Instant transfer to which account if you do not have any banking account with that bank?
I dont think is possible. You need to have a banking account with that bank only able to do bank draft with that bank.
Nope. Just like normal cheque. Only the person / name stated on the cheque can actually cash out the money. You dont have to worry unless the cheque is bearing a very general name.
You can declare lost at the same branch you do the cheque. Penalty is RM20.

If you return a banker cheque unusued, the cost is RM2.
For comparison purpose.