Best Way to Deposit a Foreign Cheque

2jzzzz on 29/04/2015 - 11:37

Hi,

I received a cheque from the US and need to deposit it. I am with 3 different financial institutions; ANZ, Citibank and 28 Degrees.

I have my normal offset mortgage transaction account and 3 separate credit card with ANZ.

I also have a Citibank Visa debit and Signature Card and 28 degrees credit card.

ANZ said they charge $50 plus any fees incurred by them and takes up to 1 month.

Citibank said I can mail the cheque to them or take into a branch (inconvenient for me). Cost is $30 and money within 48hours.

Does anyone know of any other ways to do this?

Also, the cheque does not state it is in USD, but thats where it is from. Plus, they factored in the exchange rate, but I've already lost out as our dollar has strengthened.

Sam

Financial

Comments

  • retiredfeline on 29/04/2015 - 11:55

    Didn't think 28degrees (GE Finance) offered cheques deposit service? All bank options I know of take a hefty chunk out of foreign cheques, some less. Any way you can ask the sender to transfer the money some other way, Paypal, etc?

  • scotty on 29/04/2015 - 12:01
    +1

    I get foreign cheques every now and then and I bank with St. George. It's $10.50 for spot rate when you do it in the branch and up to 4 weeks to clear. I thought it was expensive…

    • [Deactivated] on 29/04/2015 - 12:24
      +1

      That'd be half of what other banks charge.

  • 2jzzzz on 29/04/2015 - 12:25
    +1

    I've just spoken to Citibank online and they have said I can go into a NAB branch and deposit the cheque and there are no fees what so ever… I don't have anything with NAB.

      • 2jzzzz on 29/04/2015 - 15:01

        Looks like there is a fee if I rocked up to NAB with a cheque and asked them to do it.. But because Citibank has an understanding with them, I might be ok.

        The teller said he will try, but it might bounce back to him and I might end to go into he city and go into a Citibank branch.

        • retiredfeline on 29/04/2015 - 15:12

          That might save you from any NAB to Citibank fee but Citibank would still charge you the processing fee I think.

  • Evil-Elmo on 29/04/2015 - 14:26

    The best way is to deposit it into a bank account from the country it is issued. But assuming this is not possible or practical, then shopping around as you are doing is the best. I can't recall exactly, but I'm pretty sure CBA charged $20 or $25 last time I did it (a while back).

    • dna4 on 31/05/2015 - 14:02

      Try cba if you have an account with them coat $10 plus 28days waiting time.

      Rate? Bank rate though

  • 2jzzzz on 27/05/2015 - 17:48
    +1

    So after dropping it to NAB, it has finally showed in my account. Took a while, but no fees from Citibank.

    • 2jzzzz on 07/06/2015 - 11:31

      And Visa conversion rates used.

  • JustinHardie on 30/06/2019 - 09:57

    UK banks allow cheques to be deposited using banking app. No need to hand over paper, just takes a picture. Maybe US is similar? Just thought would add in case question come up for others in future.

  • Steven Lynch on 25/02/2020 - 00:19

    I am going to deposit a USD cashier's cheque. What do folks here know about current fees from different Australian banks to bank such a cheque in an Australian AUD bank account?

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