of payment, both in India, as well as abroad and hence we make our customers and clients even more aware about this mode of payment and it’s uses and convenience.
We here at RPFX ensure in getting the draft made for them and also advise them regarding the same. Even if we find, for customers, a better mode of payment than the draft, then we recommend them that as well because the the customer’s comfort zone is where we like to test our flexibility.We deal with forex demand drafts of various currencies such as US Dollars, Canadian Dollars, Pound Sterling, Australian Dollars, Euro etc
The following are the some of the reasons for the requirement of foreign demand drafts: –