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Will a local Bank accept a foreign Bank Check?

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Will a local Bank accept a foreign Bank Check?

Postby jonasei » Fri Jul 30, 2010 3:59 am

Wondering if anyone knows whether a Chinese bank such as ICBC, where I have my local account, would accept a bank check in USD from an American Bank. Express Delivery (FedEX) of a bank check will actually be faster than a wire transfer, in certain situations. Just wondering if its an option.
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Re: Will a local Bank accept a foreign Bank Check?

Postby p1atl10 » Fri Jul 30, 2010 5:21 am

They will accept it, but will not allow you access to your funds until the actual transfer of funds has taken place.

Which can easily take up to three weeks.....
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Re: Will a local Bank accept a foreign Bank Check?

Postby pat_togo » Fri Jul 30, 2010 8:30 am

jonasei wrote:Wondering if anyone knows whether a Chinese bank such as ICBC, where I have my local account, would accept a bank check in USD from an American Bank. Express Delivery (FedEX) of a bank check will actually be faster than a wire transfer, in certain situations. Just wondering if its an option.

Maybe in the US but probably not for an US check here in China. As Plat pointed out the cheque will need to clear before the funds are deposited into your account. I have seen US checks take up to 6 weeks to clear.
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Re: Will a local Bank accept a foreign Bank Check?

Postby Moroes » Fri Jul 30, 2010 10:20 am

Maybe go for a certified or cashier's check to make things go faster.
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Re: Will a local Bank accept a foreign Bank Check?

Postby fWerrF » Fri Jul 30, 2010 12:28 pm

Can a USA check be deposited into a Chinese bank account? Yes.
Is the funds available faster than a wire transfer? No.
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Re: Will a local Bank accept a foreign Bank Check?

Postby idiot » Fri Jul 30, 2010 12:42 pm

In same case travelers checks working better.
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Re: Will a local Bank accept a foreign Bank Check?

Postby TianTian4 » Sat Jul 31, 2010 10:42 am

don't do it! just use TT
I sent a large bank check from UK, after 1 month with no sign of it I got the UK bank to track it. It went within 3 days from London to Beijing, then my money stayed in the Bank of China in a Beijing for 3 months before being sent to my Shanghai ICBC bank. Yes they have to check it first but they do not rush, my London bank showed me when they recived the request for validation - The chinese just sit on the money to earn some for themselves.
Meanwhile the exchange hammered me, during summer 2009, I lost 33,000 rmb assuming the Bank check could have been cashed in 6 weeks not 3 months.
I had that same problem with a re-payment to a credit card from Marco polo hotel in wuhan, it was 8 weeks to get the money, the hotel helped and tracked it again to beijing, proving they had re-paid it, bank of CHina just sat on it until sending it on to me. Takes them only 2 days to move a debit through their system, they are unethical in china, but it is mainly the Chinese people who are the victims of this, so I try to keep the chip on my shoulder under control.
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Re: Will a local Bank accept a foreign Bank Check?

Postby SnappySammy » Sat Jul 31, 2010 10:54 am

I only use wires from the USA. I don't accept checks from anyone.
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Re: Will a local Bank accept a foreign Bank Check?

Postby SnappySammy » Sat Jul 31, 2010 11:01 am

jonasei wrote:. Express Delivery (FedEX) of a bank check will actually be faster than a wire transfer, in certain situations. Just wondering if its an option.


I don't think so....I think a wire is much faster.....
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