I have received a cheque (sterling) on the Bank of Baroda (London E1 branch) for an order from my business. Can I treat this as a normal sterling cheque on a UK bank and release goods after say 5 days? Or should I wait longer to ensure cleared funds? (I recall being advised to wait 6 weeks in the case of a eurocheque). Thanks.
If the cheque has a sort code and account number belonging to a UK based bank - I would say yes after day 6. If in any doubt pay for a special presentation making sure that you take copies of the front and back of the cheque in case it is lost in the post.
Bank Of Baroda is an agency bank in the UK which clears through NatWest. So a cheque from them, providing it shows the account as having a NatWest range sort code 60-xx-xx or 70-xx-xx, will clear as any cheque would.
BobC
Surely, if the cheque is drawn on the Bank of Baroda (London E1 branch), then it is a straightforward case of paying it in, waiting a few days and then using the proceeds.
I assume that the Bank of Baroda either have their own clearing code, given their proximity to the City (London Sundries I believe such banks were called) or, if not they should be using one of the major UK banks as their clearing agent.
Ring them and ask them: 020 7457 1515
Thanks for the feedback guys. I'll just treat it as a normal cheque then.
JT
-BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.