Once the value of a foreign cheque has reached my account, can it still be dishonoured?
Foreign cheques processed ‘by negotiation’ can still be dishonoured even after they’re deposited to your account. Although the funds show in your account, you can’t withdraw them for a period of 21 days. This is to allow sufficient time for the issuing bank to let us know of any foreign cheques that are dishonoured. Even after the 21 day period has elapsed, foreign cheques can still be dishonoured (in which case you will need to return the funds to us).
In the event that a foreign cheque gets dishonoured, its value will be reconverted to the original foreign currency (using the ASB Sell rate at the time we process the dishonour) and that amount will be deducted from your account. Due to changes in exchange rates, the amount deducted from your account may be more-or-less than what was originally paid into your account.
Related Answers
-
We accept foreign cheques in a wide range of currencies. You can find details of the currencies we buy on ...
-
ASB customers can order foreign cash via FastNet Classic internet banking, ASB Mobile banking or by visiting any ASB branch. ...
-
If you need to stop a foreign cheque purchased from ASB, you will need to either visit one of our ...
-
ASB uses two options to process foreign cheques; 1. By negotiation. This is where we immediately deposit the funds into ...
-
To find out how to open an ASB account from overseas, complete the application form and email internationalbanking@asb.co.nz. Our relocation ...
-
ASB ceased sales of Cash Passport cards on 23 October 2019. The information below is provided for customers who purchased ...
-
The easiest and most convenient way to manage your Foreign Currency Account is online. With FastNet Classic internet banking you ...
-
One way you might help keep costs down is opening a Foreign Currency Account. It allows you to hold foreign ...
-
Visit any ASB Branch and we’ll help you change your money back into New Zealand dollars. You need to be ...
-
A same day or a value today FX transaction settles on the same day as the trade date. For other ...