@deewsrd Don't think there's limit if you go into a branch (or, at least it is a significantly higher - I have done many tens of thousands in an in-branch transfer).
You can verify that the recipient isnthe correct person is the recipient can verify that it really came from you. You have proof that you have paid from your bank. His bank has propf that your money came in and is accessible in his bank account.
Basically a tracable and undeniable method of payment documented by banks and is admissible evidence should a dispute of payment arise.
@deewsrd Might not be so relevant for you OP but for anyone trying to sell a car, never accept a bank draft. It is no more secure than a personal cheque. The only difference is it comes from the bank’s account rather than a personal account so there’s no chance of it bouncing due to insufficient funds. They also take the same amount of time to process as a personal cheque, 2-5 business days, depending on the bank.
It could be fake sure, but it could also be real but the buyer can always call the bank and cancel the draft before you cash it. Then your car is essentially stolen so you now have to deal with the guards, the courts, tracking down your car and the thieves etc. Unless it’s someone you know very well and trust avoid the bank draft. I used to work customer service for a bank and I’d get at least one call about this a week.
@divined Go to seller's bank to finalize the sale - your seller can deposit the draft whilst you are there and hands the key to you once the cheque clears.
