Euro Bank Draft - Drawn on Bank in Germany.

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SlurrySlump

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Is it possible to walk in to one of the Irish Banks and ask for a Bank Draft drawn on an overseas Euro based bank rather than drawn on an Irish bank?
My thinking is that I could get a bank draft drawn on a German Bank and use that draft to open up an account in Germany.
 
if you want a euro draft drawn on a german bank, your own bank will be able to give it to you.
 
I'm thinking that if you want to open a fixed term, type deposit account with Deutsche Bank you also are required to open a current account. Presumably this is for electronic transfers to and from the account? However if you have a bank draft drawn on Deutsche Bank it can be lodged directly in to a fixed term account without the need for a current account. Is my thinking right on this?
 
SlurrySlump said:
Is it possible to walk in to one of the Irish Banks and ask for a Bank Draft drawn on an overseas Euro based bank rather than drawn on an Irish bank?
My thinking is that I could get a bank draft drawn on a German Bank and use that draft to open up an account in Germany.
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Well the first question to ask is there even such at thing as a bank draft in Germany??? The whole bank draft concept is very much a British Empire thing and many countries in Europe do not have such a concept at all!!! For instance here in Switzerland, were we probably have more banks per square mile than anyone, the idea of a bank draft is totally alien - they never issue such things to the public and any they receive are just treated like ordinary cheques - they must clear before they are credited to your account....

Good luck with that,

Jim.
 
If you look for a draft in Sterling it is drawn on a UK bank. If you look for a draft in Swedish Kroner it is drawn on a Swedish Bank. It must be possible to purchase a Euro draft drawn on a German Bank?
 
I fail to see how an Irish bank could issue a draft from a German bank.

They would need to hold the equivalent of a current account with the German bank.
 
You would have to buy a draft drawn on a German bank from a German bank. There would be no logical reason for Irish banks to offer drafts drawn on a German bank. A Euro draft is a Euro draft as far as they are concerned.
 
Odea said:
If you look for a draft in Sterling it is drawn on a UK bank. If you look for a draft in Swedish Kroner it is drawn on a Swedish Bank. It must be possible to purchase a Euro draft drawn on a German Bank?
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This is not correct unless you purchase from the relevent banks - if you purchase a sterling draft from eg BOI it will be drawn on BOI. How could BOI issue a cheque on behalf of a UK bank? makes no sense
 
Banks have agreements with other banks internationally. You can buy Euro drafts in BOI drawn on German Banks, Portuguese Banks, Spanish Banks etc. Also Stg drawn on Lloyds, US$ drawn on J P Morgan, AUD$ drawn on Westpac etc. Most but not all of the common currencies are catered for. Only criteria is that you have to have an a/c with BOI and they cannot be paid for in cash for amounts over €500.

Foreign banks will put them through the normal clearing cycle and probably will not allow you to draw on them for a few weeks, as a precaution.

Up to the amount of €50k to a Eurozone country there is no charge for a transfer so why bother buying a draft? This takes 3 working days to reach the foreign bank under the SEPA arrangement.

Presume other banks provide the same service but I can only speak with certainty for BOI.
 
I stand corrected. Perplexed is right. You can get EURO drafts drawn on a German bank from here. Not sure why you would want to though
 
Sunny said:
I stand corrected. Perplexed is right. You can get EURO drafts drawn on a German bank from here. Not sure why you would want to though
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Best not to offer advice until you are sure. Same for you Millieforbes. Thanks for clarifying that Perplexed.
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Sunny said:
I stand corrected. Perplexed is right. You can get EURO drafts drawn on a German bank from here. Not sure why you would want to though
Click to expand...

By posting a draft drawn on a German Bank to the bank in Germany do you still need to have a current account to channell funds through in Germany?
 
Odea said:
Best not to offer advice until you are sure. Same for you Millieforbes. Thanks for clarifying that Perplexed.
.
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Ten years working in Irish banks and I have never come across such a service - I was sure!!

I can't see how the administration of it could work? Is it a pre-order service? Is it available to the general public? Who signs the drafts?
 
millieforbes said:
Ten years working in Irish banks and I have never come across such a service - I was sure!!

I can't see how the administration of it could work? Is it a pre-order service? Is it available to the general public? Who signs the drafts?
Click to expand...

When I worked in banking, before the introduction of the Euro, you could purchase foreign drafts in any currency from my bank. These drafts were drawn on the major banks in Europe. So if you wanted to purchase a Sterling draft from BOI it was issued to you drawn on Lloyds bank. If it was in Pesetas it was drawn on Banco Hispano and so on....plus other named banks if requested.

I cannot see why this should change just because we are all now in the Euro Zone. I would imagine if you were lodging a Euro draft drawn on Deutsche Bank in to a branch of Deutsche bank in Germany it would clear a lot quicker than lodging a Euro draft drawn on the BOI or AIB.
 
Euro drafts can be issued on all countries in the euro zone.

Foreign drafts are issued on correspondent banks for all the major currencies.

This has always been the case.

Two bank officials sign the draft.

They're not as popular / common as they were but nevertheless the service is still offered.
 
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