Another term for bank draft.
- Cash is an obvious way to pay, but in reality few people have enough money sitting around to be able to write a cheque or arrange a banker's draft without saving up for several years first.
- That bank presents the banker's draft for payment to the drawee bank through the usual clearing channels available for cheques.
- However, when you receive payment, the cheque or banker's draft will be for an amount that is considerably more than your asking price.
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