Drafts and cheques

Royworld Draft

A foreign draft is a cheque issued by The Royal Bank of Scotland that is drawn on an overseas bank and which is payable overseas.

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Foreign currency cheques

Businesses that hold a foreign currency current account can be issued with a cheque book. Foreign currency cheques can be a convenient way of making overseas payments.

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When your business needs to send sterling, euros or currency abroad, drafts are an option. A paper payment mechanism, they are issued by us and drawn on an overseas bank.

Key benefits

• Choice of payment method - enclose your payment with your documents or deliver in person
• Worldwide distribution - drafts can be sent anywhere the global postal system reaches
• Easy to clear - provided the draft is drawn on a bank in, and in the currency of, your trading partner's country
• Wide range of currencies - your business can buy drafts in a variety of currencies and for any amount
• Order in advance - drafts can be ordered from your branch a few days in advance or electronically via Royline

Costs for manual payments

• £8 for a draft of £100 and under or currency equivalent
• £18 for a draft for more than £100

Foreign cheques can be a convenient method of making international payments - however, your business will need a foreign currency account with a cheque book. As foreign cheques can incur local bank charges, your trading partner may have reservations about accepting this method of payment

Key benefits

• Wide range of currencies - your business can maintain a currency current account, in a number of key currencies, upon which a cheque book can be issued.
• Euro payments - make payments in euros within the UK
• Improves cash flow - cheques could give you greater control over your cash flow
• Store cheques - a chequebook of currency cheques will enable you to pay trading partners as and when required
• Pay any amount - we don't place limits on the value of cheques you write, subject to sufficient funds being available to meet them
• Time savings - your account won't be debited until the cheque is returned to us
• Fast euro cheque payment - euro cheques to UK beneficiaries can be cleared through the intra-UK euro clearing system as quickly as sterling cheques