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Foreign Checks And Currency Drawn On Foreign Banks
- Introduction
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This Treasury Financial Manual (TFM) chapter provides instructions for Federal agencies to deposit foreign checks and currency drawn on foreign banks.
- Section 6010—Scope and Applicability
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This chapter provides information on the process to:
- Deposit foreign checks payable in foreign currency,
- Deposit foreign checks payable in US dollars, and
- Deposit foreign currency under and over 5K US dollars.
- Section 6015—Authority
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31 U.S.C. 321, 3301, 3302; 12 U.S.C. 90, 265
- Section 6020—Terms and Definitions
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For terms and definitions related to this chapter, please view the TFM Glossary.
- Section 6025—General Information
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Federal agencies should require payment in U.S. dollars whenever possible, especially with checks or money orders.
All foreign collection services for TGA deposits will be processed by one or more financial agents. The financial agent for foreign check processing will initially accept and process all foreign checks (see List of Currencies, subsection 6070.10) from Federal agencies, regardless of USD equivalent value.
The financial agent for foreign currency processing will purchase foreign banknotes (including coins) of various countries from Federal agencies. The financial agent will publish the exchange rates for all traded foreign currencies (see List of Currencies, subsection 6070.30).
- Section 6030—Determine Whether the Check is a Foreign or Domestic Item
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The Federal agency depositor must determine whether the deposit item is a foreign check or a domestic check prior to creating a deposit in OTCnet.
6030.10—Foreign Check
All of the following attributes appear on a foreign check:
- A foreign bank drawee name,
- The address of a foreign bank drawee located outside the U.S., and
- A non-consecutive nine digit routing transit number.
6030.20—Domestic Check
The following attribute(s) appear on a domestic check:
- A U.S. bank drawee name, and/or
- A consecutive nine digit routing transit number.
6030.30—Ineligible Check Items
The following items are ineligible for processing as a domestic or foreign check:
- Checks with dates missing and/or incomplete information,
- Checks previously dishonored and so marked on the face of the item,
- Checks post-dated or stale-dated (i.e., six months or greater),
- Traveler checks,
- Stop payment on checks,
- Checks written on closed accounts, and
- Fraudulent/counterfeit checks.
- Section 6035—Record of Checks
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The agency depositor must keep a description of each check to permit duplication in the event a check becomes lost, destroyed, or mutilated. If such records are adequate and support duplication of the original check data (e.g., photocopy or digital images), additional record maintenance is unnecessary.
At minimum, the maintenance record must include the following information:
- Currency amount,
- Currency type,
- Bank drawee name,
- Bank drawee address,
- Drawer/Check writer name,
- Date on check, and
- Check number, if applicable.
- Section 6040—Check Endorsement
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Checks drawn on foreign banks and branches of U.S. banks, whether payable in U.S. dollars or foreign currency, must be endorsed by the Federal agency.
The endorsement must include, at minimum, the following information for checks deposited to a Treasury’s General Account:
- ALC, and
- The words “For Credit to the U.S. Treasury”.
- Section 6045—Deposit Foreign Checks Payable in Foreign Currency
6045.10—Foreign Checks Listed
Checks that are drawn on foreign banks, payable in foreign currency, and listed on the tradable currency list (Section 6070), or listed in OTCnet’s currency code drop down box, will be processed in OTCnet as foreign check items. These items will be treated as cash letter items. Cash letter items are immediately cleared and are granted provisional credit within two business days following the day the financial agent receives the check.
A separate deposit must be created for each type of foreign currency.
The agency depositor will:
- Log into OTCnet Deposit Processing,
- Create a deposit for a foreign check item,
- Select the appropriate currency code (under Foreign Currency Information),
- Enter the foreign currency amount (under Foreign Currency Information), and
- Mail the OTCnet deposit ticket and foreign check to:
Bank of America
6000 Feldwood Road
Foreign Transit Items
GA 4-004-02-02
College Park, GA 30349The exchange rate and USD conversion amount will be determined and entered into OTCnet by the financial agent. The financial agent will confirm the deposit in OTCnet, and field #4 (Amount) on the OTCnet deposit ticket will be populated.
6045.20—Foreign Checks Not Listed
Foreign checks not listed on the foreign check tradable currency list (Section 6070) will be treated as collection items. Collection items are forwarded to the foreign banks that the checks are drawn on for clearance, prior to credit being granted. This collection process takes approximately six to eight weeks to complete.
The agency depositor will:
- Log into OTCnet Deposit Processing,
- Create a deposit for a foreign check item,
- Select the appropriate currency code (under Foreign Currency Information),
- Enter the foreign currency amount (under Foreign Currency Information), and
- Mail the OTCnet deposit ticket and foreign check to:
Bank of America
6000 Feldwood Road
Foreign Clean Collections
GA 4-004-02-02
College Park, GA 30349Once the check item clears, the financial agent will enter the USD equivalent amount and confirm the deposit in OTCnet.
Cash letter items and collection items can both be mailed in the same envelope to the same address. However, cash letter and collection items must have separately created OTCnet deposit tickets (i.e., vouchers). They cannot be listed on the same voucher.
- Section 6050—Deposit Foreign Checks Payable in U.S. Dollars
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Foreign checks drawn on Canadian and specific United Kingdom (UK) clearing banks (subsections 6070.10 and 6070.20), payable in U.S. dollars, will be processed as foreign check items (subsection 6045.10) in OTCnet. The agency depositor must:
- Select the currency code for "Other" in OTCnet dropdown box, and
- Add information in Block 6 that the check is written in US Dollars.
Foreign checks drawn on foreign banks outside of Canada and the UK, payable in U.S. dollars, will be processed as collection items (subsection 6040.20) in OTCnet.
Checks drawn on foreign banks made payable through a bank in the U.S. or reflecting a consecutive 9-digit routing number will be processed in the same manner as checks in U.S. currency.
- Section 6055—Return Items and Collection Charges
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The depositary will reprocess all items over $200 not successfully cleared on initial presentation, unless the item is ineligible (subsection 6030.30).
Eligible return items are reprocessed as collection items and will be subject to a six to eight week processing period. In such cases, the Federal agency will receive a notice and the check.
If a foreign check is returned for any reason, the financial agent will use the Returned Item Adjustment in OTCnet. The amount of the debit will equal the credit that was given to the agency because the exchange rate applied when the item is returned will be the same exchange rate applied when provisional credit was given. The Federal agency will receive a copy of the debit advice along with the foreign check.
Federal agencies may incur foreign collection charges or bank fees that are deducted from the proceeds by the foreign bank, prior to the settlement of the credit. Foreign collection fees (usual and customary fees) assessed after credit has been given in OTCnet may be charged back to the Federal agency upon notification from the Fiscal Service. Federal agencies may wish to consider setting higher minimum check limitations because of these substantial charges associated with foreign checks.
- Section 6060—Deposit Foreign Currency
6060.10—Foreign Currency Listed
Separate deposits must be created in OTCnet for each type of foreign currency.
The agency depositor will:
- Log into OTCnet Deposit Processing,
- Create a deposit for foreign currency,
- Select the appropriate currency code (under Foreign Currency Information),
- Enter the foreign currency amount (under Foreign Currency Information), and
- Mail the OTCnet deposit ticket and foreign currency, if under $5000.00 (5K) USD value, by registered mail, to:
Bank of America GBN-LA
2706 Media Center Drive
Mail Code: CA9-924-01-11
Los Angeles, CA 90065-17336060.20—Foreign Currency Not Listed
The agency depositor will:
- Log into OTCnet Deposit Processing,
- Create a deposit for foreign currency,
- Select the appropriate currency code (under Foreign Currency Information),
- Enter the foreign currency amount (under Foreign Currency Information), and
- Mail the OTCnet deposit ticket and foreign currency, if under 5K USD value, by registered mail to:
Bank of America GBN-LA
2706 Media Center Drive
Mail Code: CA9-924-01-11
Los Angeles, CA 90065-1733Once the currency clears, the financial agent will enter the USD equivalent amount and confirm the deposit in OTCnet.
6060.30—Foreign Currency Over 5K USD Value
If the foreign currency deposit is over 5K USD value, OTCnet will prompt the agency depositor to call the financial agent’s Banknote Trading Desk for an armored courier pick up. The foreign currency deposits will be delivered to a specific location of the financial agent (see Contacts).
The agency depositor must confirm the legitimacy of the armored courier prior to releasing the foreign currency deposit. Once the deposit has been picked up and signed for by the financial agent’s armored courier, responsibility and liability of the deposit transfers to the TGA bank. The armored courier acts as the agent of the financial institution, not the Federal agency.
6060.40—Place Orders to Sell Foreign Currency Banknotes
Federal agencies may place orders to sell banknotes and selected coins in OTCnet to the financial agent. The agency depositor will communicate the appropriate instructions to the financial agent, who will receive the information in OTCnet and act upon it.
Federal agencies will send the shipment of foreign currency banknotes to the financial agent in the same manner as foreign currency deposits for under and over 5K USD (subsections 6060.10 and 6060.30).
- Section 6065—Deposit Corrections
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If a Federal agency discovers an error after the deposit was submitted for confirmation in OTCnet, the agency depositor should call the Foreign Currency Customer Service desk (see Contacts) and/or request from the Fiscal Service OTC Customer Support the appropriate ACR Form to initiate the correction or adjustment.
- Section 6070—List of Currencies
6070.10—Foreign Check Tradable Currencies
Country Currency Currency Code Australia Australian Dollar AUD Austria Euro EUR Belgium Euro EUR Canada Canadian Dollar CAD Denmark Danish Kroner DKK European Community Euro EUR Finland Euro EUR France Euro EUR Germany Euro EUR Greece Euro EUR Hong Kong Hong Kong Dollar HKD Ireland Euro EUR Italy * Euro EUR Japan Yen JPY Mexico Pesos MXN New Zealand New Zealand Dollar NZD Norway Norwegian Kroner NOK Portugal Euro EUR Saudi Arabia Saudi Arabian Riyal SAR Scotland Pound Sterling GBP Singapore * Singapore Dollar SGD Spain Euro EUR Sweden Swedish Kronor SEK Switzerland Swiss Franc CHF Tahiti/French Polynesia CFP Franc XPF United Arab Emirates Dirham AED United Kingdom Pound Sterling GBP United States * US Dollar USD LIMITATIONS and EXCEPTIONS:
* Italy: Checks $1,000.00 or higher must have an endorsement "Non-transferable."* Singapore: Non-transferable items must be processed on a collection basis.* United States: Only USD items drawn on a Canadian Bank or specific UK Clearing Bank can be processed as a cash letter item.
All other USD items drawn on foreign banks in other countries are to be processed as collection items (subsection 6045.20).6070.20—United Kingdom Clearing Banks
Items must be drawn on the eligible banks listed below:
ABC International Bank plc Fibi Bank (UK) LTD Adam And Company plc Fortis Bank NV (Formerly Mees Pierson & Generale Bank) Allied Irish Bank Ghana International Bank plc Alpha Bank London LTD Girobank plc Anz Banking Group Ltd (But Not Anz Grindlays) Hamburgische Landesbank Girozentrale Banco Do Brasil S.A. Hanil Bank Bangkok Bank Public Company LTD Hoare (C) & Co Bank Leumi (UK) plc HSBC Bank plc Bank Of America NT & SA Ing Bank N.V. Bank Of Ireland Lloyds TSB Bank plc Bank Of Montreal Mellon Bank NA Bank Of Montreal Europe LTD Mizuho Corporate Bank Bank Of New York Morgan Grenfell & Co LTD Bank Of Scotland National Bank Of Egypt International LTD Banque Nationale de Paris plc National Bank Of Greece SA Barclays Bank plc NatWest Bank plc Barclays Private Bank LTD Nedcor Bank LTD Bayerische Hypo Und Vereinsbank AG Northern Trust Company BFG Bank AG Rabobank British Arab Commercial Bank LTD Riggs Bank Europe LTD Brown, Shipley & Co LTD Riyad Bank Bsi-Banca Della Svizzera Italiana Royal Bank Of Canada Butterfield Bank (UK) LTD Royal Bank Of Canada Europe LTD Charterhouse Bank Limited Silicon Valley Bank London Chase Manhattan Bank N.A. Societe Generale Citibank N.A. Standard Chartered Bank Clydesdale Bank plc Svenska Handelsbanken Co-Operative Bank plc Swiss Bank Corporation Coutts And Co T.C. Ziraat Bankasi Credit Lyonnais The Royal Bank Of Scotland plc Den Danske Bank Aktieselskab Union Bank Of Nigeria LTD Deutsche Bank AG United Overseas Bank LTD EFG Eurobank Ergasias Wachovia Bank NA Erste Bank Der Oesterreichischen Sparkassen AG 6070.30—Foreign Currency
Country Currency Currency Code Argentina Argentina Peso ARS Aruba Aruba Florin AWG Australia Australian Dollar AUD Austria Euro/Austr Schilling EUR/ATS Bahamas Bahamas Dollar BSD Bahrain Bahrain Dinar BHD Barbados Barbados Dollar BBD Belgium Euro/Belgian Franc EUR/BEF Belize Belize Dollar BZD Bermuda Bermuda Dollar BMD Bolivia Bolivian Boliviano BOB Brazil Brazilian Real BRL Brunei Brunei Dollar BND Canada Canadian Dollar- Coin CAC Canada Canadian Dollar CAD Cayman Islands Cayman Islands Dollar KYD Chile Chilean Peso CLP CLP China Renminbi/Yuan CNY Colombia Colombian Peso COP Communaute Financiere Africaine (BCEAO) CFA Franc- Western African XOF Communaute Financiere Africaine (BEAC) CFA Franc- Central African XAF Comptoirs Francais du Pacifique CFP Franc XPF Costa Rica Costa Rican Colon CRC Croatia Croatian Kuna HRK Cyprus Euro/Pound EUR/CYP Czech Republic Czech Korunas CZK Denmark Danish Krone DKK Dominica Republic Dominican Peso DOP East Caribbean East Caribbean Dollar XCD Egypt Egyptian Pound EGP Estonia Estonian Kroon EEK Euro Member Countries Euro-Coin EUC Euro Member Countries Euro EUR Fiji Fiji Dollar FJD Finland Euro/Pound EUR/CYP France Euro/Franc EUR/FRF Germany Euro/Deutsche Mark EUR/DEM Gibraltar Gibraltar Pound GIP Greece Euro/Drachma EUR/GRD Guatemala Guatemalan Quetzal GTQ Guernsey Guernsey Pound GUP Honduras Honduras Lempira HNL Hong Kong Hong Kong Dollar HKD Hungary Hungary Forints HUF Iceland Icelandic Krona ISK India Indian Rupee INR Indonesia Indonesian Rupiah IDR Ireland Euro/Pound EUR/IEP Isle of Man Isle of Man Pound IMP Israel Israeli Shequel New ILS Italy Euro/Lira EUR/Lira Jamaica Jamaica Dollar JMD Japan Japanese Yen JPY Jersey Jersey Pound JEP Jordan Jordan Dinar JOD Kenya Kenyan Shilling KES Korea-South Korean Won KRW Kuwait Kuwaiti Dinar KWD Latvia Euro/Latvian Lats EUR/LVL Lebanon Lebanese Pound LBP Lithuania Lithuanian Litas LTL Luxemburg Euro/Luxemburg Franc EUR/LUF Malaysia Malaysia Ringgit MYR Malta Euro/Maltese Lira EUR/MTL Mauritius Mauritius Rupee MUR Mexico Mexican Peso- Coin MXC Mexico Mexican Peso MXN Morocco Moroccan Dirham MAD Nepal Nepal Rupee NPR Netherlands Antilles Guilder ANG Netherlands Euro/Florin EUR/NLG New Zealand New Zealand Dollar NZD Nicaragua Nicaragua Cordo NIO Norway Norwegian Krone NOK Oman Oman Rials OMR Pakistan Pakistan Rupee PKR Papua New Guinea Papua New Guinean Kina PGK Paraguay Paraguay Guarani PYG Peru Peru Nuevo Sol PEN Philippines Philippine Peso PHP Poland Poland Zloty PLN Portugal Euro/Portuguese Escudo EUR/PTE Qatar Qtar Riyal QAR Romania New Romania Leu RON Russia Russian Ruble RUB Saudi Arabia Saudi Riyal SAR Scotland Scottish Pound SCO Singapore Singapore Dollar SGD Slovakia Euro/Slovak Krona EUR/SKK Slovenia Euro/Slovenia Tolars EUR/SIT South Africa South African Rand ZAR Spain Euro/Spanish Peseta EUR/ESP Sri Lanka Sri Lanka Rupee LKR Sweden Swedish Krona SEK Switzerland Swiss Franc CHF Taiwan Taiwan Dollar New TWD Tanzania Tanzania Shilling TZS Thailand Thailand Baht THB Tonga Tonga Pa'anga TOP Trinidad and Tobago Trinidad and Tobago Dollar TTD Tunisia Tunisian Dinar TND Turkey Turkish Lira-Old TRL Turkey Turkish Lira-New TRY Ukraine Ukraine Hryvnia UAH United Arab Emirates UAE Dirham AED United Kingdom British Pound Sterling- Coin GBC United Kingdom British Pound Sterling GBP Uruguay Uruguay N Peso UYU US US Dollar-Coin USC US US Dollar USD Vanuatu Vanuatu Vatu VUV Vietnam Vietnam Dong VND Western Samoa Western Samoa Tala WST
Contact Information
- Detailed Contacts
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Send foreign check items to:
Bank of America
6000 Feldwood Road
Foreign Transit Items
GA 4-004-02-02
College Park, GA 30349Send foreign currency under $5K USD value, by registered mail, to:
Bank of America GBN-LA
2706 Media Center Drive
Mail Code: CA 9-924-01-11
Los Angeles, CA 90065-1733Call the financial agent’s Banknote Trading Desk for foreign currency over $5K USD value:
The foreign currency deposits over 5K USD value will be delivered by armored courier to:
Bank of America GBN-LA
2706 Media Center Drive
Mail Code: CA 9-924-01-11
Los Angeles, CA 90065-1733Direct inquiries concerning foreign currency issues or concerns with specific transactions to:
Foreign Currency Customer Service
1-800-268-8144
dg.bn_desk@bankofamerica.comDirect inquiries concerning foreign check deposit setup to:
Karen Dolores
888-715-1000, ext. 21600
DedicatedService101@bankofamerica.comDirect inquiries concerning foreign check concerns with specific transactions to:
Bank of America
6000 Feldwood Road
Foreign Transit Items
GA 4-004-02-02
College Park, GA 30349Direct inquiries concerning the ACR Form to:
OTC Customer Support
1-866-945-7920
fms.otcchannel@citi.comDirect inquiries concerning the placing of orders to sell banknotes to:
Bank of America Global Foreign Exchange
1-800-523-7860
https://www.bankofamerica.com/foreign-exchange/foreign-currency-exchange.goDirect general inquiries concerning this chapter to:
Over The Counter Division
TGA Program
202-874-7132
tamara.whitaker@fiscal.treasury.govor
Federal Reserve Bank of St. Louis
OTC Support Team
1-866-771-1842
Appendices
- Summary of Updates in this Release
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Section No. Section Title Summary of Change 6020 Terms and Definitions Added verbiage and hyperlink redirecting readers to the TFM Glossary. 6050 Deposit Foreign Checks Payable in US Dollars Updated language on agency requirements when depositing foreign checks payable in US Dollars.
This page was last updated on March 15, 2023.