Euro draft

[DirectDevil]

I sent a draft in Euros drawn on AIB to a German payee recently.

How long does it take for such a draft to clear ?

 

[Moral Ethos]

Is the daft drawn on a German bank?

 

[DirectDevil]

Is the daft drawn on a German bank?

Yes.

Commerzbank, I think...

 

[Moral Ethos]

Then it should take the same time as a standard German cheque would take to clear.

 

[DirectDevil]

Cheers.

 

[marksa]

I sent a draft in Euros drawn on AIB to a German payee recently.

QUOTE]
Why did you not send them an electronic transfer direct to their account? Much quicker and cheaper - assuming AIB charge about 1.50 for a draft issued on a non-domestic drawer such as Commerz Bank.

 

[Gulliver]

I sent a draft in Euros drawn on AIB to a German payee recently.

How long does it take for such a draft to clear ?

Depends on the value of the draft and where in Germany presented. Germany has a two-tier clearing arangement for paper transactions, and also has regional clearings.
Low value drafts (Limit used to be €3000) are imaged at the point of presentation and cleared as electronic items - in a couple of days or faster normally.
High value drafts myst be physically presented at the office on which they are drawn. If presented via a regional clearing of another region, this is a slower process... but I do not know how much slower.