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Foreign drafts are frequently used as an alternative payment method for international wire payments to fulfill payment overseas.

Foreign drafts carry fewer fees than international wire payments. As such, international wire payments are processed and received much quicker than drafts, since drafts are delivered to the bank for the individual to pick up and send to their recipient.

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Foreign bank draft features

  • Smart foreign bank drafts
    Foreign bank drafts are available in several currencies
  • Alternative to electronic fund transfers
    Alternative to electronic fund transfers
  • Automated requests through the EBCFX platform
    Automated requests through the EBCFX platform
  • Dedicated trader and support team
    Dedicated trader and support team
Pay foreign invoices with accuracy
Pay Foreign Invoices With Accuracy Foreign bank drafts are drawn on one of Exchange Bank of Canada’s correspondent banks located in the country of the beneficiary. This enables your beneficiaries to deposit drafts, with no additional currency conversion, for immediate payment and no unexpected fees.
Quicker clearing time
Exchange Bank of Canada’s foreign drafts help you provide prompt payments in foreign currencies, which means your beneficiaries have access to funds much sooner than if they had received a cheque differing from the depositing bank's currency.


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