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LSDefine
Simple English definitions for legal terms
foreign draft
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A quick definition of foreign draft:
A foreign draft is a written order that one person gives to another person to pay a certain amount of money to a third person. It's like a check, but it can be used in a different country. There are different types of drafts, like a demand draft that can be paid right away or a time draft that has a specific payment date. Draft can also mean when the government makes people join the military. To draft something means to write or create it, like drafting a letter or a contract.A more thorough explanation:
A foreign draft is a written order signed by one person, directing another person to pay a certain amount of money to a third person or to bearer. It is similar to a check, but it is payable in a different country or state.
For example, if a person in the United States wants to pay someone in Canada, they can use a foreign draft to transfer the money. The person would go to their bank and request a foreign draft for the amount they want to send. The bank would then send the draft to a bank in Canada, and the recipient can cash it at their bank.
Foreign drafts are also known as foreign bills of exchange or international bills of exchange.