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Q:

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

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International wire transfers are typically sent out over an international communications system known as SWIFT, and settlement is arranged between individual banks. A foreign draft is like a cashiers check in local currency drawn on an account maintained by TD Banknorth. While sending a wire internationally is different than sending one within the U.S., it's much faster than purchasing a foreign draft. However, if you are unable to obtain the banking information of your recipient required to arrange a wire transfer, then a foreign draft is your best choice. more
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