A foreign cheque is nothing but a type of cheque drawn on a financial institution and is different from the regular ones that gets presented in a bank. It is denominated in a currency other than the Indian rupees and hence it is foreign. I got to learn about this last year. A man asked the officials of HDFC bank: how can I deposit a foreign currency cheque here? I have often seen many people having this query so I can share what I learnt there.
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You will need to cheque with your bank first. If they themselves can clear it then it's great, if not then you can:
Find a bank to convert foreign currency to Indian money
Sell foreign currency to Buyer of choice and get it converted
Deposit the money in your account.
In HDFC bank you can get and exchange foreign currencies just by filling in the pay-in slip along with the foreighn currency cheque and Demand draft. The cheque and DD will get changed into Indian rupees after the processing starts and is generally done within 12 days to 56 days maximum.
What is the method for cashing a foreign currency cheque?
Usually all you will need to do is deposit the foreign cheque in your account and the bank’s foreign currency cheque collection service will process it and credit the Indian amount rupee to your account. If not, you will need to search who can convert the money and then deposit it in your account.
This is all I have to say as my answer for your question: can I deposit a foreign currency cheque.
Read More:How to deposit foreign currency into a bank account?
Can I deposit money in NRE account from India?
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Authors Of The Question
Can I Deposit A Foreign Currency Cheque?
Tannu
265Views
2 Year
2022-09-26T20:44:59+00:00 2022-09-26T20:45:01+00:00Comment
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