Hi,
1. Both r the same. BTW, it's also called a "Cashier's Cheque".
2. U don't require an a/c in Canada to make a draft... It's however made in ur name (or anyone in the family, who'd open an a/c in Canada). The draft is "payable in Canada", remember that.
3. AFAIK, only Al Fardan Exch is currently providing this facility, for anyone. U could also obtain it from ur own bank, where u have an a/c... Many banks could do that, not all though, who have a reciprocal tie-up with some Canadian bank.
4. There will be no issues. As long as u have a draft @ hand, it's encashable overseas. Wait times vary though, bank to bank & with the arrangements both parties have. BTW, I get mine encashed within 24-hrs @ TD Bank with the draft/s made thru Al Fardan.
5. I never face any. Though there's the same procedure of "declaring the funds" in Dxb as well, similar to the one in Canada, ie. the $10K declaration... but I've never found a way/form to do that, thus never did declare anything.
Good luck.
Qorax
