A valid passport is required to exchange cheques for cash at foreign exchange dealers. All banks, bureaux de change, and some hotels accept travellers’ cheques. Keep in mind that all money transactions involving foreign exchange must be carried out by authorized dealers.
How do I cash a foreign currency check?
If you are the recipient of a foreign currency cheque, you must deposit it in your account; your bank’s foreign currency cheque collection service will process it (by sending it to the bank of origin for realisation) and credit your account with the Indian rupee amount.
Do banks in South Africa accept cheques?
Cheques are no longer accepted as a form of payment in South Africa as of January 1. Late last year, the SA Reserve Bank, the Payments Association of SA, the Banking Association of SA, and the Financial Sector Conduct Authority officially announced the end of cheque transactions.
In South Africa, how long does it take for a cheque to clear?
All cheques must be processed within 10 days of being received. If you require an immediate payment, please use one of our electronic payment options, which are less expensive than cheque payments.
Why aren’t cheques used in South Africa anymore?
Cheques have fallen in popularity over the last decade, with very few consumers, government agencies, and businesses still using them. Alternative and more efficient payment methods, such as electronic and card payments, are to blame for the decline.
