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Bank draft

  • 26-12-2018 10:15pm
    #1
    Bubblegummers
    Registered Users Posts: 282 ✭✭


    I am owed money by a person who wants to send a bank draft?

    What is required to cash a bank draft?

    Is it cashed in any of the drawers bank I.E if done in BOI cashed in a BOI?

    Does it have to go into an account?


Comments

  • #2
    Stanford
    Registered Users, Registered Users 2 Posts: 1,194 ✭✭✭Stanford


    Irrespective of which Bank it is drawn on most Irish banks will ask you to lodge it first to an account in your bank


  • #3
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    The drawing branch of the issuing bank may at their own discretion cash it if you call in with ID depending on the amount.
    I stress at their discretion as normal procedure is to lodge it.
    If its for a large amount itll be harder to get it cashed and you'd need to order the cash in advance anyway


  • #4
    Stanford
    Registered Users, Registered Users 2 Posts: 1,194 ✭✭✭Stanford


    The reason for lodging it is due to the Money Laundering legislation


  • #5
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Stanford wrote: »
    The reason for lodging it is due to the Money Laundering legislation

    Yes...but nothing in legislation to say that a draft has to be lodged. As long as they identify source and destination of funds they comply.


  • #6
    Stanford
    Registered Users, Registered Users 2 Posts: 1,194 ✭✭✭Stanford


    Thats true


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