Foreign cheques and banks - a cheaper way?

Discussion in 'Money Management & Banking' started by Spiderman, 20th Feb, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Spiderman

    Spiderman Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    276
    Location:
    Vic
    Our banks hate foreign cheques. They charge like wounded bulls if you present one. Sometimes it may be many weeks before you get payment.

    And the charges are rising steeply. For example Big Bank A now charges $25. Big Bank B charges $50 plus a 6 week wait. Even if you bank with them. Add travel, queuing and transaction time and it's hardly worth it unless the cheque amount is substantial.

    Go electronic you say. But sometimes posted cheques remain king. For example those who earn income from Amazon Associates can elect to get payment by direct deposit in Europe and the US but not Canada or Australia. So cheques remain necessary evils.

    So the question is: Are there ways around this? Are there other banks that offer better deals on foreign cheques? Or possibly non-bank cheque cashers around?
     
  2. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    6,572
    Location:
    Canberra
  3. Spiderman

    Spiderman Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    276
    Location:
    Vic
    They do for sale of stuff through them (eg books etc).

    But for advertising revenue (eg via affiliate links on your website) it's cheques only. Discussion on this at https://engagedforums.com/discussions/Amazoncom_Associates/_/_/am-associhelp/50853

    Worldfirst don't seem to mention cheque handling on their website so they appear to be purely a middleman for online payments.
     
    Last edited: 20th Feb, 2019
  4. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,556
    Location:
    Sydney or NSW or Australia
    Bitcoin is your answer.
     
    Propertunity likes this.
  5. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    6,572
    Location:
    Canberra
    But could you have a Worldfirst account or similar to receive direct payments?
     
  6. Spiderman

    Spiderman Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    276
    Location:
    Vic
    Yes - something to think about in the future. Thanks.