A cheque is a payment document issued under a set procedure whereby the drawer of the cheque obligates the bank to pay the amount written in the cheque to its bearer. At SEB Bank you may:
- present a cheque for collection; buy a bank cheque;
- buy travellers cheques;
- cash travellers cheques, money orders, pension cheques.
A bank cheque is convenient to use, if you:
- do not know the payee’s account details or the payee’s bank requisite information;
- want to pay a small amount (subscription, lottery, etc.);
- are unable to pay under a payment order due to any other reasons;
- are unwilling to use cash.
SEB Bank sells bank cheques in any foreign currency and in the Litas. All you have to do is go to your nearest branch of our bank and fill out a request to be issued a bank cheque. You can buy a cheque for cash or under a payment order.
Collection of cheques
For collection, any foreign bank cheques in any currency are honoured. Cheques submitted for collection must contain the following requisite information:
- recipient of the cheque,
- drawing date,
- drawer’s signature,
- place of issue (on cheques issued by Italian banks).
Funds for a cheque presented for collection are credited to the customer account in 2 to 4 weeks, depending on the type of cheque and its currency. Funds for a cheque payable at SEB Bank, are credited to the customer account in 1 to 3 days.
Our recommendation is to accept cheques only from reliable business partners and natural persons, as cheques provide no guarantee of the receipt of funds indicated on the cheque (settlement by cheque may be suspended or the cheque drawer’s account balance may be insufficient).
Buying of cheques
SEB Bank buys all types of traveller’s cheques. The bank pays in the Litas at the current day’s cheque buying rate.
The bank buys cash orders that are equal to or below USD 500 or an equivalent amount in any other hard currency as well as cheques drawn no more than six months ago.
Also, the bank buys pension cheques.