How Much Is an International Bank Draft?

An international bank draft can cost a lot of extra money in fees because your bank will want you to pay service and processing charges when you order the draft.  Most banks, however, offer this service for far less than $25 USD – just remember that sometimes, the fees increase depending on how much money you want to send, and where you want to send it.

Knowing exactly how much an International Bank draft is going to cost will depend on:

• Where you are getting the bank draft. Some banks will charge more than others for providing this service for their customers.
• The amount of money being sent. Typically, the larger the draft the larger the fees and costs.

As such, there isn't necessarily going to be one answer to the question of how much an international bank draft costs - you will need to go to your bank or call them and ask them for their specific fees.

Purpose of an International Bank Draft

Now that you know how much an international bank draft is, you might want to know more about what it is and when you would need it:

• An international bank draft – also more commonly known as a cashier’s check – is a type of financial payment vehicle that allows you to send money internationally.
• A bank draft is designed to pay funds from one person to another person in a safe way. The draft is a safe way to make payments since it does not include any account information and requires the signature of a specific person.
• You will want to protect your money when you send it abroad because you don’t want it to end up in the wrong hands. You also want to make sure you don't lose your account information or other personal data to an identity thief. 
• By using an international bank draft, you will be able to make a large transaction in a non-wireless manner, which is a preferable option for some individuals.

Buying an International Bank Draft

What if you want to buy an international bank draft?

• You will need to go to a bank, or log on to a bank account online, so that you can start requesting your international bank draft. 
• You will have to bring your information to a physical location, or to your computer, to start the application. 
• You will in return get a guarantee for your money from the bank itself when it goes through.
• The international bank draft will have to be mailed to the right bank or individual for the deposit to transfer.
• The downsides of an international bank draft are that creating the draft can take several days and the actual draft can be very expensive to ship in a fast and secure method. 
• This is a price that many businesses are willing to pay for their international clients or financial partners, and many people use these financial tools.

Options to an International Bank Draft

International bank drafts have some drawbacks. Using an international bank draft to making deposits to accounts abroad can be an expensive way to add funds. The recipient of the international bank draft might have to pay some service and processing fees.

The positives of an international bank draft are that they provide a way to send money to a family member or business associate abroad with very small risk of the money being lost. And, with the guarantee from the bank, you won’t have to worry about any loss of funds or information.

Of course, there are other options for exchanging money all over the world, including via Paypal or other linked accounts.  These methods may sometimes be more cost effective, depending on how much your bank charges for an international bank draft. They may also be quicker since money can be transferred wirelessly.