I got the best Malaysia bank to deposit US cheque rate from LowYat website.
Hong Leong Bank:
RM50 + RM10 (courier) + USD75 (Citibank Delaware)
RM25 + USD10 0.1% of the cheque (min: RM25.00, max: RM100). USD15 + unknown charge from the overseas bank
0.1% of cheque amount (min: RM20, max: RM100) Postage: RM5 Stamp duty: RM0.15
0.1% charge (min: RM5, max: RM100) Postage: RM5 Stamp duty: RM0.15
Note: You can deposit your check to the home branch only. But, you can mail your check to your BCB account’s home branch for bank-in.
Postage: RM5.00 Stamp Duty: RM0.15 Commission: 0.1% of your cheque amount (minimum RM 10.00 and maximum RM 100.00)
Standard Chartered Bank:
0.01% of cheque amount OR min RM 50.
RM30 + RM0.15 stamp duty.
Some of the process fees are cheap while some are very expensive. I have 3 bank account from the list above, Public Bank, Maybank and HSBC. Among 3 of them, HSBC processing fee is the cheapest ~ RM11. Why do I need to find the cheapest rate? I have a USD 20.63 cheque to clear. And I don’t want to waste the money for bank fee.
I bank in the US cheque in HSBC. It took exactly 1 month to clear the cheque. And charged RM 11.65 as processing fee. Hmm… I still prefer Western Union or PayPal payment. It is lot faster and easier. No need to show up at bank to get the payment. And no processing fee also…