Wednesday, January 31, 2007

Points to note for getting a demand draft in foreign currency from Indian Banks

Some points to note for making a demand draft in foreign currency.
  1. Usually banks take 2-3 hours time from the point of submission of demand-draft application to the point of handing over the demand draft to you. I didn't knew this and had to travel across Bangalore to get the draft. (in case you have an ICICI saving's acount and you are getting the draft from non-home branch, be careful as you are eligible for only one non-home branch per month without any charges. Don't know about other banks!)
  2. You need to have a documentary proof as to why do you need a demand draft in foreign currency. I carried a xerox of the Queen's Admit letter which had come in the courier.
  3. Instruct in the demand draft application the currency required clearly and also check the same when you receive the demand draft. There is sometimes a confusion between US$ and Canadian$.
  4. Mention clearly the Payee's name and verify the same when you receive the demand draft. Bank officials can be careless at times. For my case it was important as "Queen's" is very different from "Queens".
Also, take a xerox of the demand draft for records before you send.

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