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U.S. banks will accept an international check. However, most have the same policy. Banks will present the check for payment on the foreign bank and will not deposit the funds until the foreign bank has payed the U.S. bank. The U.S. bank may also have a limit on the amount of the check and may charge a fee.
What are my Options for Cashing a Cheque?
How much does it cost to cash a cheque? If you use a cheque cashing service, you will likely be charged a percentage fee, as well as a processing fee. Depending on the provider you choose, this will generally be a percentage fee of between 3% and 6%, and a flat fee of between £1 and £5 per cheque.
You can deposit a cheque (even of your own account) in any bank to any other account(even to your own account) in any other bank. For multi city cheques payable at that centre there, in clearing, there is no charge. However nowadays you can better transfer the same by NEFT/IMPS.
There is a workaround for cashing a foreign check if your bank will allow you to deposit it; you can deposit a foreign check and wait for it to clear. Once the funds appear in your account, you can then withdraw the cash.
There are many places where you can cash a cashier’s check:
To get a cashier’s check, you need to bring the cash to the bank. Or if you have an account there, you need to have the amount in your account and the bank will withdraw it, moving it to the bank’s own account. The money will then be available when the payee cashes the check.
If you have never lived in the UAE before, you may well know nothing about use of cheques in the country. But even if you lived in the UAE and used bank cheques before, you may not know everything you should know. Either way, we suggest you do not skip this chapter and learn more about the cheques.
The ATM will not allow you to withdraw this money and to submit instructions to the bank to pay cash would take time. Instead, you can write “cash” in the payee name field, fill out the rest of the cheque as usual, and present it at your bank. The bank will immediately deduct this amount from your account and pay you AED 15,600 in cash.
This is particularly likely if the cheque you are trying to cash is written on an account from another bank. If the bank on which the cheque is drawn refuses to pay your bank — in other words, the cheque “bounces” — your bank will reimburse itself from your bank account.
In most cases, you will need your bank debit card to deposit or cash a cheque at an ATM. The debit card identifies your account so that you can deposit or cash your cheque. Make sure you endorse the cheque before inserting it into the ATM.