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Q:

What is the difference between a wire transfer and a bank draft?

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A foreign bank draft is a guaranteed check that is issued in a currency of the client's choice. Bank drafts come in all major currencies. A bank draft must be physically transferred. It is also often difficult to cash a bank draft in politically volatile countries. A wire transfer, on the other hand, is an electronic transfer of funds delivered directly to the beneficiary's bank account. more
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