Somedays back I received a $10 cheque from one of my favourite survey companies. I deposited it in my bank on the same day.Today while checking my account I realised that I had been charged $5 for clearance of the cheque.
I was very disappointed . Half of my hard earned money gone in charges?
For all you friends out there , who would like to know something about encashing foreign cheques.
For encashing foreign cheques , most banks charge a minimum amount irrespective of the cheque amount.By choosing a suitable bank you can ensure that bank charges are minimized.
In India , Nationalised banks charge a small commission and postal charges for encashing foreign cheques and are preferred for low value cheques. Private banks charge about Rs.300 – Rs.500 flat fee irrespective of the cheque amount and usually take 21- 30 days to credit your account.
Most bank employees are ignorant of these charges and will tell you that there are no bank charges which can be misleading.