Clean bills of exchange

A clean bill of exchange is the name given to a bill of exchange, either a draft or foreign cheque, that is not accompanied by documents.

Features and benefits:

  • Foreign cheques can be deposited directly into your account at the current exchange rate. However, the funds will only be available once the cheque has been cleared
  • You can cash the cheque (subject to credit approval), this may carry additional charges.
    In some cases it could take up to 8 weeks or even longer to clear or cash a cheque.

Qualifying Criteria:

  • In terms of exchange control regulations you are required to convert the cheque into rand within 30 days of receiving it.

 

 

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