Foreign cheques are cheques in a foreign currency or cheques in sterling paid out of an account at a bank abroad.
If you want to deposit a foreign cheque, you must “endorse” the cheque by signing your name on the back. Your signature must match the way your name appears on the front of the cheque. (For example, if the cheque is payable to Mr A Smith you need to sign the cheque Mr A Smith). If the cheque is payable to more than one person, each of you must sign the back of the cheque.
The processing times for dealing with UK cheques do not apply to foreign cheques and depends on whether you choose if we “negotiate” it or “collect” it:
This is where we buy the cheque from you by paying you the amount of the cheque or the sterling equivalent on the working day after we receive it. We then credit the funds to your account for you to use. If the cheque is returned by the paying bank as unpaid, the funds will be recalled from your account.
This is where we send the cheque on your behalf to the paying bank and pay the amount of the cheque or the sterling equivalent into your account on the day we get payment from the paying bank (this can take a number of weeks). We may use an agent to do this.
Charges depend on whether you choose to negotiate or collect the cheque. These are shown below:
Some foreign banks make charges for negotiating foreign cheques which are drawn in a country where the currency on the cheque is not the local currency e.g. USA Dollar cheques drawn in Switzerland. Charges made by foreign banks for this service are not published.
Currency cheques drawn on the United Kingdom or payable abroad except as shown below, and Sterling cheques payable abroad - charges are for each currency, per customer, not for each cheque
From 18th September 2016For Cash Account customers, any cheque deposited in Sterling from a bank within the EU will not incur a charge
Many foreign banks make high charges for collecting cheques. Charges made by foreign banks for their collection service are not published.
Cheques remitted for collection - charges are per cheque - fee payable whether the cheque is paid or unpaid
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