SBI CAD bank draft


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Ranin   
Member since: Aug 04
Posts: 281
Location: Guelph, ON

Post ID: #PID Posted on: 06-06-06 10:42:06

Does anyone know how many days it takes to clear a CAD draft issued from SBI, India through a Canadian bank (RBC)? I am told it would take one month. Is this normal? Just that I would be loosing one month of interest on the amount.
Thanks
Ranin



chandresh   
Member since: Mar 03
Posts: 2606
Location: Toronto

Post ID: #PID Posted on: 06-06-06 10:56:54

Quote:
Originally posted by Ranin

Does anyone know how many days it takes to clear a CAD draft issued from SBI, India through a Canadian bank (RBC)? I am told it would take one month. Is this normal? Just that I would be loosing one month of interest on the amount.
Thanks
Ranin



Local clearing should not take very long - even if you are a new immigrant.

If you decide to deposit it in an account in RBC itself, you can push them to check the validity of the draft on the same day and credit the funds to your account soon thereafter.

I had got this done with HSBC - though my draft was a US$ one and for this they had to fax the copy of the draft to New York branch of HSBC on which it was drawn. Still I got the confirmation before the end of the day.

Chandresh


-----------------------------------------------------------------
Chandresh

Advice is free – lessons I charge for!!


Ash20   
Member since: Apr 06
Posts: 443
Location:

Post ID: #PID Posted on: 06-06-06 10:58:00

Yes, it is normal (3-4 weeks). It is better, if you can deposit SBI draft in SBI here in Canada and they will give you money early (and even partial amount immediately).


Quote:
Originally posted by Ranin

Does anyone know how many days it takes to clear a CAD draft issued from SBI, India through a Canadian bank (RBC)? I am told it would take one month. Is this normal? Just that I would be loosing one month of interest on the amount.
Thanks
Ranin





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