If you’re purchasing a vehicle or other high-ticket item, or would like a secure form of payment, a draft may be a good option for you. Drafts (also known as official orders, certified cheques, bank drafts, cashier’s cheques, money orders or Manager’s Trust cheques) are available for purchase at any of our locations across the province. They’re available in any dollar amount and either Canadian or US currency.
But before you proceed with purchasing a draft, here are a few important things to consider:
- There’s an additional fee for drafts. Give us a call at 1.866.863.6237 for more information.
- Some Canadian financial institutions and a majority of US financial institutions won’t negotiate a draft directly. Typically, they’ll send it on collection which could result in a longer waiting period for the payee to receive their funds.
- We’re unable to cancel or stop a draft. If it goes missing or is stolen, you’ll have to get a replacement or request a refund. In these cases, a Bond of Indemnity may be required from you and/or the payee.
Do I have other payment options?
You bet! We offer a few alternatives to bank drafts which include:
- Interac e-Transfer†. If you need to send money to someone with a bank account in Canada, an Interac e-Transfer† is a convenient and quick option. And if you hold a Future Builder, Unlimited or Heritage account, Interac e-Transfer† transactions are free to send! And they’re always free to receive, no matter which plan you have.
- International Funds Transfer (IFT). With the help of Payline by ICE, you can send money internationally from pretty much anywhere. Convenient, safe and affordable, an IFT through Payline by ICE is a great way to get money where you need it to go.
- Wire transfers. To send a wire transfer you’ll need things like the recipient’s name, account number along with route and transit, civic address, and the bank name and civic address. International wires with require a swift code as well. For more information on wire transfers and associated fees, call our Contact Centre at 1.866.863.6237.
†Interac e-Transfer is a registered trademark of Interac Inc. Used under licence.