Foreign Currency Draft Issue — GTBank

GTBank issues foreign currency drafts on request. A draft is a written order by a bank irrevocably undertaking to pay on demand a specified sum of money to the order of a specified person. The bank presents the service as one where it applies its expertise and correspondent banking networks to handle a customer's foreign currency draft request.

The drafts are drawn on GTBank's overseas correspondent banks, with the drawee determined by the currency of the draft. US Dollar and Canadian Dollar drafts are drawn on Citibank New York, while Pound Sterling and Euro drafts are drawn on Citibank London.

• US Dollar drafts — Citibank New York
• Canadian Dollar drafts — Citibank New York
• Pound Sterling drafts — Citibank London
• Euro drafts — Citibank London

GTBank lists the conditions a customer must meet before a foreign currency draft is issued. These cover the source of funds, the written instruction and an acceptance of exchange rate movement where applicable.

• A funded domiciliary account in the currency of the draft required
• A properly written and duly signed customer instruction
• A signed indemnity accepting exchange rate fluctuations where relevant

Foreign Currency Draft Issue appears in the Other Services group on GTBank's personal banking services pages, alongside Financial Advisory, Cash-In-Transit and Fast-Track Banking. The same services listing also covers e-Banking Services and International Money Transfer (IMT) services such as GTBank International Money Transfer, Western Union, MoneyGram, Remitly and RIA Account Deposit Money Transfer. GTBank notes on its services pages that customers should be mindful of fake sites run by parties posing as Guaranty Trust Bank Ltd or its affiliates, and should not disclose personal or financial details online or elsewhere.

• Listed under Other Services for personal banking
• Related cross-border services include IMT options for receiving funds
• Branch-based services include Cash-In-Transit and Fast-Track Banking