I have had USD check (or cheque) from Adsense, Amazon, Clickbank and AWeber and have used my personal savings accounts in following banks for check clearance.
I have had USD check (or cheque) from Adsense, Amazon, Clickbank and AWeber and have used my savings accounts in various banks for clearance. Here is the list of banks I have for clearance of foreign currency check in my accounts. Though I have only deposited USD checks, the process is exactly same for GPD, EUR or any other foreign currency for that matter.
Check the complete process of How To Deposit USD Check In An Indian Bank Account.
I really liked Standard Chartered Bank where the deposit of foreign currency check is like INR check deposit and you can use the drop box to drop the check. But I always preferred to deposit the check at the counter instead of using the dropbox and take a counterfoil for my records because it normally takes 21 working days for a foreign currency check to clear.
2. HDFC Bank
For some checks, I did try my HDFC Bank account as well. In HDFC Bank the support staff was being surprised about a check in foreign currency denominations and often the person in concern used to inquire about what should be done to either the branch manager or other concerned people.
Apart from that, the charges for check clearance depends on the amount of check which seems quite illogical because to send the check for clearance costs the same courier charges irrespective of the amount of check. It was one of the main reason I stopped using HDFC Bank for foreign currency check deposits.
3. SBI Bank
SBI offers possibly the best forex rates and so it was and is one of my preferred banks for deposit of USD checks. Yet the bank staff aren’t often aware of USD check you may need to talk to the branch manager to get a convincing reply.
Alternatively, you may just be told to go to the main branch of the city with the check. So make sure you visit the head branch of the city or at least the major branch in the city.
In Surat, I had to visit the particular branch where they have a forex department to deposit the check.
One of the main reason for me to be using SBI is, they offer the best forex rates among all Indian banks.
4. IDBI Bank
Though it a less known bank but they have better services for the clearance of foreign check at least in Surat.
The branch people accept your check and then they send it to their forex department for you, unlike SBI where you have to personally visit the branch that has the forex department and deposit the check.
They have competitive USD forex rates and inline with the SBI rates.
Though I haven’t personally used Kotak Mahindra bank for deposit of foreign currency checks, I have heard good things about their process to clear foreign currency checks. Again the forex rates aren’t as competitive as SBI bank or IDBI bank. I have seen a general forex rates trend where PSU banks have better forex rates compared to private banks.
Also, check out Payment Choices for Indian Freelancers.
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