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 is less than AUD $25,0003.
Need more information? Talk to us today.
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.
Do you need funds quicker?
International Payments Service
As an alternative, ask the person sending you money, to send to you via our Incoming International Payments Service. This option may save you money in fees and help you to get the money within 2-3 business days3.
You can contact us by calling us, visiting us, making an appointment, or using Secure Mail.
We’re here to answer any questions you might have – make sure you have your Access Code ready!
400 King William Street, Adelaide has self-service options available to make your life easier.
Mobile Lending Managers
Our Mobile Lending Managers can help our members by phone or email, with video calls now available.
Want to do more with your money?
INFORMATION YOU SHOULD KNOW
© 2019 Western Union Holdings Inc. All rights reserved.
Credit Union SA has engaged Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092) trading as Western Union Business Solutions (“WUBS”) to assist with processing foreign currency cheques. WUBS is a business unit of The Western Union Company. 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.
In some instances intermediary banks may levy additional fees and / or charges. This is beyond the control of Western Union Business Solutions.
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.
Foreign cheques with an equivalent conversion amount of AUD25,000 or more must be sent to Western Union Business Solutions to be processed on a collection basis. This process typically takes 3-5 weeks.