Hi, My brother just now sent a $... cheque onmy name from US instead of transferring it using various Money transferring website. Now I am in a fix . I do not know what to do . Should I send him back the cheque or can I get it deposited in the bank . I have an Sbi account. Lemme know as fast as possible Shravanicool
Shravani...You can very well deposit the dollar cheque into your SB account. This cheque would be processed through the foreign exchange division of the bank, and they will credit the proceeds on realisation of the cheque in Indian Rupees. The conversion rate of USD to INR will depend on the dollar purchase rate prevailing as on the date of conversion. Each bank has its own timeframe for realising foreign cheques. I suggest you check with your bank when they would realise it.
Shravani Yes you can deposit the cheque in your savings account in India, only diff. is that online transfer or wire transfer is faster and cheque clearanc takes atleast 2 to 3 weeks time. Check with your bank on what is the time they take to clear the cheque.
