Meaning of the word "bank draft" in English

What does "bank draft" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

bank draft

US /ˈbæŋk dræft/
UK /ˈbæŋk drɑːft/

Noun

a payment order issued by a bank, guaranteeing payment to a third party

Example:
I paid for the car with a bank draft.
You will need a bank draft to secure the property.