Drafts and cheques

Drafts and cheques from abroad can be handled either by negotiation or collection. You can:

• submit cheques and drafts drawn on banks abroad and/or in foreign currency to be cleared on your behalf
• save costs by paying items that are in the same currency, drawn on banks in the same country, for negotiation, in a single pay-in to your account

Although we can arrange to clear these on your behalf, we do not recommend that you receive paper-based payments from abroad. Electronic transactions are faster and more secure.

Please read this important legal information

Payment by negotiation, purchased with recourse

Payment by negotiation can only be used if the draft or cheque is in the local currency of the country on which it's drawn (e.g. US dollars payable in the US). Even so, we may still have to send it for 'payment by collection' (please see below).

We'll normally pay you the value of the draft or cheque, less our charges, as soon as you present it to us, using a cheque-buying rate if conversion is necessary.

If the payment is not honoured by the paying bank, we'll debit the value of the draft or cheque (plus a handling fee) from your account.

Payments by Negotiation: *

£100 and under - £5.00
£100.01 - £5,000 - £10.00
£5,000.01 - £20,000 - £30.00
Above £20,000 - £60.00

*A postage fee of 50p will be added to the above charge.

Payment by collection

Sometimes we'll have to send a draft or cheque for collection. Examples are:

• if the payment is coming from a country with a high risk rating
• if it isn't in the local currency of the sender's country (e.g. US dollars payable in Greece), we'll send the draft or cheque to the bank on which it's drawn and will not credit your account until we've received the money or been assured that it will be paid

This can take some time, depending on the country the payment is coming from and the bank clearing the payment.

We recommend that, wherever possible, you ask for sterling drafts drawn on a UK bank. These can then be paid directly into your NatWest sterling account.

Payment by collection*

£100 and under - £5.00
£100.01 - £5,000 - £10.00
£5,000.01 - £20,000 - £30.00
Above £20,000 - £60.00

Currency cheques payable at other UK banks and drafts drawn by foreign banks on NatWest - £10.00

*Plus a postage fee of £3.30 for items which we have to send to Europe or £3.60 for items which we have to send to the rest of the world. In addition, Agent's charges will also apply.