Foreign Checks And Currency Drawn On Foreign Banks
- Introduction
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
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
31 U.S.C. 321, 3301, 3302; 12 U.S.C. 90, 265
- Section 6020—Terms and Definitions
For terms and definitions related to this chapter, please view the TFM Glossary.
- Section 6025—General Information
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
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
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
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
Foreign Transit Items
GA 4-004-02-02
6000 Feldwood Road
College Park, GA 30349The 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 75207Once 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.
- Section 6050—Deposit Foreign Checks Payable in U.S. Dollars
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
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
Mail Code: CA9-924-01-11
2706 Media Center Drive
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
Mail Code: CA9-924-01-11
2706 Media Center Drive
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
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
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:
* * 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
China
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 Pound
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
Send foreign check items to:
Bank of America
Foreign Transit Items
GA 4-004-02-026000 Feldwood Road
College Park, GA 30349Send foreign currency under $5K USD value, by registered mail, to:
Bank of America GBN-LA
Mail Code: CA 9-924-01-112706 Media Center Drive
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
Mail Code: CA 9-924-01-112706 Media Center Drive
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
Foreign Transit Items
GA 4-004-02-026000 Feldwood Road
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
Summary of Updates
- Summary of Updates in this Release
Section No.
Section Title
Summary of Change
6045.10
Foreign Checks Listed
Updated language on financial agency's responsibilities when processing foreign checks listed.
6045.20
Foreign Checks Not Listed
Updated language on agency depositor's responsibilities when depositing foreign checks not listed. Updated new address for mailing foreign checks not listed on the tradable currency list.