Depending on the currency and value of your cheque, we offer two options for processing; negotiation or collection.
Processed by Negotiation – the cheque will be converted and deposited into your account immediately, less any applicable fees. The cheque will be converted at the Deposit Foreign Cheque rate at the time of processing.
Whilst these funds will show in your account, they are not available for you to withdraw for 20 calendar days.
Processed by Collection – we will send the cheque to the overseas bank that issued it. The funds will be converted by the Commonwealth Bank and deposited into your account on the day the overseas bank clears the cheque, less any applicable fees. The cheque will be converted at the Receive an International Money Transfer exchange rate.It could take up to 8 weeks for the funds to show in your account.
Dishonoured Cheques – in the event your cheque is dishonoured by the overseas bank that issued it, the value of the cheque, at the time of dishonour will be removed from your account, plus any overseas bank charges. The cheque can still be dishonoured after you receive payment and if this happens you will need to return the funds to us.
See our Fee Guide for any applicable fees and charges.
As an alternative, you could ask the person sending you money to send an International Money Transfer. This option may save you money in fees and help you to get the money quicker.