India - How long to encash USD checks?

Discussion in 'Payment Processing' started by natj, Apr 4, 2007.

  1. #1
    Hello, people... First post here.

    Newbie questions, but I really need your help:

    1. When you get checks from abroad (in USD) and put it in banks like HDFC / ICICI / UTI (even SBI), how long does it take to actually encash it and see the equivalent Rupee figure in your account?

    2. Are there any specific bank forms for this conversion? Do you need to open a separate a/c or something?

    3. In your view, which bank has the fastest encashment procedure and is the commission based on the amount being converted or a simple flat fee?

    I'd very much value your views on this.

    Thanks.
     
    natj, Apr 4, 2007 IP
  2. technoguy

    technoguy Notable Member

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    #2
    It will take 25 working days. Thank you
     
    technoguy, Apr 4, 2007 IP
    uttoransen likes this.
  3. eddy2099

    eddy2099 Peon

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    #3
    In today's commercial world, banks have network all around the world. Either they have a branch in the US or they have a partner there.

    All you need to do is just to bank in the check as you would a local check. The banks will take care of the conversion and all that. It however will take some time to clear as the checks would need to be sent to the US for clearing, once it gets cleared, your local bank will do the conversion, deduct the charges and deposit the balance into your account.
     
    eddy2099, Apr 4, 2007 IP
  4. uttoransen

    uttoransen Prominent Member

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    #4
    the adsense check i got in 20 days, i deposited in sbi and it was cleared in one day!!
    i don't know about paypal! am still waiting for the check though!:rolleyes:
     
    uttoransen, Apr 4, 2007 IP
  5. eddy2099

    eddy2099 Peon

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    #5
    Adsense checks are drawn on a local bank, I believe Paypal also does the same thing. Once you receive it, you bank it in and it clears pretty quickly. If your state has a branch of the bank they use, it will clear fast otherwise it will take a few days more.
     
    eddy2099, Apr 4, 2007 IP
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  6. natj

    natj Well-Known Member

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    #6
    Thanks for your answers
     
    natj, Apr 4, 2007 IP
  7. SuryaPuthran

    SuryaPuthran Guest

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    #7
    I process US$ checks with UTI Bank
    It will took 21 working days to clear

    Charger Per Cheque

    For $50 - $5000 :- $6.00 Charge
    For $5001 - $50000 :- $8.00 Charge
    For $50001 - $ 7,50,000 :- $10.00 Charge
     
    SuryaPuthran, Apr 4, 2007 IP
  8. sandrarocks

    sandrarocks Banned

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    #8
    If its a Paypal check then you can drop into any Citibank branch ( if you have ana account ) and it will credited by the EOD. I have always got my payp[al check credited to my Citibank account the day i recieve it :)
     
    sandrarocks, Apr 4, 2007 IP