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.

• More on Royworld Drafts

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.

• More on foreign cheques

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 up to and including £100
• £18 for a draft for more than £101

Foreign cheques can be a convenient method of making international payments - however, your business will need a foreign currency account with a cheque book.

Currency cheques issued on currency accounts are payable in the United Kingdom. They may not be acceptable to overseas beneficiaries in view of the collection charges levied by their own bank and there may be a delay in receiving funds. If you do send the cheque abroad, take into account the reliability of the destination country's postal and banking systems.

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.