Deposit foreign cheque from AdBrite into Malaysia banks
Great ! I received my first ever cheque from the ads displayed on my blog. It’s from AdBrite if you were wondering.
It was a shock to me when I went to the bank to have it bank in The manager explained if I insist to have it banked in, it would cost more than the value of the cheque itself. Below is the item that would be imposed/charged for processing the foreign cheque.
Stamp Duty (eg. Rm0.15)
Commission (eg. Rm10)
Postage (eg. Rm3.50)
Information provided on the Bankinginfo.com.my
If I accept a cheque denominated in foreign currency, what charges will I incur and how long would it take before I can get the money?
The common charges that you may incur when you deposit a foreign currency denominated cheque include commission, stamp duty, agent’s charges, drawee banking institution’s charges, courier charges and handling charges. Some of the charges are imposed by the overseas banking institution (agent/correspondent bank) that is involved in clearing the foreign cheque. The fees charged may vary from banking institution to banking institution. You are advised to check with your banking institution.
The clearing period for the cheque ranges from one week to one month or more. It depends on the type of currency and the country from which the cheque was issued and also prevailing laws of the paying banking institution’s country. Normally, the collecting banking institution will use the service of an agent or correspondent banking institution to clear the cheque.
Bankinginfo.com.my FAQ [LINK]