How are foreign cheques processed?
ASB uses two options to process foreign cheques;
1. By negotiation.
This is where we convert the funds to New Zealand dollars today (at the current applicable exchange rate), and immediately deposit them into 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.
2. On collection.
We send the cheque overseas for processing by the issuing bank. After the money is received, we convert it into NZD and deposit the funds into your ASB account.
Please note that this method can take up to 8 weeks for the money to be available.
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