How Long Does a Banker's Draft Take to Clear?

How Long Does a Banker's Draft Take to Clear?

According to Lawson-West Commercial, a banker's draft takes up to six business days to clear. The Irish Payment Services Organisation points out that a banker's draft takes as long to clear as does a regular cheque.

The money transferred by means of a banker's draft is not typically available for use the day it is received by the recipient, according to Lawson-West Commercial. As Wikipedia points out, banker's drafts, which are called cashier's checks in the United States, are cheques drawn directly against a bank rather than from an individual's or company's account. While they can be stopped, they are very unlikely to bounce since the bank itself guarantees the funds behind the draft.