I moved from Canada to Ireland and after the SEVERAL WEEK process of getting a bank account, I was able to put in my draft that I made at my bank in Canada. I had a draft created for 3500 Euro. For those that don't know, a bank draft is different from a check because the funds are taken out of your account to make the draft, whereas a check they need to verify funds after the check is issued. In the case of my Bank Draft, the funds are in Euros and held in a European bank.

When questioned on why my funds are being held after I verified my account, who I am and verified that the funds are there, they simply told me: 'that's just how we do it here'. I pressed the manager further asking if it took that long to verify anything, the answer was no - they would have the money by end of business day and I would have to wait 7 business days to have access to it. I even called my bank back home seeing if I could cancel the draft and have the money put into my canadian account, but due to the nature of a draft that process would take 90 days from the draft issue date. I reluctantly deposited the draft into my new account, making sure to note the current price of bitcoin on the statement ($604 USD at BTC-E). When I go this week to withdraw my balance, I will ask what compensation they are willing to offer if the price of BTC-E has gone up (obviously they wouldn't compensate) and explain that THEY do not get to control MY money, especially when I am PAYING them for the privilege.

Irish banks are very specifically behind the times and I can't wait to show the banks and the people that there is a better way, a cheaper way and a smarter way to hold your money.