Foreign drafts are frequently used as an alternative payment method for international wire payments in order to fulfill payment overseas.
Foreign drafts carry fewer fees than international wire payments. As such, international wire payments are processed and received much quicker than drafts, since drafts are delivered to the bank for the individual to pick up and send to their recipient.
CXI is able to issue foreign currency-denominated drafts for financial institutions in more than 30 of the most frequently demanded currencies.
CXI's easy-to-use CEIFX platform automates requests and enables financial institutions to enter the request for a foreign draft by inputting the foreign currency and foreign amount they would like.
CXI requires only minimal information for this process, including customer creating a payment, to whom it is payable, and the amount of foreign currency.
CXI fulfills the request and sends the foreign-denominated draft to the requesting branch for the customer to pick up.