Foreign cheques
If you have received a cheque in a foreign currency, you can have it converted into Australian Dollars. Any new memberships opened on or after 1 December 2022 will not have access to this service.
If you have received a cheque in a foreign currency, you can have it converted into Australia Dollars and deposited into your Australian bank account2.
Typically, personal, bank, company or government foreign currency cheques can be converted from over 8 currencies including USD, AUD, NZD, CAD, GBP, Euro, HKD, SFD.
Cheques are processed as either:
- Cash Letters
- Collection basis
The amount of the cheque determines if it is to be processed as a cash letter or collection. At Credit Union SA our threshold for Foreign Cheques is less than AUD $25,0003.
Things to note:
- At the time of the cheque being converted from the foreign currency and deposited into your account, we will deduct any applicable fees.
- Foreign Cheques can take up to 8 weeks or more to clear
- Exchange rate is determined once the credit is received.
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INFORMATION YOU SHOULD KNOW
1
© 2023 Convera Holdings, LLC. All rights reserved.
Credit Union SA has engaged Convera Australia Pty Ltd ABN 24 150 129 749; AFSL 404092 to assist with processing foreign currency cheques. Please note that fees, charges and terms and conditions apply and may vary depending upon the financial product. This communication has been prepared solely for informational purposes and does not in any way create any binding obligations on any person. No representations, warranties or conditions of any kind, express or implied, are made in this communication.
2
In some instances intermediary banks may levy additional fees and / or charges. This is beyond the control of Convera.
3
Foreign cheques with an equivalent conversion amount of AUD25,000 or more must be sent to Convera to be processed on a collection basis. This process typically takes 3-5 weeks.
4
Funds are usually received by the beneficiary’s bank within 2 to 3 business days, however, there may be a delay in the beneficiary bank allocating funds to the beneficiary account. There is no delivery guarantee as some currencies may take longer than others to process.