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The time frame or the clearing time of a DD varies between banks. They are usually cleared within half an hour, or by the end of the working day. Some banks can take up to three working days. Also, if the DD is for a large amount, it will only be credited to a bank account and not provided as cash.

Like cash, a bank draft is a widely accepted form of payment. But, a bank draft is safer than carrying around large amounts of cash on your person, since it's only payable to the individual or institution it's made out to.

Here's a quick breakdown: A foreign draft is a type of check issued by a foreign bank. It's also issued in a foreign currency. A foreign check is issued by a customer or business. It's drawn on a foreign bank and issued in a foreign currency.

Bank drafts are payments that are made on behalf of the payer and guaranteed by the bank that issued the draft. A "money order" is a document that promises the recipient payment on the date specified. A bank draft is a check that is sent to the payee after the issuer has taken the monies from their account.

A foreign draft is basically a bill of exchange that is drawn in one country and made payable in another country. A bill of exchange is a written order, used mostly in international trade, that binds one party to pay a fixed sum of money to another party on demand, or at a predetermined date.

A U.S. dollar draft is a bank draft or check denominated in U.S. dollars and made available at foreign financial institutions. These drafts are drawn on a U.S. correspondent account by a foreign financial institution.

When your bank receives a DD, if you are the payee, they will only deposit the money into your bank account. It will take one business day for the payment to be cleared if you have a bank account with the same institution that issues the DD. A maximum of 3 business days may pass if the banks are different.