depositing a foreign check
 

I will be getting a check in Hong Kong dollars drawn from a Hong Kong bank. Is it easy to deposit it or cash it? I bank with a small credit union, and have credit cards from the big banks.

Depending on your CU's policies it may take a tad longer to clear then most other checks. They may also hit you with currency conversion fees so don't expect the full amount.

start w/the cu.....they should have a way or suggest a bank....

you can google currency converter to get the us $.....

we do thomas cook to send rand to a charity, but its a 10-12% hair cut....

I do this all the time, but with my commercial account in a large commercial bank.

Most banks will have no issues doing this, but you may run into small delays of foreign check clearing, or fees for currency conversion.

Credit Unions may or may not have a policy for this. All you need do is call them and ask.

deal with the CU first. the main business all large banks is to shaft customers. you will probably pay a fee for a conversion, then get a conversion rate.

banks are required to post funds from us checks is some number of days. i'm pretty certain there are no such regs for foreign checks. in most cases, foreign banks are better at converting foreign currency and then issuing us dollars than us banks converting foreign currency to us dollars. if we're talking real money here, it may be worth it to get it converted in hongkong bank, and wired to usa.

i presume there are more than one hongkong banks in usa. try contacting them for the transaction.

As a general rule, you almost have to have an account at a large commercial full service bank to efficiently cash and/or deposit a foreign check. Sometimes you can avoid this by convincing the payer to give you a check in US$ written on a USA bank or if you receive e check while you are in a foreign country, you might be able to go to the bank on which the check is written and request that it be rewritten in US$ on a USA bank, but this will involve fees including fees for foreign currency exchange. You could also ask the foreign bank, in person, to cash it and give you travelers' checks in US$.

IME state banks, savings banks, savings and loan associations, credit unions, etc. will not deal with foreign checks at all, although some might
be able to route them through some big commercial bank with big delays and fees. Most smaller community oriented banks, even if federally chartered, similarly do not process foreign checks or deal with foreign currencies except possibly for ordering some money for travelers from a foreign exchange specialist or for supplying Canadian currency in northern areas. YMMV.

Remember than you must report the import or export of money in excess of $10,000 or foreign equivalent although it is not illegal to bring any amount of money into or out of the USA per see.

If it is for $6200HKD then you need to go through the major bank. Smaller CU might do it but they have to use one of the major with intl interbank clearing facilities. Fund holds can be as long as 30 days.

I had no problems depositing a 600EUR check from BNP Paribas into my Wells Fargo account not long ago. Not sure about credit unions though.

caall these guys
http://www.comfex.com/

ask them what they can the do for you.

wells fargo is a big bank, they are not your friend and have no interest in going out of the way to service your account. just think about how long the line is to take your money!!!how many voice mails do you go through before you can get a human..."next, please"

:confused:

I've always had excellent service from WF.

Hell, I've even gotten good customer service from Chase so maybe I'm just lucky. :D

you're my go to person for those two, plus citi, bac, & MS.

as i recall, the top 5 have over 77% of all deposits, so since voting in usa is by money, i must be wrong.

Cashing it I would guess would not be very easy at all. Depositing it into the Credit Union should not be a real problem, it may take up to a month to clear and you will probably get hit with whatever fees they have to pay, but they should be able to handle it. Give them a call or stop by and see.

The credit union's response
 

First of all, thank you for all your input! I did send a secure message to my credit union, and received the following reply. I think it is worth sharing, though other credit unions/banks may not charge the same for the same services.

Dear dreamfool,

Thank you for your message. That is a great question. The fee to collect a foreign check depends on whether the check is issued in US Dollars. It will be less costly if the currency and country bank (bank of origin) match, for example a check drawn off a Japanese bank and issued in Japanese Yen, (this is your situation). This is called an Immediate Credit Item. The processing fee is $3, and funds will typically be credited to your account within 2 business days. Note: If the item may requires an extended hold, you will be notified within 2 business days. Foreign check holds can be longer than 11 business days in certain situations, for example new members and for high dollar amounts.

It may be of interest to you that a check issued by one country"s bank but in a different country"s currency is called a Collection Item. For example, a check drawn off a Japanese bank but written in US currency. The processing fee ranges from $50 to $100 and can take 4 to 8 weeks to receive credit in your account. Alternative: Consider asking the check writer to reissue a check as an Immediate Credit Item. For details regarding a specific check you have or will have, please contact us to determine the length of the hold.

I hope you find this information helpful. If you have any further questions please feel free to contact us. We value your 9 years of membership dreamfool. Enjoy the rest of your day!

Sincerely,

XXXXX
Web Financial Specialist
XX Credit Union

sounds like a credit union of choice to me. do not expect that kind of service from your friendly bank america branch.