Depositing Foreign Cheques
Two options
Depending on the currency and value of the cheque, you can deposit it by ‘negotiation’ or 'collection' into your CommBank AUD or Foreign Currency Account. Both options will take time for the money to be available to you in your account.
Alternatively, ask the person to send you an International Money Transfer. You’ll get your money quicker and may also save on fees.
Processed by Negotiation
We essentially ‘buy the foreign currency cheque’ from you then convert it at the Deposit Foreign Cheque rate at the time of processing and deposit the AUD equivalent (minus any applicable fees) into your account immediately.
Although the money will appear in your CommBank account, we’ll send the cheque to the overseas bank that issued it. You’ll have to wait 20 calendar days for the foreign cheque to be cleared before the money is available for you to withdraw.
Processed by Collection
We’ll send the cheque to the overseas bank that issued it. Once the overseas bank ‘honours’/ accepts the cheque (which may take up to 8 weeks) we’ll convert it at the receive an International Money Transfer exchange rate and deposit the AUD equivalent (minus any applicable fees) into your account on the same day.
Where you can deposit foreign cheques
Selected branches can accept and process foreign currency cheques.
Dishonoured Foreign Cheques
Occasionally the overseas bank that issued the cheque doesn’t ‘honour’/ accept the cheque when we send it back to be cleared e.g. there wasn’t enough money in the overseas account, the overseas cheque was older than 5 month, some information was incorrect or unclear.
If that happens, the value of the cheque will be converted back into the foreign currency (using the exchange rate on the day we’re notified the cheque’s been ‘dishonoured’) and deducted from your account plus any overseas bank charges1. You may lose money if this happens and the exchange rate is no longer in your favour.
Cheques can be ‘dishonoured’ after the money is withdrawn from your account (it’s not common since we put a ‘hold’ on your account until the funds have cleared), but does mean you’ll be asked to repay the money you received including any associated fees.
Fees & charges for Foreign Cheques
Explore our standard fees and charges for Foreign Cheques – all fees and amounts are quoted in Australian dollars and include GST (where applicable).
Foreign cheques/bills
Bills Negotiated – Foreign cheques, drafts etc payable overseas for immediate credit of funds3
$25.00 per cheque/bill
Bills for Collection – Collection of cheques, drafts etc payable overseas3
$45.00 per cheque/bill
Cheque dishonoured by overseas banks.
Waived (any overseas banks’ dishonour charges incurred will be charged to the customer)
International Bank Drafts
An International Bank Draft is similar to a bank cheque. It’s issued in the currency of the intended destination and suitable for personal or business use.
- As at 1 August 2020, we will no longer issue International Bank Drafts
- International Bank Drafts already issued can be cleared into the recipient’s account as if it was a local cheque (no need to convert it from Australian Dollars) rather than being sent back to Australia to be cleared
Rates & fees for International Bank Drafts
Action
Fee
Issued in branch (no longer available)
N/A
Repurchased drafts in any currency1
$25 per draft plus overseas banks’ costs
Draft declared lost or stolen (refund or alternative payment requested) in any currency2
$35 per draft plus overseas banks’ costs
Investigation of issued drafts
$25 per investigation – including subsequent follow ups
Tools & support
Tools & calculators
Other travel & international products
Things you should know
1 Any overseas bank charges also incurred will be charged to you (e.g. dishonoured cheque)
2 Enquiries to certain countries can require follow up messages and we’re unable to provide a refund or send via IMT until money is returned. Overseas bank charges (which may vary from country to country) could apply in addition to the charges listed.
