You can't directly transfer a demand draft like you would with electronic funds. A demand draft is a paper instrument, and its transfer typically involves physical movement.
Here are the common ways to "transfer" a demand draft:
1. Physical Delivery:
- Hand Delivery: The simplest way is to physically hand the demand draft to the recipient. This is often used for local transactions.
- Courier Service: For longer distances, you can use a courier service to deliver the demand draft securely.
2. Endorsement and Transfer:
- Endorsement: The person named on the demand draft can endorse it by signing on the back, making it payable to a specific person or entity.
- Transfer: The endorsed demand draft can then be physically delivered to the new payee.
3. Depositing into a Bank Account:
- Direct Deposit: The person named on the demand draft can deposit it directly into their bank account.
- Third-Party Deposit: The demand draft can be deposited into a third-party's account, but this might require additional authorization or documentation.
Important Note: Always ensure the demand draft is endorsed correctly and securely delivered to the intended recipient.
