I recently opened a USD account in one of the local banks and deposited US cheques in one transaction amounting to a little less than 40K. The total amount credited to my account was short by $550 and according to the bank, that amount was charged and applied by the issuing bank and intermediary bank in the US. Apart from this, a .25% foreign cheque deposit fee was charged by the bank. While I was aware of the local bank deposit fee prior to opening the account, the $550 was a surprised deduction so I'm wondering if anyone here has had a similar transaction or experience with any local bank in the past. Thanks.
Foreign Cheque Deposit Fee Charged by The Issuing Bank and Intermediary Bank
L[Deactivated] on 06/11/2017 - 18:41
Last edited 06/11/2017 - 20:27
Last edited 06/11/2017 - 20:27
Comments
It should be .25%. Missed the decimal point - corrected. Thanks. I was charged USD96 by the local bank.
It should be .25%. Missed the decimal point - corrected. Thanks.
I can't offer help about that fee in particular but can tell you they are opportunists and I've been burned like that in the past.
Don't get upset get even by owning bank shares.
This is a question for your bank.
I basically would just want to know if that's the norm thus I'm asking for other's experience.
I do get charged a fee by the intermediary bank in the US if I move funds from a US bank to an Aussie bank. And I think a small fee is charged by my Aussie bank too along with the currency conversion… I lose track of the exact amounts because of the conversions… never sure if the fees are in USD or AUD and or before the conversion. But if I just deposit a USD check into my Aussie bank there is not an intermediary bank fee but my Aussie bank charges me a fee for the international check. Again I am not sure what the amount is.
The bank charged you ~$10k in fees?