Can HSBC accept foreign cheques?

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  1. #1

    Join Date
    Feb 2007
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    Can HSBC accept foreign cheques?

    I have some cheques that will be issued from my home university in Canada and will be in Canadian dollars. I was wondering if HSBC can deposit these cheques into my Canadian account and if so, does anyone know the fee?

    I tried to call and they weren't really informative so maybe someone here has had some experience. Thanks!


  2. #2

    Join Date
    Sep 2004
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    289

    My experience has been that you can deposit foreign currency into your HSBC account. . .the fee use to be $60 HKD min., but has recently been raised to $100 HKD. minimum or 25 basis point whichever is higher. This is true whether it is a check or a cash deposit.

    Last edited by HKfornow; 18-09-2009 at 08:42 AM.

  3. #3

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    Yes you can. The fee is HK$100, but if you're Premier your relationship manager can waive that for you.

    Paying cash into (and taking cash out of) currency accounts is free, at least in tourist amounts (if necessary you can do it over multiple days to beat the daily limit).


  4. #4

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    Ok so the cheque is just consider like cash and there won't be a problem. I believe if the amount is $500 and under for Canadian, then there is no fee and $1000 and under for American.

    Thanks!


  5. #5

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    No - foreign cheques cost money to deposit unless you can persuade your Relationship Manager to waive the fee.


  6. #6

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    If you're not premier, banking cheques can be a complete pain in the arse with HSBC (and I suspect most other banks too... but particularly HSBC in my experience).

    Depending on who you deal with at the bank (i.e. which teller you get)

    1 - They might just refuse to accept the cheques if your account is less than 3-6 months old.
    2 - They might additionally hold the funds for 3 months as was once suggested to us
    3 - They will send the cheque for clearing (which in this day and age still takes 4-6 weeks).

    One teller even told me not to bother coming back with small cheques as they wont accept them ... apparently they don't make much money from them and cannot be bothered.


  7. #7

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    BEA bought my AUD$few hundred cheque for $80hkd ;funds available in 4 weeks