Financial Institutions - Foreign Draft Issuance

Foreign Check ClearingCXI is able to issue foreign currency denominated drafts for financial institutions in more than 30 of the most frequently demanded currencies. Foreign drafts are frequently used as an alternate payment method for International Wire Transfers in order to fulfill payment overseas. For the most part customers find that foreign drafts carry less fees than International Wire Transfers. The tradeoff to this is that International Wire Transfers are processed and received much quicker than drafts, since drafts are delivered to the bank for the individual to pick up and send to their recipient.

A financial institution would simply use CXI's CEIFX platform to enter the request for a foreign draft, entering the foreign currency and foreign amount they would like. The draft is then sent to the requesting branch. Drafts generally require less information than a wire transfer and are a safer alternative to sending cash in the mail.

Foreign Draft Issuance Features:

Easy To Use Interface

  • Requests are automated through CXI's CEIFX platform.
  • Limited required information: Customer creating payment, who it is payable to, and the amount of foreign currency.
  • CEIFX calculates the total and provides a receipt for the transaction.
  • CXI fulfills the request and sends the foreign denominated draft to the requesting branch for the customer to pick up.