60 days to clear an F'ing bankdraft is Unionbank crazy?

[TNT2bluz]

God there has to be something wrong here.

I received my first payment from a customer abroad using a bankdraft. Called up my Unionbank branch and they told me that it would take 30 days.

Then I asked them to make sure, it is a draft and not a cheque after all.

They call me back and tell me that it would take 60 banking days.

So people, tell me what's wrong with this picture?

[KuyaDanny]

I just checked with Union, UCPB, and RCBC. Clearing time for checks and drafts drawn on banks in the Continental United States is 24 New York banking days. For other instruments, the period is not definite but 60 days is "quite long".

[TNT2bluz]

Quite long is a beeatch.

I remember once depositing a $10,000 cheque into an account.

My previous bank said it would take 2 months to clear. I called on week three to follow it up, it was available, but they wouldn't tell me. In fact the manager hesitated to tell me until I had to sound a tad more gruff.

Why are a lot of things here made for inconvenience?

[KuyaDanny]

I'm not defending the banks at all, but clearing does take time because US Dollars are technically not this country's money and checks have to be cleared in the United States. If it's any consolation, clearing peso checks doesn't take anywhere near that much time.

If $10,000 is your typical transaction, you might consider getting paid via telegraphic transfer. Your bank might take off $5-$10 per transaction as a "handling charge", but there is no clearing period involved. If done correctly, funds will be available to you from 2-5 days after they're sent from your customer's location.

[TNT2bluz]

Telegraphic transfer has been kind to me. This is just the first time I had a draft issued.

I'm getting out of unionbank for now. They charge a hefty $25 + P700 from the amount.

I'm outta there.