Complete Banking Notes Q10) What are the Methods of Foreign Remittance / Tools . Ans. The following methods of foreign remittance are given below. 1. Bank draft. 2. Telegraphic transfer. 3. Bill of exchange. 4. Postal Order. 1. Bank draft. A draft is a cheque drawn by one branch of a bank upon another situated at any other place required to pay a fixed / certain amount of money to a specified person or by his order. A bank draft may either by inland or foreign. Drafts are issued by bankers after receiving written and signed applications. The person is required to remit the required amount of money along with its commission. The banker hands over the draft to the depositors and sends a credit advice to the branch upon which the draft is drawn. 2. Telegraphic transfer. A telegraphic transfer (TT) is an electronic method of transferring funds utilized pr...