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RBC Royal Bank® issues bank drafts in domestic and foreign currencies(1).
Bank drafts can be used to make a payment to a third party in almost any currency, both in Canada and abroad(2).
Bank drafts offer a convenient and secure means of payment, and are more easily negotiated than postal money orders and are less vulnerable than cash to loss or theft.
Bank drafts are available for a fee of $7.50 each (any currency). And, depending on your banking package, you may be entitled to a number of commission-free bank drafts per year.
1) U.S. dollar drafts cannot be sold to non-RBC clients. U.S. regulations require financial institutions to know with whom they are dealing before any transaction is completed.
2) RBC is not able to cancel or stop a Bank Draft. If lost or stolen, a replacement or refund will need to be requested, and a Bond of Indemnity may be required from the purchaser.
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