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.