Foreign Currency Cheques
Product Features
- The Maximum foreign currency cheque amounts receivable drawn on local banks are USD 2,750, EUR 2,250 GBP 2,200 & KES 300,000. These take up to 3 working days to clear.
- No minimum foreign currency cheque amount receivable drawn on local banks.
- No maximum limit is set for cheques drawn on foreign bank accounts.
- Supporting documentation is needed for very large amounts not corresponding to the beneficiary’s account history (above USD 5,000 or its equivalent) and when the cheque is deposited on a new account.
- Cheques drawn on foreign banks take a minimum of one month to clear and the minimum cheque amount receivable is USD 100, EUR 100, GBP 100.
Benefits
- Ease of forex-related payments and receipts for the customer.
- Unlimited transactions subject to the above conditions.
Requirements
- Account with the bank.
- Valid Nation Identification Card, Passport with National ID Number.
- Additional transaction specific supporting documents required for cheques with larger amounts, i.e., USD 5,000, or equivalent in GBP, Euros or KES.