From 29 March 2024 we no longer accept foreign cheques or travellers’ cheques

We have seen a significant drop in the number of foreign and travellers’ cheques being deposited over the last three years, and more customers are moving to safer and more efficient ways to receive overseas payments.

What this means for you

If you deposited a foreign or travellers’ cheque before 29 March 2024 that has yet to clear, we will still process the cheque.

Processing times for foreign cheques:

  • Australian dollar cheques: 12 weeks.
  • Other currency cheques: 18 weeks. 

If you’re expecting a foreign cheque from overseas, contact the person or company sending you the funds to see what alternative payment options are available. They may be able to send an electronic international money transfer instead of a cheque. 

International money transfers

International money transfers (also called international payments or telegraphic transfers)1 are a secure and easy alternative to foreign cheques. It’s a direct payment into your TSB account, converted into NZ dollars.2 Find out how to receive money into your TSB account from overseas and what details you’ll need to provide the payment sender. 

Types of payments

Pensions

Some pension schemes allow you to register online to receive your pension electronically. Check your provider’s website or contact them to check if they offer this or other options for receiving your pension.

Shares and dividends

You may be able to register on your sharebroker’s website to receive electronic payments. Contact your share broker to see what options are available.

Tax

Contact your tax adviser to find out what other payments options are available. 

Sending yourself money

If you previously used foreign cheques to send money from your overseas bank account to your TSB account, check your overseas bank’s website or contact them about setting up electronic payments. 

You may be able to register for online or mobile banking with your overseas bank so you can send yourself money electronically without the need for an international money transfer.

 

FAQs

Important information 

1. TSB does not charge a fee for inward international money transfers into NZ-dollar accounts. There is a $10 fee for inward international money transfers into foreign currency accounts.

Other banks or third parties may charge or deduct commission, fees or other charges for any services or currency transactions specified herein. Such charges or costs are the customer’s responsibility and will be deducted from the currency transaction amount. These fees and charges are deducted by a third party and may be subject to change without notice.

2. Exchange rates apply – see our Foreign Exchange page.