This Treasury Financial Manual (TFM) chapter provides instructions for Federal agencies to deposit foreign checks and currency drawn on foreign banks.

This chapter provides information on the process to:

31 U.S.C. 321, 3301, 3302; 12 U.S.C. 90, 265

For terms and definitions related to this chapter, please view the TFM Glossary.

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).

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:

6030.20—Domestic Check

The following attribute(s) appear on a domestic check:

6030.30—Ineligible Check Items

The following items are ineligible for processing as a domestic or foreign check:

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:

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:

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
Foreign Transit Items
GA 4-004-02-02
6000 Feldwood Road
College Park, GA 30349

The financial agent will:

• Determine the exchange rate and USD conversion amount and enter the amount into OTCnet, 
• Confirm the deposit in OTCnet, and 
• Populate field #4 on the OTCnet deposit ticket.

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 'Other' in drop-down box (under Foreign Currency Information),
• Enter the foreign currency amount (under Foreign Currency Information),
• Select Financial Institution from drop-down box,
• Select an Agency Accounting Code from the drop-down menu and add 'enter foreign amount', 
• Save for Approval, and
• Mail the OTCnet deposit ticket and foreign check to:

Bank of America
Foreign Clean Collections
TX1-160-06-18
1950 N. Stemmons Fwy
Dallas, TX 75207

Once the check item clears, the financial agent will:

• Notify the agency,
• 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.

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:

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.

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.

6060.10—Foreign Currency Listed

Separate deposits must be created in OTCnet for each type of foreign currency.

The agency depositor will:

Bank of America GBN-LA 
Mail Code: CA9-924-01-11 
2706 Media Center Drive 
Los Angeles, CA 90065-1733

6060.20—Foreign Currency Not Listed

The agency depositor will:

Bank of America GBN-LA 
Mail Code: CA9-924-01-11 
2706 Media Center Drive 
Los Angeles, CA 90065-1733

Once 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).

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.

6070.10—Foreign Check Tradable Currencies

LIMITATIONS and EXCEPTIONS: 
** 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:

6070.30—Foreign Currency

Send foreign check items to:

Bank of America 
Foreign Transit Items 
GA 4-004-02-02

Send foreign currency under $5K USD value, by registered mail, to:

Bank of America GBN-LA 
Mail Code: CA 9-924-01-11

Call the financial agent’s Banknote Trading Desk for foreign currency over $5K USD value:

1-800-387-1012

The foreign currency deposits over 5K USD value will be delivered by armored courier to:

Bank of America GBN-LA 
Mail Code: CA 9-924-01-11

Direct inquiries concerning foreign currency issues or concerns with specific transactions to:

Foreign Currency Customer Service 
1-800-268-8144 
dg.bn_desk@bankofamerica.com

Direct inquiries concerning foreign check deposit setup to:

Karen Dolores 
888-715-1000, ext. 21600 
DedicatedService101@bankofamerica.com

Direct inquiries concerning foreign check concerns with specific transactions to:

Bank of America 
Foreign Transit Items 
GA 4-004-02-02

Direct inquiries concerning the ACR Form to:

OTC Customer Support 
1-866-945-7920 
fms.otcchannel@citi.com

Direct 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.go

Direct general inquiries concerning this chapter to:

Over The Counter Division 
TGA Program 
202-874-7132 
tamara.whitaker@fiscal.treasury.gov

or

Federal Reserve Bank of St. Louis 
OTC Support Team 
1-866-771-1842