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Issue and payment of foreign cheques

Issue and Payment of
Foreign Cheques

Payment guaranteed anywhere in the world!

Features

Issuing Cheques

This service consists of the issue of bank cheques in Euros or in foreign currencies, to be drawn on Millennium bcp or on a correspondent bank, depending on the currency, in favour of the beneficiary named by the payer.

When issuing cheques to a beneficiary named by the Client, Millennium bcp (drawer) issues the cheque on the bank itself when in Euros or on a correspondent foreign bank (drawee) for cheques issued in other currencies.

It enables you to make payments in various currencies and to several countries. Cheques in Euros are always issued to be drawn on Millennium bcp in Portugal.

Paying Cheques

This service consists of receiving bank cheques for deposit into a client's account, in favour of the beneficiary named by the payer, usually in a currency other than Euros, to be drawn on Millennium bcp, by order of a correspondent bank of Millennium bcp.

Cheques can be paid (by the Bank) in two distinct manners: Collect on Delivery or Deposit, either being subject to the International Chamber of Commerce's Uniform Rules for Collections in effect.

The regime for paying cheques is always subject to the prior appraisal and decision of the Bank on the risk involved.


02.002.5656 - 2012/04/20

Costs

Consult the Pricing in force, available for consultation at any  Millennium bcp Branch near you.

How it works

A Bank Cheque, in different currencies, is a means of payment issued by the Bank at the request of a Client in favour of a third party and drawn on an account, located abroad, of the issuer bank. Just as with a domestic cheque, it names a Drawer and a Beneficiary, a place and date of issue and an amount (in figures and in letters). The Bank Cheque is mandatorily nominative and can never be issued to the bearer. As it is a Cheque issued by a bank its payment is guaranteed.

The Issue of a Foreign Cheque is a service available to individual clients or companies that wish to make a payment to an entity headquartered outside Portugal. This is a relatively simple operation: after the Bank issues and delivers the cheque, the Client gives it to the Beneficiary and the latter, in turn, presents it at his/her/its foreign bank, being credited the respective amount after a period of time that varies on a country-by-country and case-by-case basis.

After a Cheque to be drawn on a foreign bank is issued, the Drawer may request the following:

  • Annulment
    A cheque can only be annulled on the day it is issued and because the Client wants to quit or because there was an error of the Bank. The original cheque must always be returned.
  • Cancellation
    The Client may request the cancellation of the cheque, as long as the cheque to be cancelled is delivered at the same time as the cancellation request.
  • Stop - Payment
    If a cheque has not yet been paid, the Client may put a stop-payment order on the cheque.

The Payment of Foreign Cheques is always carried out according to the International Chamber of Commerce's Uniform Rules for Collections in effect.

  • Payment of Cheques under Standard Conditions
    Funds availability periods vary and depend on the currency, country and Bank on which the Cheque is drawn. The credit of the cheque's amount into the current account does not guarantee its collection, and the cheque may be returned, which will therefore imply a debit to the current account.
  • Collect on Delivery
    The funds are only credited into the current deposits account after they are received in Millennium bcp's accounts at the paying or correspondent Bank/Entity. Collection periods vary and depend on the currency, country and Bank on which the Cheque is drawn. According to the law in effect in some countries, receiving and crediting the funds into a Client's account does not guarantee its collection, and the cheque may be returned, which will therefore imply a debit to said current account.
  • Immediate Payment of Cheques
    The payment of cheques by immediately crediting the cheque's amount into the current account does not guarantee its collection, and the cheque may be returned, which will therefore imply a debit to the current account.

Pagarés (Spain) can be paid as foreign cheques, with or without immediate payment (without immediate payment means that the standard conditions apply), as long as they are presented at the maturity date or afterwards. In this case the pricing for the payment of foreign cheques applies, in accordance with the regime used.
The collection of pagarés on delivery may be executed on any date (before or after the maturity date). In this case the pricing for Export Documentary Remittances applies.

Traveller cheques can be paid with or without immediate payment, being subject to the pricing applicable to the payment regime.

    How to subscribe

    At Millennium bcp's Corporate website, you have the possibility of requesting a Foreign Cheque online.

    • To request the issue of a foreign cheque click here.

    After obtaining the authorisations required for this operation, you must print the proof in the Operations History and go to a branch to pick up the cheque. Without the printed proof of the operation the Bank will not provide the cheque.

    Other issues

    For more information, contact your Client Manager or go to a Millennium bcp Branch.

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    FOR SUPPORT CALL


    918 504 504
    930 504 504
    961 504 126
    707 504 504

    +351 210 04 24 24
    (from Portugal and abroad)


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