Foreign exchange draft

What is it?

A draft is an instruction we give to a foreign bank to pay a beneficiary specified by you. It is for a fixed sum and the value is stipulated in either Tanzanian shillings or the foreign currency. Drafts can be used to send money abroad; for example, for gifts, payment for goods, advance travel-related payments and maintenance.

What does it offer me?

  • Obtainable immediately
  • Not very secure as there is the risk that they may be lost or stolen and there is no guarantee that the draft will be replaced
  • There can be lengthy clearing delays before receipt of funds
  • If you receive money from another country, you have up to 30 days from receipt of the transfer to convert it into local currency
  • Fees and commission are charged.

What do I need to apply?

  • Exchange control regulations - you should not exceed your annual allowance.
  • Where relevant, you need to give us documents, for example, alimony agreement or study details
  • If used as a travel allowance:
    • You need to have a bank account abroad to negotiate the draft
    • A valid ticket to a foreign destination
    • A valid passport.

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0800 751 111

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