Cashing US Cheque

August 2, 2007 | 1 Comment   

I sold some shares a month ago and the broker sent me a US cheque. As you know there are bank fees involved in cashing US cheque. The cheque needs to send back to the US bank for verification. The bank told me that they charged 0.1% of the amount on the cheque, minimum RM10. Stamp duty is RM0.15. I went to CIMB to cash out my cheque. It took around 4 weeks to cash out. I heard Citibank giving a lower rate if you have an account with them. Not sure how true.

If you are selling shares amounting to greater than US10K, it is better to use wire transfer as the cost of that is US25. Save the hassle and faster turn around time to get your money.

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