[livyodream]

All, I Wanted to know if anyone has any experience in Encashing a Cheque originating from USA and dropped at any of the Indian Banks.

Also want to know which bank would be most suited and quick in completing this kind of transaction.

Please share the experience or knowledge about the same. Thanks

[srishiva]

Any Bank will accept the cheque. I have found ICICI to be quick compared to the rest. If you know the Bank Manager and they know you well, they can even encash it as soon as you present it

[blue_pulsar]

I had encashed a US check here in ICICI bank. I got the money credited in 2 weeks or so. This was in 2007-08. The check was a tax refund check.

[Samurai]

I remember depositing US cheque in Vijaya Bank in 2004. Since the manager knew me, he even offered cheque discounting. I wasn't in any hurry, so I let it come naturally in a month. Must be lot quicker these days.

[khoj]

You can go to your bank and fill up the cheque deposit receipt meant for overseas banks' cheques. Mind you the proceeds will be credited to your account after accounting for currency variations and bank charges etc. You cannot discount it for cash payout, my experience pertains only to current account transactions.

Originally Posted by livyodream

All, I Wanted to know if anyone has any experience in Enacashing a Cheque originating from US of A and dropped at any of the Indian Banks.

Also want to know which back would be most suited and quick in completing this kind of transaction.

Please share the experience or knowledge about the same. Thanks

[KaandBaaz]

AFAIK you cannot get cash in hand for the cheque. You will have to deposit the cheque in your account. The amount deposited in your account will be according to that days exchange rate minus the bank charges. I have done this twice for my tax returns. I have my account in Bank of Baroda. They took 4-5 working days.

[dhanushs]

You get it at the current transaction rate, minus bank charges (I guess wire transfer rates). The clearance time will vary to a couple of weeks max.

[livyodream]

Thanks for the quick reply .

As it looks like many of you have used this feature, let me ask another question.

For say one receives multiple cheques from the clients in the US to a virtual office located in US, what would be the quickest way to transfer it to US account or Indian account? Sending the cheques through courier to India and then for clearance will take a month probably.

Has anyone got into a situation like this?

[prasadee]

Originally Posted by livyodream

Thanks for the quick reply .
As it looks like many of you have used this feature, let me ask another question. For say one receives multiple cheques from the clients in the US to a virtual office located in US, what would be the quickest way to transfer it to US account or Indian account? Sending the cheques through courier to India and then for clearance will take a month probably. Has anyone got into a situation like this?

Depositing amounts <$1k to US bank account can be done through mobile phone, by taking a picture of the check using Android/iPhone Apps. For larger amounts it can be deposited at ATMs or brick and mortar banks. It would clear in a day. The US bank can then wire transfer the amount to Indian bank for a fee. That takes 2 days. Or use ACH transfer that takes 4 days. Most Indian banks with NRI banking allow for such ACH transfers from US bank accounts.

Setting up ACH transfer accounts for the first time does take a few days (a week)

[Turbanator]

For say one receives multiple cheques from the clients in the US to a virtual office located in US, what would be the quickest way to transfer it to US account or Indian account?

Depositing amounts <$1k to US bank account can be done through mobile phone, by taking a picture of the check using Android/iPhone Apps.

This will probably vary from Bank to Bank and to an extent will also depend on the Overdraft Limits you have . Given the scenario this looks to be a best solution , just check with your Bank on limit part . Sending fund to India via SWIFT is pretty easy and can be done online using Internet Banking .

You can have an EEFC USD account opened with your local bank in India to park the USD for your company or can get SWIFT converted to INR as per exchange rate on settlement date . If you will have some USD expenses , opening EEFC account will be a better option

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