FOREIGN CHEQUES

Receiving Foreign Cheques?

If you have received a cheque in a foreign currency, you can have it converted into Australia Dollars and deposited into your Australian bank account1.

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 Transport Mutual Credit Union our threshold for Foreign Cheques is $1,000.

Need more information? Talk to us today by calling 02 8202 8555, or emailing members@transportmutual.com.au

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?

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 days.2  

Disclaimers:

© 2019 Western Union Holdings Inc. All rights reserved.  

Transport Mutual Credit Union 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

  1. In some instances intermediary banks may levy additional fees and / or charges. This is beyond the control of Western Union Business Solutions.
  2. Funds are usually received within 2 to 3 business days after receipt of funds by Western Union Business Solutions in accordance with payment instructions. There is no delivery guarantee as some currencies may take longer than others to process.

 

 

 

Why choose Transport Mutual Credit Union?