Hi OzBargain,
What is the best way to deposit a foreign currency cheque?
I used to use the citi plus transaction account (no fees) but they have since advised that no longer offer this service (probably as a result of the NAB takeover)
Thanks!
Best Way to Deposit a USD Cheque
edwink on 03/03/2023 - 15:23
Comments
I get them regularly for overseas company dividends, so it would be best if there is a low fee option to deposit them, I don't mind opening a new bank account if there is a good option. Currently using citi but they no longer offer this service.
Who is the registrar? Same situation as you, trying to get paid straight to a Wise account for my Computershare stock
HSBC Bank US NA
Do you have access to manage the stock online?
@edwink: Try calling them and ask them if they can deposit to a US bank account. Then just use Wise to get US bank account details
HSBC have a multi currency account. Maybe have a look at that. OR can you get the overseas company to pay you electronically going forward so you don't need to worry about the cheque situation?
I also used to use Citi. I am now using HSBC. HSBC offer a fee free account that supports up to 10 foreign currencies. HSBC charge an AUD$10 fee to process foreign currency cheques. The fee is deducted from the cheque amount, so the last USD cheque I deposited cost me USD$6.95.
thanks for sharing, but i was hoping for a cheaper option if anyone knows of one, thank you
They will all charge similar, most don't want the hassle anymore. Cheques wont be accepted anywhere soon.
That's probably as cheap as it gets…. The big 4 will charge $40 + currency exchange spread… if they will do it at all.
Open up a Wise account and set up the USD account then get them to deposit directly into it.
Post it into a bank that accepts cheques. Takes like 2-3 weeks because often banks have to send the cheque by mail back to the USA then the issuing bank cashes it and wires the money to your bank.
good tip! don't think OP knows this yet
maybe open up a USD US based account with Wise… I'm not sure if they do physical cheque deposits. don't know if they allow the photo scan cheque deposit.
Yeah its disappointing the Citi Plus account no longer accepts foreign currency cheques, they were the best for depositing foreign cheques(no fees, reasonable exchange rate). And yes, it was definitely one of the byproducts of being taken over by NAB unfortunately.
Thankfully, I no longer receive foreign dividends in cheques, managed to set them up to DRP instead.
dividend reinvestment plan for the win
What bank accounts do you have?
I would suggest one of those
Unless you want to post the cheque to me and I'll cash it for you. I'm heading overseas with the army from Darwin soon, but don't worry, I'll sort you out