Banker's Draft

GalegoMan · Post by **GalegoMan** » Fri Mar 07, 2008 3:49 am

Hello

I've ordered a set of reeds and the maker prefer "Banker's Draft" as standard payment method. Could you explain what is it? (I don't know anything about financial english terms

). Which steps may I follow to pay with a banker's draft?

Thanks

PJ · Post by PJ » Fri Mar 07, 2008 5:05 am

Bank draft = talón bancario

It is a cheque that is drawn on the account of the bank, not the account of the customer.

Also, you should confirm with you pipemaker that he requires an INTERNATIONAL bank draft.

djm · Post by **djm** » Fri Mar 07, 2008 7:26 am

Some countries have open agreements between banks. Others are closed. You may or may not have difficulties with bank drafts (in Canada it is a nightmare, sometimes). I have found that an international postal money order works in all cases.

djm

Beau Comiseau · Post by **Beau Comiseau** » Fri Mar 07, 2008 7:37 am

May I add that "Banker's Draft" would also be a great name for a reel (when I first saw the title, I thought it was a tune name).

misterpatrick · Post by **misterpatrick** » Fri Mar 07, 2008 9:34 am

I'll just mention (and this is little help to you), that PayPal is he greatest thing for international money transfer. It's soooo much easier than doing a bank transfer and a lot cheaper as well. Setting up an account that is linked with your bank and credit card is easy as well.

So, any makers out there, keep that option in mind. I just ordered a new chanter and was able to send the deposit pretty much instantly. Back when I lived in Europe and had to transfer money to and from the US, it took weeks and cost $25 for each transfer.

PJ · Post by PJ » Fri Mar 07, 2008 9:39 am

djm wrote:I have found that an international postal money order works in all cases.

Except that Canada Post doesn't have an agreement with any banks in the Republic of Ireland, as I recently found out. You have to use the banks (or PayPal) if you want to send money to Ireland.

Hans-Joerg · Post by **Hans-Joerg** » Fri Mar 07, 2008 10:17 am

misterpatrick wrote:I'll just mention (and this is little help to you), that PayPal is he greatest thing for international money transfer. It's soooo much easier than doing a bank transfer and a lot cheaper as well. Setting up an account that is linked with your bank and credit card is easy as well.

I wholeheartedly agree to this. You even don´t need a credit card (which I purposely never use). You then get a PayPal account and have your bank fill it up again (online) when necessary. Each transfer then is limited to (I think) 750 $ but hey: After all you can do do several transfers (unfortunately for a fullset more than one transfer IS necessary

).
Cheers,
Hans

Cathy Wilde · Post by **Cathy Wilde** » Fri Mar 07, 2008 10:19 am

PJ wrote:
djm wrote:I have found that an international postal money order works in all cases.
Except that Canada Post doesn't have an agreement with any banks in the Republic of Ireland, as I recently found out. You have to use the banks (or PayPal) if you want to send money to Ireland.

Amen! Did anyone here ever order the Raineys CD from the Pavee Point Travellers' Centre? Between the kinds of payment they couldn't accept and the costs of an international money order ($50 + having to open your own account; I hate banks), I finally just bought 30 euro and mailed the cash.

(thank heavens that worked!)

djm · Post by **djm** » Fri Mar 07, 2008 1:08 pm

PJ wrote:Except that Canada Post doesn't have an agreement with any banks in the Republic of Ireland, as I recently found out. You have to use the banks (or PayPal) if you want to send money to Ireland.

An internatinal postal money order has nothing to do with banks. The recipient takes it to their post office to cash. I have found bank transfers are just about impossible with most of Europe and to the US. I haven't tried PMOs to Ireland yet, as they are civilized and accept VISA, but I find it hard to believe it won't work. Even 3rd world countries accept PMOs.

I would go with PayPal where available for sure. It is definitely the easiest route.

djm

kintailpipes · Post by **kintailpipes** » Fri Mar 07, 2008 1:35 pm

What about Western Union?

Mike Hulme · Post by **Mike Hulme** » Fri Mar 07, 2008 4:11 pm

Galego Man - you will have to pay for a Banker's Draft; the reedmaker would have to pay PayPal fees if you went that way. Just ask him for his bank account number, account name, and IBAN/SWIFTBIC code. Then take this info to your bank and they can transfer the money electronically and far cheaper than physically getting a draft arranged. I send money abroad all the time and this is the most painless way of doing it.

Western Union is not really a good idea.

boyd · Post by **boyd** » Fri Mar 07, 2008 4:35 pm

I agree with Mike Hulma

(I've just done it, in fact...!!)

Last time I got a Bankers Draft and posted it to my pipemaker.
This time I did it electronically.
Once the IBAN and BIC went into the bank computer, the lassie was able to tell me the name/address of my pipemaker, confirming that she had the right account.

A shiny new thing will hopefully result from this transaction before very long!

Kramden · Post by **Kramden** » Fri Mar 07, 2008 4:41 pm

Mike Hulme wrote:Galego Man - you will have to pay for a Banker's Draft; the reedmaker would have to pay PayPal fees if you went that way. Just ask him for his bank account number, account name, and IBAN/SWIFTBIC code. Then take this info to your bank and they can transfer the money electronically and far cheaper than physically getting a draft arranged. I send money abroad all the time and this is the most painless way of doing it.

Western Union is not really a good idea.

Agreed. When I bought my first practice set back in 2002, I sent the funds via a wire transfer from my bank in Chicago to the pipe maker in Ireland. At the time it cost roughly $40 for an international transfer, but funds were received the following day and the pipes were sent to me immediately.

As for the security of wire transfers, as an attorney I close commercial, real estate and construction finance transactions roughly two to three times each month, and this is the ONLY way the lenders I work with will allow funds to be disbursed. If the banks are comfortable with it, I know it's good enough for me.

I wonder, however, if any pipe makers are leery of giving their bank info out for wire transfers?

kintailpipes · Post by **kintailpipes** » Fri Mar 07, 2008 7:51 pm

Mike,
What's wrong with Western Union? Why is it a bad idea?
Thanks

GalegoMan · Post by **GalegoMan** » Sat Mar 08, 2008 1:01 am

Thank you all for your advices

I really love this forum!

Yes, I usually choose to pay through PayPal and is very useful to me (even assuming the paypal charges, but it's worth because its ease and quick response). When I bought my Gallagher set, I payed by direct bank money transfer as Mick Hulma said (the easiest way, sure). But nowadays I'm realizing that some makers are rejecting this payment method -S.G. included- (I think due to avoid or minimize his taxes), so the international payment could be a very hard and uneasy thing to do by a mortal rural piper like me (or even being an impossible thing due my bank's issues- for example: I can't paying by sending a check, as some pipemaker requested me, without allowing me an alternative payment method)

Anyway, pipemakers all over the world: please improve your international payment method so we'll send you the money quickly and then both parts will be satisfied and happy. Amen.