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If I accept a cheque denominated in foreign currency, what charges will I incur and how long will it take before I can get the money?

The common charges that you may incur when you deposit a foreign currency denominated cheque include commission, stamp duty, agent's charges, drawee bank's charges, courier charges and handling charges.

Some of the charges are imposed by the overseas bank (agent/correspondent bank) that is involved in clearing the foreign cheque.

The fees charged may vary from bank to bank. You are advised to check with your bank.

The clearing period for the cheque ranges from one week to one month or more. It depends on the type of currency and the country from which the cheque was issued and also prevailing laws of the paying bank's country.

Normally, the collecting bank will use the service of an agent or correspondent bank to clear the cheque.

Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


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Knowledge Base ID :   1399
Last Reviewed :   April 30, 2014
Source :   BankingInfo
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