Can USA issued cheque be banked into my Sg bank account?

[Albeniz]

While in USA afew weeks ago, a friend wrote me a cheque. His cheque book was issued

from Citibank in USA.

 

Can this cheque be honoured in Singapore? Can I bank this US-issued cheque into my account in Citibank (Singapore branch) or local DBS account? Will there be any admin fee?

 

Thanks folks for your inputs.

[Jchuacl]

Can but it'll be based on their exchange rate at the time the cheque was cashed in.

[Hiphiphoray]

Yes it can be bank in locally, but comes with a admin charge. The amount varies from banks to banks.

[Albeniz]

Thanks everyone for the inputs.

As it is only a small amount (only a few hundreds), I would be interested to know the admin charges. If the service/admin charge is too high, I might consider writing it off instead.

[Slowmo]

call up the bank to ask.

 

i think is about $35 per transaction of foreign cheque, excluding conversion rates and interbank clearance fees.

 

 

 

all i know is, if small amounts, use western union is hassle free, because the fees+charges are paid by the submitting end.

[Comnao]

go to citibank

 

negotiate with the private banker to let you open a US$ a/c

they will take in the cheque and give you US$ immediate and credit into your newly opened a/c

 

if you insist on SG$ ... can be negotiated again.... but the exchange rate not fantastic

 

if you go to local bank ... it is $40 admin + 1 month time + exchange rate conversion to SG$

 

thats why i had been a loyal citibank customer for 6 yrs

to local banks

[Yeobh]

The best way out is to get yr friend to make payment to you via paypal - fast and cheap

[Porker]

Actually Paypal's charges is not that cheap either. The exchange rate is horrible as well. I always get charged in excess of US$100 for funds sent from US

 

Best is send cash by mail! It can be done and has been done countless times

[Yeobh]

For small amount is ok, but for large amount I will not take the risk. Payal handling charges is about 3.4% + 0.50cents . Exchange rate is almost like any other bank. For me as a online international seller, this is the best way to receive payments with instant notification.I cannot ask for more .The next alternative maybe via Western Union, so far I have no experience using their services.

Edited November 17, 2007 by Yeobh

[Headshok]

100% agree

 

u pay the fee, but its really worth it, cos in case anything, u can write to paypal and kao peh..

 

i also been usin paypal. just let the other party know u usin paypal, they will factor in watever charges into the overall cost and u just pay that amt..

[Outrageous]

Abt the foreign bank you quoted, that only works if you have a good & longstanding relationship with the bank (read $$$). Try walk in and ask for the same thing... trust me, it's the same admin+1month+whatever...

[Yeobh]

Private banker handling few hundred USD for a walk in customer, I am not sure they even want to see you . I understand private bankers only handled account for those with more than few millions to spare.

[Unic]

  Quote

While in USA afew weeks ago, a friend wrote me a cheque. His cheque book was issued

from Citibank in USA.

 

Can this cheque be honoured in Singapore? Can I bank this US-issued cheque into my account in Citibank (Singapore branch) or local DBS account? Will there be any admin fee?

 

Thanks folks for your inputs.

 

I did this before, if you have a citibank SGD account, you can try bank into citibank, ask the bank to buy over the cheque since it is issue by citigroup in US, only SGD$5 admin fee. if not, it will be very expensive cash out the cheque.

 

DBS is another bank with low admin fee, for a few K USD cheque, it cost not more than SGD20 admin fee.

[Porker]

Western Union or WU in short is equally bad. The exchange rate is horrible... the handling fee is exorbitant. My guy in US told me they charge USD200 just to send say USD6,000 thereabouts!!!

[Hiphiphoray]

  Quote

Thanks everyone for the inputs.

As it is only a small amount (only a few hundreds), I would be interested to know the admin charges. If the service/admin charge is too high, I might consider writing it off instead.

 

The last time i deposit a UK cheque into my local bank account, there was an admin charge of SGD40 + the rotten bank foreign exchange rate.

 

Yours is a few hundred dollars, still worth to deposit it.

 

The procedure is time-consuming. They will take 1 week to do paper work and mail the cheque to "that particular bank branch". Another 1 week for them to response. Then 1 week to mail back + more paper work.

 

Total waiting time is at least 3 weeks.

Edited November 17, 2007 by Hiphiphoray

[Yeobh]

Looks like there is not much ave for your firend or cutomers to remit money from overseas to you - every route is expensive. The only alternative is bank demand draft payable in s$. Bank T/T is another opt if you have more than few thousand to remit.

[Just1anthony]

Remember banking in a US check at UOB few years back: S$12 admin charge + poor exchange rates. Still worth it if it's at least a few hundred dollars.

[Guyver]

  Quote

While in USA afew weeks ago, a friend wrote me a cheque. His cheque book was issued

from Citibank in USA.

 

Can this cheque be honoured in Singapore? Can I bank this US-issued cheque into my account in Citibank (Singapore branch) or local DBS account? Will there be any admin fee?

 

Thanks folks for your inputs.

 

Is the amount big? If not, you could have asked him to give you cash instead .....