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View Full Version : How to deposit USD cheque in Malaysia?



JackRyan1975
05-01-2006, 04:45 PM
Hi, need some advise....if I receive a USD (or any other foreign currency) cheque, how do I bank it in Malaysia? Do I have to set up a USD account? What is the minimum needed to open one?

Thanks.

kokomo
05-01-2006, 04:58 PM
I jz receive my USD cheque 2 days ago .. so yesterday I bank in straight into my Maybank .. it'll take bout 1 month ++ for cheque clearance. Hell of a long right? :mad:

Dun need to open any USD account cos that is not necessary .. any bank will accept this international cheque. But do it at the counter not from the deposit machine.

JackRyan1975
05-01-2006, 05:01 PM
I jz receive my USD cheque 2 days ago .. so yesterday I bank in straight into my Maybank .. it'll take bout 1 month ++ for cheque clearance. Hell of a long right? :mad:

Dun need to open any USD account cos that is not necessary .. any bank will accept this international cheque. But do it at the counter not from the deposit machine.

Thanks kokomo for the info. 1 month to clear? That's very long....but nothing beats having to open a USD account with an initial USD100,000. :D

kokomo
05-01-2006, 05:07 PM
Thanks kokomo for the info. 1 month to clear? That's very long....but nothing beats having to open a USD account with an initial USD100,000. :D

:eek: USD100,000 ?!?!? then I guess you better bank it into HSBC bank la .. hehe .. anyway, I've already asked around so it's pretty standard for them to clear USD cheques within 1 month ++

JackRyan1975
05-01-2006, 05:18 PM
:eek: USD100,000 ?!?!? then I guess you better bank it into HSBC bank la .. hehe .. anyway, I've already asked around so it's pretty standard for them to clear USD cheques within 1 month ++

Sorry...correction: it's only USD 1,000 for Maybank (http://www.maybank2u.com.my/site_functions/faq/forcurr.shtml)

Nothing mentioned about banking USD cheques in RM account though. Will give them a call later on to confirm if they do.

bobkee
05-01-2006, 07:16 PM
Was about to answer but looks like answered liao :)

yvonnefoong
05-01-2006, 08:02 PM
I just banked-in a USD cheque last week. And gosh it takes so long? mati la... maybank by the way.

isarahim
05-01-2006, 08:03 PM
Jack,

You'd be better off asking for telegraphic transfer instead (or wire transfer as they say in the US). The fee is radically lower, especially if you match the banks yourself so that both banks are corresponding i.e. there's no intermediate bank, and it's much faster.

orchipalar
05-01-2006, 10:15 PM
Err...perhaps the banks here need to send the cheques to New York n back here...for verification or clearance procedures...?

Err...if so...30 days isn't that long...heard some took 45 days or so...

Yup...wire transfer is a lot better n faster...straight to the beneficiary's bank account...or send via money exchanger...max. 5 to 7 working days.

patrick
05-01-2006, 10:21 PM
I jz receive my USD cheque 2 days ago .. so yesterday I bank in straight into my Maybank .. it'll take bout 1 month ++ for cheque clearance. Hell of a long right? :mad:
.

They say 1 month but from my experience they have cleared it in a much shorter time. You can check your account earlier than that. Dont be surprised to find the cheque has been cleared.

pokemon
05-01-2006, 10:38 PM
They say 1 month but from my experience they have cleared it in a much shorter time. You can check your account earlier than that. Dont be surprised to find the cheque has been cleared.

The cheque has long long cleared but they don't credit the amount into their customers' account so to earn some interests....

pcyeoh
05-01-2006, 11:08 PM
Recently banked in the US banker's order into my Maybank account and it took exactly 5 weeks before I can see the money in my account. Better if done thru TT.

ginaphan
06-01-2006, 12:52 AM
What about traveller's cheques?

kokomo
06-01-2006, 08:59 AM
Geez, must I opened an USD acc wif Maybank? Ppl there din inform me bout it and they just deposit my cheque. Yea, they need to sent the cheque back to US and then clear it then sent it back to M'sia .. what a silly move. Can't they just giv them a call? What's the point wif the latest technology if they don't even know how to use it?

Err pat, I check my bank acc almost evrything hoping the cheque is cleared but no wor .. no money entered.

Actually, I heard TT is much more expensive than receiving the cheque that's why i opt for the cheque.

JackRyan1975
06-01-2006, 04:35 PM
Jack,

You'd be better off asking for telegraphic transfer instead (or wire transfer as they say in the US). The fee is radically lower, especially if you match the banks yourself so that both banks are corresponding i.e. there's no intermediate bank, and it's much faster.

Thanks Isarahim. But too bad the mode of payment is not negotiable. Will have to make do with cheques then.:D

BTW, on an unrelated matter, I could not log in to this usj forum using a landline, but now ok after switching to a wireless connection. I wonder what's going on.

pcyeoh
06-01-2006, 06:23 PM
Recently banked in the US banker's order into my Maybank account and it took exactly 5 weeks before I can see the money in my account. Better if done thru TT.
I went around 4 banks- MBB, RHB, BBMB and EON Bank (all with 50 metres walking distance) enquiring about lead time to clear the cheque and the hassle and found Maybank to be the best as they have a better presence in the US. Unfortunately the banker's cheque in my hand came from 'what is the name ah?" is unknown here or else it would have cleared within 3 weeks. They have to courier the cheque back to US to verify and that is why it is not only took time but incurred higher cost. We found out that it is more convenient to send it by TT. We get the cash within 3-5 days. No need to go to ATM to check every now and then especially when we are hard up of money. For the rich, it is OK. Just leave it there.

isarahim
07-01-2006, 08:24 AM
We found out that it is more convenient to send it by TT. We get the cash within 3-5 days.

Yes. TT is all electronic. It uses the ancient, but reliable, SWIFT protocol.

The only potential hiccup with TT can be when the banks are not corresponding , i.e. they have not established the nostro/vostro account and formally authorised each other. Then they have to find an intermediate bank which recognises both, and this intermediate often charges hefty fees.