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Paying money into a Sterling account by foreign cheque or draft

  • When a foreign cheque or draft is sent for clearance, it is sent through our bankers on a collection basis. This means that your account will only be credited with the proceeds of the cheque once Nationwide International has received value from the foreign bank it is drawn on.
  • Clearance times vary considerably with these kinds of payments and it often takes 6-8 weeks for payment to be received and begin earning interest
  • The amount credited to your account will be the Sterling equivalent of the foreign currency at the date of conversion, less any charges made by our correspondent bank and agent fees. These charges are variable and regrettably we are unable to provide an exact breakdown prior to the cheque being deposited
  • To minimise clearance delays we strongly recommend that when remitting funds from a non-UK bank you arrange for them to be transferred by electronic transfer
  • Cheques or drafts should be made payable to the account holder(s) or Nationwide International.
  • When sending a cheque or draft please quote your name and account number
  • The minimum amount that is accepted for processing a foreign cheque or draft is the currency equivalent of £500.00. Any cheques for less than this amount will be returned to you
  • Please note that we can't accept cheques made payable to third parties and for security reasons, we're unable to accept travellers cheques or cash by post
  • Cheques drawn on a non-UK bank made payable to the account holder(s) i.e. you the payee(s), must be endorsed on the reverse side of the cheque. To endorse a cheque the payee(s) should sign the back of the cheque in exactly the same way as their name(s) have been entered in the payee section of the cheque.
  • Please note that some US Dollar cheques, which have been drawn on a US based bank, can only be sent for negotiation, and cannot be sent for collection. As Nationwide International does not offer a negotiation service, the cheque will be returned to you. If you are unsure about the required clearance method of your US Dollar cheque, please contact the issuing bank.