Euro draft

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DirectDevil

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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 ?
 
 
DirectDevil said:
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 ?
Click to expand...

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.
 
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