# euro demand draft ...question?



## puscha (18 May 2012)

ive received as a gift a "euro demand draft" for 200€ from a relative in Ireland.
problem is i live in Spain and my bank here says as the draft has the words "Republic of Ireland only" printed on the draft they can not lodge it in my account here. (I dont posess a bank account in Ireland)
Has the sender made an error in not sending an international draft?
Or is my bank being an ass in not accepting the draft?


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## Mizen Head (18 May 2012)

Yes. The sender has made an error. Looks like they purchased a draft and did not specify that the beneficiary was in Spain. The bank sells drafts which can be cashed/lodged in many European countries but the purchaser needs to specify which country it will be lodged in and the draft will have a Country specific bank as the drawing bank.

So your local bank is certainly not an ass. 

Your best action is to return the draft to your friend and they exchange is for the correct one


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## Gulliver (19 May 2012)

Your Spanish bank could probably accept the draft "for collection".  Then, rather than putting the item through their normal process, they would write to the issuing bank, enclosing the draft, and pay you the proceeds less their fee whenever the proceeds are received.

If you return the draft to the sender and request a draft drawn on a Spanish bank, you will likely run into further problems, as the time for clearing such paper between Ireland and Spain is often excessively long.  Far better if you can provide your IBAN and BIC codes (from your bank statement ) to the sender, and ask him to arrange an electronic transfer.


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## DrMoriarty (19 May 2012)

...which (for transfers <€50,000 within the eurozone) will cost no more than the price of a "local" ETF — usually 50c or less. 
It's a lot cheaper, safer and quicker than a draft.


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## Brussels (21 May 2012)

DrMoriarty said:


> ...which (for transfers <€50,000 within the eurozone) will cost no more than the price of a "local" ETF — usually 50c or less.
> It's a lot cheaper, safer and quicker than a draft.


 
The 50k limit is now gone - charges for cross border and national payments must be the same.


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