Foreign Currency Check

Foreign currency checks refer to checks where the paying bank is overseas, and includes bank drafts, personal checks, or foreign treasure checks. If you have a foreign currency check, you can commission a foreign bank through the Bank to collect the check, or let the Bank directly buy the check and transfer the funds into your account.

Foreign currency check collection

You can have the Bank commission a foreign bank to collect foreign currency checks where the paying bank is overseas, and then the funds will be transferred into your account once it is received overseas.

Purchase of traveler's checks sold by the Bank

• If you have an unused traveler's check purchased from the Bank, you can use the purchase agreement to return the check without being limited by the applicability below.
• After handling fees, swift/mail fees, and interest are deducted by the Bank, the funds will be transferred into the applicant's deposit account at the Bank.

Applicability and application documents

• Opened a NTD or foreign currency account at the Bank for at least 6 months (inclusive), and funds may only be transferred into the applicant's deposit account at the Bank.
• Application documents: Please bring the following effective identification documents and the original authorized seal of the account to a business location of the Bank.
  • Personal accounts: Present an R.O.C. ID card, resident certificate, or ARC with validity of at least one year for application.
  • Companies and business firms: Certificate issued by the competent authority. (For example: proof of business registration, approval document from the competent authority, etc.)

• Checks are mailed by the Bank to an overseas collecting bank, which will then mail the foreign currency check to the paying bank to request payment, and then the paying bank will ask the drawer of the check whether or not the drawer is willing to make payment. Hence, the time it takes for foreign currency check collection procedures is approximately 3 weeks to 1 month depending on the actual time funds are actually received.
• Overseas charges: When funds from foreign currency checks are received, the overseas collecting bank or overseas paying bank will directly deduct charges according to their actual fee schedule. ※ Overseas charges vary with the paying bank, place of payment, currency, and amount, and may also change due to fee standards, such as: the charges for checks of less than US$100 used for payment in the United States is at least US$2.5, and at least US$50 for checks of US$100 and above.
• Foreign currency checks are handled according to negotiable instruments laws of each country. For example, if the front of checks used for payment in the United States is forged, the statute of limitations is 1 year, and 3 years if the back of a check is forged according to the United States Negotiable Instruments Law. Hence, after funds are paid for foreign currency checks, the check may still be rejected (payment canceled) by the paying bank, and the funds already paid will be recovered due to the following reasons, e.g.
  • the drawer passes away, is incapacitated, owes taxes, or savings was seized
  • the endorsement does not match or was forged
  • the drawer discovers that the check was forged or altered
• To protect customers' rights and interests and prevent additional expenses due to checks being rejected, the Bank reserves the right to accept or reject collection (purchase) of foreign currency checks based on the actual situation. If a check is rejected, besides paying the Bank's handling fees and swift/mail fees, handling fees of the overseas collecting bank for rejected checks will also be collected. The Bank's fee schedule
• If a check was lost for reasons attributable to the Bank, the Bank will mail photocopies of the front and back of the foreign currency check overseas again, and use the photocopies to request payment from the paying bank. If the overseas paying bank refuses to make payment according to the photocopies of the check, the holder will be asked to contact the drawer to draw a new check, so that collection can be successfully completed.
• The customer shall provide an affidavit guaranteeing that if the check is rejected for any other reason (except for photocopies of the check being rejected), the funds must be returned according to the agreement for the check. If the customer finds the original check in the future, the customer shall return it to the Bank to invalidate the check. Pursuant to the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions, a Declaration Statement of Foreign Exchange Receipts and Disbursements or Transactions must be filled out if foreign exchange transaction amount exceeds NT$500,000.
• When natural persons under the age of 18 make foreign exchange transactions reaching the equivalent of NT$500,000 in foreign currency, an application must be submitted to the Central Bank of the Republic of China for approval before the funds may be transferred into an NTD account.