Overseas bank cheque fees

hj0809 on 07/08/2013 - 23:39

Hey OZB,

Recently I received an overseas bank cheque in USD for about $70USD. Has anyone had experience with depositing these?

I would like to find the bank with the least fee and create a new account there is necessary.. Speed is not an issue.

NAB is $20. But 1/3 of the total value…

Thanks!

Comments

Daabido on 08/08/2013 - 00:44

There is usually an up front fee and then you're gouged on the cross rates as well.

Last time I got one the Bank of Qld charged me $12 plus the gouging on the exchange rate.
Boshait on 08/08/2013 - 12:38

Open a USD account with Delphi Bank and deposit it. There fees are very reasonable. They want a min. USD 1000 opening deposit though.
[Deactivated] on 08/08/2013 - 15:35

Last time I did the shop around (about 5yrs ago) St George offered the cheapest fee & also a good rate rate.

you could also try the international ones like Citibank & HSBC
Bystander on 08/08/2013 - 20:13

I use my Citibank Plus account to deposit USD cheques fee free. Some of the terms and conditions changed a couple of weeks ago so it might be worth checking to see if they're still free.

The Citibank Plus account is also good for foreign currency transactions as mentioned many times elsewhere on OZB.
Tink on 08/08/2013 - 20:39

I've deposited US cheques with CommBank. The USD amount is converted to AUD and goes to my normal savings account. Costs $10 per cheque. Takes 28 days to clear.
hj0809 on 29/08/2013 - 21:14

Thanks everyone. Tried today but got conflicting reports at Citibank (I have a Plus account). The teller at 350 Collins said it would cost $30.
- Bystander on 29/08/2013 - 21:49
  
  Not sure if the teller was giving you accurate info. I got my advice from the phone support people. Try calling them.