International cheque collections/negotiations
Settling international transactions securely and cost effectively
Settling international transactions by cheque can be a simple and convenient way to make or receive payment. We have extensive experience overseeing and managing all the principle forms of international payment by cheque. These include simple cheque collection, where cheques are presented to the overseas customer’s bank for payment. If faster payment is required we’ll employ cheque negotiations – using the clearing system in the country of your customer’s bank to release payment faster. We are also members of the US Dollar clearing scheme, allowing you to accept US Dollar cheques drawn on other banks in the scheme.
The key benefits
- Importers paying by cheque do not need to convert payment into their customer’s currency.
- Exporters doing a high volume of business in a particular currency can open an account in that currency to save converting payments to Sterling.
- Making or receiving payment by cheque is a low-cost method of settling international trade transactions for partners who trust one another.
Features and benefits
- With cheque negotiations the value of the cheque will be credited to your account on a “with recourse” basis.
- Assists your cash flow processes leading to an improved balance sheet position.
- Choice of convenient ways to handle foreign cheques.
For further information on international cheque collections:
Talk to your relationship manager.