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Foreign Check
Thread poster: Daniel Weston

Daniel Weston  Identity Verified
United States
Local time: 03:25
French to English
+ ...
Dec 1, 2010

I recently did a translation for a client in France. They were supposed to wire payment to me in the US but today I received payment in the form of a check in euros from the Caisse D'Epargne. I'm not sure how to deal with this - I can try to take it to my bank tomorrow and see if they will cash it which is what I plan on trying first. Does anyone have any experience with this? This is the first time it has happened to me. I have a feeling I'm going to have to send it back to the client and wait for them to wire the money, but I figured someone out there may have some experience with this.

Thanks

[Edited at 2010-12-01 02:13 GMT]


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Yolanda Broad  Identity Verified
United States
Local time: 06:25
Member (2000)
French to English
+ ...

MODERATOR
I deposit my foreign checks at my credit union Dec 1, 2010

I simply deposit checks in foreign currency at my credit union and let them handle the exchange. I know it must cost me something, but not anywhere near what it costs for those blasted wire transfers.

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Soonthon LUPKITARO(Ph.D.)  Identity Verified
Thailand
Local time: 17:25
Member (2004)
English to Thai
+ ...
Collection time and fee Dec 1, 2010

To collect payment out of foreign checks, you need to pay advance of collection fee and wait for 5-30 days to get payment into your local bank account. You sign in some papers for indemnity of non-payable checks. You also pay by offsetting the amount receivable with local bank handle fee. That is, a small amount in foreign bank check is not reasonable to proceed for collecting the money.

Soonthon Lupkitaro


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Nicole Schnell  Identity Verified
United States
Local time: 03:25
English to German
+ ...
@Soonthon LUPKITARO Dec 1, 2010

Soonthon LUPKITARO(Ph.D.) wrote:

To collect payment out of foreign checks, you need to pay advance of collection fee and wait for 5-30 days to get payment into your local bank account. You sign in some papers for indemnity of non-payable checks. You also pay by offsetting the amount receivable with local bank handle fee. That is, a small amount in foreign bank check is not reasonable to proceed for collecting the money.

Soonthon Lupkitaro


I have never heard of this procedure. Are you sure that you describe a transaction between a European bank and an American bank?


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Sarah Puchner  Identity Verified
Local time: 05:25
French to English
I agree w/ Yolanda Dec 1, 2010

I get checks in British pounds from my family in England from time to time. I take them to the bank just like any other deposit, the teller calls the downtown branch to get the current exchange rate, and they let me know how much the deposit is in dollars. Very easy & no fees involved.

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Neil Coffey  Identity Verified
United Kingdom
Local time: 11:25
French to English
+ ...
For point of comparison Dec 1, 2010

I appreciate you're in the US, but just to give you a point of comparison: in the UK, I can boringly take a foreign cheque to the bank just like any other cheque and they just magically cash it-- obviously applying exchange rate and fees of their choosing, but these generally aren't so terrible for the occasional cheque. So if your US bank doesn't do the same and you're regularly going to get cheques, you might want to explore other banks.

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Trudy Peters  Identity Verified
United States
Local time: 06:25
German to English
+ ...
@Daniel Dec 1, 2010

Your bank will accept the check and handle the conversion if you're willing to wait as long as 5 weeks before the money is credited to your account.

@Yolanda
My credit Union doesn't charge for incoming wire transfers!


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Daniel Weston  Identity Verified
United States
Local time: 03:25
French to English
+ ...
TOPIC STARTER
thanks for your comments Dec 1, 2010

Not that I expect anyone to feel sorry for me living way out here in Hawaii, but even though we're a State in the US, things can be a bit slow here when it comes to issues like these. I don't expect to receive checks on a regular basis, I usually receive wire transfers or Paypal transfers. As mentioned in my original post, I'm taking it to the bank tomorrow to see how they will handle it. I was just curious to see what other people have experienced in this regard.

thanks for all your comments, it's been interesting


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Enrique
Local time: 07:25
SITE STAFF
What was agreed about payment method? Dec 1, 2010

Hi Daniel,

Just out of curiosity, what payment method had been specified in the purchase order?

Regards,
Enrique


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Daniel Weston  Identity Verified
United States
Local time: 03:25
French to English
+ ...
TOPIC STARTER
@Enrique Dec 1, 2010

Hi Enrique, the payment method wasn't specified in the PO. However, we discussed in several emails that the money would be wired and that we would each pay our own bank fees for the transaction. One problem I had was that my bank doesn't have a SWIFT or IBAN code. Consequently, the wire has to go through an intermediary bank in the US, and then be further credited to my bank and my account. Most clients don't seem to have a problem with it. I couild go back to them, ask them why they didn't follow this procedure and send the check back and insist on a wire transfer, but at this point I'd rather just try to deposit and wait for it to clear. If I work with this client in the future, I will bring the issue up - since it is a new client with whom I'd like to keep a relationship, I doni't want to make a real big issue of this one payment.

There is another bank in Hawaii that I could use and they have a SWIFT code. I may swtich to them to avoid future problems.

Regards,


[Edited at 2010-12-02 09:53 GMT]


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John Fossey  Identity Verified
Canada
Local time: 06:25
Member (2008)
French to English
MICR encoded checks Dec 1, 2010

My bank accepts checks from anywhere so long as they have the MICR encoding along the bottom, with no fee or hold time.

Non-encoded foreign checks are subject to a $30 surcharge and are cleared by snail mail, which takes about a month, usually.

[Edited at 2010-12-01 14:58 GMT]


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gad
United States
Local time: 06:25
Member
French to English
I have deposited checks in Euros Dec 1, 2010

I am in the U.S., and once a client sent me a check in Euros and I was able to deposit it in my bank account BUT, they put a hold on the check...supposedly related to post-9/11 rules/regulations or something (according to the bank). I don't remember any fee, though, I guess due to the hold period.

I really prefer wire transfer, though.


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Daniel Weston  Identity Verified
United States
Local time: 03:25
French to English
+ ...
TOPIC STARTER
Five weeks and lots of fees Dec 2, 2010

I went to my bank today and they told me it would take five weeks and they would charge fees plus pass on the French bank's fees to me as well. I checked with a larger bank here in the islands and they told me the same thing. I decided to appeal back to the client and try to get them to do the wire. The bank gave me some additional instructions, but they don't have any SWIFT or IBAN codes. Apparently the other bank does have them so I'm considering switching my accounts over there so future wires will be easier to receive.

Thank you for all of your input.


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Foreign Check

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