Buying Bank Draft in CIMB Malaysia
This is my first time buying bank draft and I would like to share my experience to buy bank draft in CIMB Malaysia.
What is Bank Draft? According to Investopedia Bank Draft is a payment on behalf of a payer that is guaranteed by the issuing bank.
Today on 22 June 2017, I go to one of CIMB Bank nearby my office. The reason I buy this bank draft because my new employer asks me to buy as a part of requirement from MDeC to process my new working permit because I am changing company.
I ask one of the bank officer that I would like to buy bank draft and she advises me to fill up the form. If you don’t know how to fill it, you can ask the bank officer who gives you the form to assist.
The things that you need to fill
- Beneficiary Particulars (Name, IC/Passport, Address, Phone number). For my case I only put the name and address
- Applicant Particulars (Name, IC/Passport, Address, Phone number).
- Debit Account No
After I am done, then the bank officer gives me a queue ticket. When my queue number was called, hand the form to the bank officer in charge. The bank officer also asks the reason why I want to buy a bank draft. So you can tell them what is the purpose and asks for my IC/Passport.
After wait for 10 minutes, the bank officer gives me the bank draft along with the receipt. The amount will be deducted from your bank account. Bank also charges another small amount of money like stamp duty, GST, commission, processing fee. It’s 5.98 RM.
So, that’s all the steps what you need to do. Pretty simple, isn’t it?
FAQ (Frequently Asked Questions)
Q : How long the validity of Bank Draft?
A : 6 months
Q : Can I buy the Bank Draft if I don’t have bank account?
A : Different banks may have different policy. For CIMB and MayBank are needed.
Q : I lost my Bank Draft.
A : You may go to the Bank where you issue the Bank Draft to stop the payment or reissue for new Bank Draft
Q : What is difference between Bank Draft and Cheque?
A : Bank Draft: Beneficiary will get the money from Bank who issues the Bank Draft and Cheque: Beneficiary will get the money from Applicant Debit Account.