Payment by negotiation can only be used if the draft or cheque is in the local currency of the country on which it is drawn (e.g. US dollars payable in the US). Even so, we might still have to send it for 'payment by collection' (see below). Foreign currency cheques will be credited to your sterling or currency account within 4 -5 working days of processing, once agreement to negotiate with recourse has been made.
We will normally pay you the value of the draft or cheque, less our charges, using a cheque-buying rate if conversion is necessary. If the payment is not honoured by the paying bank we will subsequently debit from your account the value of the draft or cheque plus a handling fee.
|Payments by Negotiation*||Tariff|
|£100 and under||£5.00|
|£100.01 - £5,000||£10.00|
|£5,000.01 - £20,000||£30.00|
*A postage fee of 50p will be added to the above charge.