Drafts and cheques
When trading partners need paper-based payment
If your trading partners are looking for paper-based forms of payment, we can issue a foreign draft, or you can issue a currency cheque drawn on your currency current account. However, neither is as fast nor as secure as our electronic payment options.
Royworld Draft
A foreign draft is a cheque issued by The Royal Bank of Scotland that is drawn on an overseas bank and which is payable overseas.
Foreign currency cheques
Businesses that hold a foreign currency current account can be issued with a cheque book. Foreign currency cheques can be a convenient way of making overseas payments.
When your business needs to send sterling, euros or currency abroad, drafts are an option. A paper payment mechanism, they are issued by us and drawn on an overseas bank.
Key benefits
- Choice of payment method - enclose your payment with your documents or deliver in person
- Worldwide distribution - drafts can be sent anywhere the global postal system reaches
- Easy to clear - provided the draft is drawn on a bank in, and in the currency of, your trading partner's country
- Wide range of currencies - your business can buy drafts in a variety of currencies and for any amount
- Order in advance - drafts can be ordered from your branch a few days in advance or electronically via Royline
Costs for manual payments
- £8 for a draft of £100 and under or currency equivalent
- £18 for a draft for more than £100
Foreign cheques can be a convenient method of making international payments - however, your business will need a foreign currency account with a cheque book. As foreign cheques can incur local bank charges, your trading partner may have reservations about accepting this method of payment
Key benefits
- Wide range of currencies - your business can maintain a currency current account, in a number of key currencies, upon which a cheque book can be issued.
- Euro payments - make payments in euros within the UK
- Improves cash flow - cheques could give you greater control over your cash flow
- Store cheques - a chequebook of currency cheques will enable you to pay trading partners as and when required
- Pay any amount - we don't place limits on the value of cheques you write, subject to sufficient funds being available to meet them
- Time savings - your account won't be debited until the cheque is returned to us
- Fast euro cheque payment - euro cheques to UK beneficiaries can be cleared through the intra-UK euro clearing system as quickly as sterling cheques