If you have received a cheque in a foreign currency, existing GMCU members can have it converted into Australian Dollars and deposited into your GMCU bank account1.
Typically, personal, bank, company or government foreign currency cheques can be converted from more than eight currencies, including USD, AUD, CAD, GBP, Euro, HKD, SFD.
Cheques are processed as either:
- Cash Letters
- Collection basis
The amount of the cheque determines if it is to be processed as a cash letter or collection.
Need more information? Talk to us today.
Things to note:
- This service is available to established GMCU members
- At the time of the cheque being converted from the foreign currency and deposited into your account, we will deduct any applicable fees
- Foreign Cheques can take up to eight weeks or more to clear
- Exchange rate is determined once the credit is received
Do you need funds faster?
As an alternative, ask the person sending you money to send the money to you via our Incoming International Payments Service.
This option may save you money in fees and help you to get the money within 2-3 business days.2
