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Besides the points already mentioned by others (as well as in the article), writing a cheque in this situation has the problem of being able to cash it on the o
by nrmitchi 8y ago
Besides the points already mentioned by others (as well as in the article), writing a cheque in this situation has the problem of being able to cash it on the other side. I cannot think of a single bank (and please correct me if I'm wrong) that would allow a client, especially a new, previously unknown client, to walk in and cash a $60k international check. Without special circumstances, you'd likely be looking at an extended hold period, which would defeat the purpose in many situations.
Source: Wrote myself a check for a similar reason (not wanting to carry more than 10k across the border). Funds were held by the receiving bank for 15 business days.
- jbob2000 8y ago15 days is not an egregious amount of time to wait to verify that $58,000 is being moved honestly.
- nrmitchi 8y agoYou are correct, it is not, and I completely understand why most banks and financial institutions have this policy. My point was that if you are going on a vacation, or a trip, or business of some kind for 4 weeks with the need to take a relatively large sum of money with you, the 3 week delay would make this option less than ideal.