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