American Bank Cheques How to Cash in Australia with Lowest Fees

LTekka on 29/09/2017 - 08:53
Last edited 29/09/2017 - 10:23 by 1 other user

I have a couple of small amount cheques issued by Chase Manhattan bank.

I tried to deposit them in my bank account here and have been told the bank fees will be half of the amount of the cheques. Any solutions/suggestions?

Financial

Comments

  • Gershom on 29/09/2017 - 09:02

    There is no solution. I get cheques from USA every month, it's always the same.

  • whodidthat on 29/09/2017 - 09:02

    Not worth it.

  • Tekka on 29/09/2017 - 09:07

    Thanks friends. Obviously not worth worrying about. I may as well put them in the bin :(

    • JimmyF on 29/09/2017 - 09:10

      What do you mean? You'll still get half the chqs value…..

  • JimmyF on 29/09/2017 - 09:09

    I tried to deposit them in my bank account here and have been told the bank fees will be half of the amount of the cheques. Any solutions/suggestions?

    You're only choice is really this…. So better to get half of the chqs value, than nothing.

    Or wait and cash it in the USA if you're going over soon.

  • reno on 29/09/2017 - 09:44

    Wait till you go to the US for your next visit, and go to the places that cash them in for you

  • peterpeterpumpkin on 29/09/2017 - 10:24

    https://www.ozbargain.com.au/node/192156

    Same question from 2 year ago.

    The person apparently deposited the foreign cheque for free into their Citibank account at an NAB branch. Worth checking out. But I thought they would have charged $30 as per their website (but on the other hand, Citibank Plus often has exceptions, but on the other hand again, some changes were made earlier this year which I have no recollection of).

    It appears the $30 fee only applies if you deposit foreign cheques into a foreign currency Citibank account in your foreign currency (https://www.citibank.com.au/global_docs/pdf/Feesandcharges.p…). I'm still waiting for the Citibank Plus catch after all these years…

  • Kenb0 on 29/09/2017 - 10:56
    +4

    Get a Citibank plus account, mail the cheque to them once your account is setup and give them your account details. Money will appear in a few weeks

    Free to deposit foreign cheques into your Citibank plus account and added bonus is their exchange rate for USD will be better than the big 4 banks will give you for small amounts(ie. Less than 10k)

    I used to do this all the time with my US dividend cheques

  • Aniseed Steed on 29/09/2017 - 11:18

    I do the same with my US dividend cheques.

    Also, cheques can be deposited to your Citibank Plus account by depositing them at NAB, Australia Post or by mail to Citibank:

    https://www.citibank.com.au/aus/banking/cheque_clearance.htm

  • Tekka on 29/09/2017 - 14:29

    Thanks friends, I will open that Citibank Account. I hate greedy banks and their outrageous fees.

Login or Join to leave a comment
Login Join