Buying Bank Draft

Honestly, this is my first time buying bank draft. Before this, I just heard about it but never saw one.

If you still remembered, in my previous post I mentioned about the state government was chasing on me to pay back my study loan, then you will know what I bought the bank draft for. As the first payment should me make not later than 31st December 2008, therefore I think is about the time I make a move.

Buying bank draft is not as easy as I imagined. What I thought is very simple, go to bank, pay the amount of bank draft we wish to purchase, then the bank will issue us with a voucher-like ticket and that's all.

It is not that simple dude! The exact procedure (according to Sibu Maybank style) :

1. Get a special form called "Application for Remittance" from the express counter.
Gosh! the form look so complicated and so many thing you need to fill in! I hate it but well... no choice, you need to follow procedure.

[Carbon copy of Application for Remittance form - is a big one!]

2. The thing you need to fill in inside the form:

a) Type of remittance you wish to make. There are few types to choose from including Banker's cheque, demand draft, telegraphic transfer, payment order and etc. For my case which I need to pay outside Sibu, the staff told me I should go for Demand Draft. Banker's cheque is for payment within an area, in my case the area is Sibu.

b) Personal particulars including name, occupation, IC Number, address, telephone number and purpose of payment.

c) Beneficiary particulars - I just filled in the name and also the address.

d) Remittance amount

e) Signature

[Fill in the necessary fields]

3. After filled in the form, take a number, wait for your turn.

4. Once your turn, hand the form to the officer in charge. The officer will help you to process.

5. After process, the bank will issue you with a demand draft. Demand draft actually just look like a normal bank cheque but with the word "Demand Draft" printed on top of it and all the necessary information preprinted by the bank.

[A demand draft]

Oh ya, please be reminded, beside the amount of remittance you need to pay, the bank will charge you another small sum of money as stamp duty charge. I thought it is called commission, but the officer filled the extra charge under stamp duty instead of commission. In my case, the charge is RM0.50.

[Stamp duty charge - RM0.50 (Depends on amount of remittance)]

With this demand draft, I will have to post it to Suruhanjaya Perkhidmatan Awam Negeri Sarawak soon as first payment of my study loan to avoid me being sued by them! This is my first experience I hope everything will go smoothly.