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Thanks for your replies @Techman and @Nabz.
1) How much do they charge for their service charges ? approx
2) Is there any documentation required by bank or any other authorities for cheques < $10k and/or cheques > $10k ?
HSBC asked for 1.5% of the amount of check. So I did not go with them. My current bank NIB Bank takes 0.1% or Rs 1500 which ever is higher. Some banks have fixed rates which can be less than 1000. You need to ask your bank about the foreign check clearance charges.
If your check amount is less than $10,000 , then your do not have to submit any documentation. But if the amount is equal to or greater than $10K , then there is some documentation required. But you don’t have to worry about it much. In my bank when I deposit check of more than $10K, and when about 10-20 days have passed, My bank receives an inquiry from the bank in USA which is responsible for sending the payment. In that inquiry they ask for your personal information, nature of job, address, contact number, and Reason for the payment. They will not clear the payment unless you or your bank have replied to their inquiry and given your brief profile. For me, I get checks more than $10K every month. So I’ve asked my bank to give the same details for reason of payment everytime (as it is same for every check). Once the USA bank receives the reply, they clear the check after the 30 day hold period. Yes the amount is put on hold for 30 days as its more than $10K. You’re bank may put hold on the payment after they received it for some days or weeks.
Why do we have to submit this information ? Its because US Federal government have asked US banks to keep track of the check payments, exceeding $10,000.
The information I have given you may vary bank by bank. Please contact your bank for details.