Hello friends,
I require a small help from you. I have received a check in USD in my name recently. Question is, how to encash it? I have accounts in both SBI and ICICI Bank. Do they receive these and deposit the equivalent INR into the account? If yes, how many days does it take?
Any help will be highly appreciated.
Thanks.
I think they should accept it! I had deposited an Adbrite cheque once in my Canara bank account, had no issues.
I was using cheques 2-3 yrs backs, it goes like this.
First I guess the amount is not huge, like if it a huge (very large like more than lakhs) there are some other formalities regarding FEMA.
Otherwise
Federal Bank - you need an account there. Go with the cheque (US - Check - lol), fill a small form, deposit, money comes to your account instantly.
SBI - You need to have an account. You deposit the cheque, money comes to your account - either instantly or within a day.
This is how it worked 3-4 yrs back, now it should be even more easier.
Same thing should be there for ICICI as well. While getting it converted, they may take a very small fee. In most cases Rs.50 or Rs.100 like that.
^^^What about the exchange rates? Do they give decent rates, i.e. near about the rate of the day the check was submitted?
Yes, exchange rates were too close to the present rate.
I deposited cheques in SBT, SBI and in Federal Bank. In SBT, they used to call their head office and check the present date rate. It is like if 1 USD = 43.25, they were making it like 1 USD = 43.00. Not bad at all.
Also, this is applicable to all major currency cheques, US Postal money order etc.
They'll give around 42 or 41
Thanks everyone for your comments. I will try to deposit it tomorrow in SBI.
1 month ? That sux.
I think it is their mistake. Might be they are treating it as a regular cheque !!
did you check with ICICI ?
No...I already deposited to SBI, as it is just opposite to my home.
