safest way of sending a bankers draft from Spain to the UK

Hello can anyone advise on the safest way of sending a UK bankers draft from Spain to the UK? Is it possible to have it insured? Up to what amount can it be insured? Thank you

Assuming it's for a significant amount, I think the only way I'd feel happy would be to book a quick return with Ryanair (they have a pretty good safety record!) and bank it myself at the nearest bank to the UK airport.

Failing that, Correos certificado (recorded?) delivery is pretty reliable, and you can track your item online, or try the usual - DHL, UPS etc. which all handle documents. You'd have to enquire about insurance with each carrier.

Thank you Roberto. My whole livlehood is at stake here. If it were practical I would do what you are suggesting. My problem not anyone elses. I will have to find the right solution.

You don't say where you are. Is Gibraltar an option? I believe some of the banks there may be effectively branches of the UK entity; perhaps there's a possibility you could bank the cheque there?

My whole livlehood is at stake here

Pegeen, you don't say why Roberto's two suggestions (fly back or Gibraltar) are not possible! certainly, on the face of it. they are the best options if it's that important. Other than that it's just the various secure postal services that are available.

If it's not possible for you to travel do you have a family member that could take it back for you? If you are the payee of the draft and hold a corresponding UK bank accoumt I'm sure somebody else could just pay it in for you.

Is it worth speaking with your bank about the problem? could they arrange an electronic transfer with the drawing bank - would mean loads of paperwork no doubt? Just a thought

I'm confused, is this bankers draft in sterling or euros? If euros I would deposit it with a money trader in Spain (like Moneycorp to name just one) and let them do the transfer into your account in the UK. Safe, simple and takes just a few days. If in sterling (why?) I would try and do what Roberto has suggested.

Ultimately, you could probably pay a Sterling cheque into a Spanish € bank account. However, it could take months to clear through the system, and erode your "livelihood" significantly in fees etc. (far more than the cost of a return flight). And personally, I think Correos is far more reliable (and trustworthy) than any Spanish bank I've ever dealt with.

If it's as serious as you say, I'd jump on a plane. You could be back the same day.

On three separate occasions over a few years I paid UK sterling Banker's Drafts into my account with Abbey National, who at that time had an office in Gibraltar.  In each case the draft was lost somewhere in the system. Thus I had to wait 6 months each time for the each draft to become out of date so that a new one could be issued.   The banks, concerned, all major UK ones,  would not re-issue the drafts before the six months was up

Those are the only times I have had, or even been aware of,  such a problem.   Abbey National said they too had only experienced 3 such events  i.e. those with the drafts I had paid in. If does though go to show that one can be unlucky.

Good luck Pegeen with what ever method you use.

This message was last edited by johnzx on 17/08/2016.

This message was last edited by johnzx on 17/08/2016.

I have seen something similar to johnzx on another forum it was 25,000 and I think it was HSBC same 6 month problem so maybe it happens a lot

Guess for OP be careful and seek some professional advice

Strange postings to help this person sort the problem out, I deal with bankers drafts a fair bit and have had a couple go astray, the short of it was I went into my bank and it was easily proved the drafts hadn't been cashed, the bank stopped the original draft and issued a fresh one.

The whole idea of a bankers draft is the money has to be in the account before one is issued. So if the draft hasn't been cashed the money is still in the account.  All this took a couple of hours, certainly no way 6 months.

Some folk think a Building Society cheque is 100% safe because it comes out of the owners Building Society book before a cheque is issued, but all the customer has to do is to go back into the B/S give a sensible reason over and this B/S cheque will be stopped.

Don't help pegeen one bit I know, but the other advice given on here is good.

 Firms like currencies direct?

Baz :-  ........   went into my bank and it was easily proved the drafts hadn't been cashed, the bank stopped the original draft and issued a fresh one.

http://www.financial-ombudsman.org.uk/publications/technical_notes/transfers-payments-and-cheques.htm

Extract      A banker's draft is written by the bank itself, on its own head-office account - and is made payable to whoever the customer wants. Unlike a cheque, a genuine banker's draft cannot be stopped - even if it is lost or stolen.

Yes a bankers draft is written on the banks cheque but the funds are set aside in the owners account so they cannot be used until these funds are withdrawn, if the draft gets mislaid / lost / or stolen and it's proven the draft was cashed, tough luck, in my case and in many other cases I know of, if it's proven the funds are still available then your safe, and in my case a fresh draft was issued within hours not months, to run security checks, to wait 6 months anything could have happened to the money, and if the draft had a stop on it the moment it was noticed something was wrong, which should have been in a matter of days or maybe a week, why wait 6 months.

Yours is yet more false information, in February 2015 you had two drafts lost and had to wait, as you say 6 months, yet still you paid in another draft only to have this one go missing also, some trust in the banking system it could be said.

Abbey National had never heard of such things happening,  they only knew of 3 to go missing, your 3....

Yes I am in full agrement with you on that one...You are very unlucky.

For those who did not read my reference at ;- 

http://www.financial-ombudsman.org.uk/publications/technical_notes/transfers-payments-and-cheques.htm

Extract:- 

A banker's draft is written by the bank itself, on its own head-office account - and is made payable to whoever the customer wants. Unlike a cheque, a genuine banker's draft cannot be stopped - even if it is lost or stolen.

 Unlike a cheque, including an 'over the counyterbank cheque,'    the funds for a draft are taken from the customers account when the Draft is written.  A draft is not a bank cheque

 Sorry, but I think the Financial Ombudsman really does know 

.

Be Warned - Bankers Drafts can be stopped....

Well, this was new to me, I just had it confirmed from the business section manager at Barclays that bankers drafts are no more secure then a personal cheque. They CAN be stopped by the issuer, and they take the same time to clear as a normal cheque, so they are no safer than taking a personal cheque. 

And don't think your safe if you go with the issuer and pay it in your bank, it can still be stopped. 

Suprised? So was I, so what is the point of them? Just a good way for banks to make an extra £20 from issuing them. 

I banked a bankers draft for £10k before Christmas from the sale of a vehicle. A week later I had a letter from Barclays saying the cheque had not been honored because they LOST it - yes really. The issue and I have the same bank - Barclays. They then told us the cheque had been stopped. Luckily I sold it to a reputable garage who have been great, they told me the money was already out of their account and they definitely had not stopped it. 

Turns out the whole thing was just a Barclays cock up from the start, and they are still trying to sort it out. We've told them we want £200 compensation or we'll close all our accounts including the business ones.

As I said refer back to Feb 2015 and now...You really are the unlucky one.

Baz  ............. I banked a bankers draft for £10k before Christmas from the sale of a vehicle. A week later I had a letter from Barclays saying the cheque had not been honored because they LOST it - yes really......................   . They then told us the cheque had been stopped

But cheques are not Bankers Drafts. Cheques can be stopped.

Thank you all for your contributions.It seems using a courier or even the post isn't the safest way to transfer a UK bankers draft from Spain to the UK. Because as John zx has quite clearly stated if it is lost or stolen it cannot be stopped. If you found a courier to insure the transfer it would be 1% of the value of the  amount to be transferred.

Unfortunately for me the UK buyer of my property in Spain insisted on paying this way rather than transferring the funds via CHAPS or similar from her account into mine in the UK. We agreed to use sterling in order to avoid being at the mercy of the fluctuating monetary market.

My solution is going to be that someone I trust will pick it up in Spain to bring to me. Not the cheapest way but probably the most sensible under the circumstances.

Another lesson to be learnt I'm afraid. Just to finish here's a little "horror story" illustrating the dangers of sending a bankers draft in the post: 

http://www.irishtimes.com/business/sending-a-bank-draft-in-the-post-can-lead-to-disaster-1.366575

This message was last edited by pegeen on 18/08/2016.

Once again the ONLY advice is speak to the bank issuing the draft 

A lot more info and more accurate than some of the comments by doing a simple Web search

One I found

www.moneyadviceservice.org.uk

Banker's drafts and cheques are deposited in much the same way, but are issued ... A banker's draft, also known as a banker's cheque, is like asking a bank to .....From the bank.

But cheques are not Bankers Drafts. Cheques can be stopped.....From you.

By using the word Cheque in the context of a bankers Draft is just another way of calling it such, you Johnzx knew exactly what was meant, but as per normal pick holes.

Enough said.

.Pegeen  I see you understand,  which is the point of this thread. 

Good luck