Receiving Foreign Cheques?
If you have received a cheque in a foreign currency, you can have it converted into Australia Dollars and deposited into your Australian bank account1.
Typically, personal, bank, company or government foreign currency cheques can be converted from over 8 currencies including USD, AUD, NZD, CAD, GBP, Euro, HKD, SFD.
Cheques are processed as either:
- Cash Letters
- Collection basis
The amount of the cheque determines if it is to be processed as a cash letter or collection. At Family First Credit Union our threshold for Foreign Cheques varies by currency as below:
|Hong Kong Dollar
|New Zealand Dollar
If the value of the cheque is below the thresholds, this will be processed as a “Cash Letter” and funds are paid out based on the exchange rate on the day of processing.
If the value is over the thresholds, this will be processed on a “Collection Basis” and funds are paid out upon clearance of the cheque and exchange rate on clearance date.
Need more information? Contact us today.
Things to note:
- At the time of the cheque being converted from the foreign currency and deposited into your account, we will deduct any applicable fees.
- Foreign Cheques can take up to 8 weeks or more to clear
- Exchange rate is determined once the credit is received
Do you need funds quicker?
As an alternative, ask the person sending you money, to send to you via our Incoming International Payments service.
This option may save you money in fees and help you to get the money within 2-3 business days.2