Posted by forex at 3:39 AM
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1. Look at the top left-hand corner of the check to find out which bank issued the check. Search the Internet to find out whether or not the issuing bank has a branch in your country (if so, the transaction can proceed faster). If you live in a large city, the bank might even have a branch in your city.
2. Determine the applicable exchange rate through an online currency exchange rate calculator (see Resources). This will allow you to estimate how much money you can receive. Remember that exchange rates are subject to fluctuation and this rate will likely be at least slightly different by the time your check is cashed. Also remember that quoted exchange rates are generally slightly less favorable than the exchange rate that the bank is likely to offer you.
3. Endorse the check by signing your name on the back. It is best to do this at the time or shortly before you present the check to the bank, because once you sign the check, it becomes negotiable - if you lose it, anyone can have it deposited into his or her own bank account.
4. Go to your bank with your photo ID and the check (if the issuing bank has a branch in your city, go there instead). The bank will contact the foreign issuing bank through banking channels and the issuing bank will pay the check, exchange the currency and electronically credit the funds in your bank's favor.
5. Wait anywhere from a few days to a few weeks for the money to appear in your bank account. The smaller your bank is and the further it is from international borders, the longer the transaction is likely to take. In extreme cases, it might take up to eight weeks.