Foreign Cheque Clearing

By: Exchange Bank of Canada  06-10-2016
Keywords: Foreign Currency Exchange, Global Payment Services, foreign cheque clearing

International Business Made Easier Today, doing business internationally requires the delivery of local and cross-border payment and receivable solutions. Global commerce continues its expansion with more and more businesses growing through markets outside their own borders. At Exchange Bank of Canada, we understand the vital role we can play in easing the international trade process. Foreign Currency Cash Letters Cheques denominated in certain foreign currencies and drawn on a foreign bank in the same currency can be cleared on a cash letter allowing for quicker availability of funds, subject to certain conditions, including approval of credit limit. Foreign Currency Collection Items An alternative solution to foreign currency cash letters is to clear the item on collection. EBC sends the item directly to the bank the cheque is drawn upon and proceeds once the item has cleared as good funds in EBC's local bank account. Collection times vary between countries, but typically take anywhere from four to eight weeks to clear.

Keywords: foreign cheque clearing, Foreign Currency Exchange, Global Payment Services,

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