How are foreign cheques processed?
ASB uses two options to process foreign cheques;
1. By negotiation.
This is where we immediately deposit the funds into your account. If the amount needs to be converted we’ll do this using the current applicable exchange rate. The funds will show in your account, but aren’t made available for withdrawal for 21 working days. This is to give time for the issuing bank to let us know if the cheque is dishonoured. There are times that even after the 21 working days foreign cheques can still be dishonoured (if this happens, you will need to return the funds to us).
If a foreign cheque gets dishonoured it will be deducted from your account. If this requires a currency conversion, it will be done at the current ASB Sell rate when the dishonour is processed. As there could be changes in exchange rates, the amount deducted from your account may be more or less than the amount originally paid into your account.
2. On collection.
We send the cheque overseas for processing by the issuing bank prior to confirming payment of the cheque. Once cleared and the funds are received by ASB, we will convert these funds into NZD (if applicable) and deposit them into your ASB account.
Please note that this method can take up to 6 weeks or more for the money to be deposited to your ASB account.
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