Guide to cashing a cheque

What to do if you need a cheque cashed in New Zealand.

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While cheques aren’t as commonplace as they were, they are still a financial staple for many businesses and individuals. Although we don’t have instant cheque clearing services in New Zealand, you can take them to your bank to cash.

Related: If you don’t wait for a cheque to clear – you could consider comparing your short-term loan options

How does cashing a cheque work?

If you or your business has a cheque that needs clearing, make sure you take it to your bank in plenty of time to avoid cash flow issues as there is usually at least a three-day waiting period. The waiting period exists because a cheque essentially acts as written instructions between two financial institutions, and the waiting period gives both institutions time to make sure the payment correct.

Why has my cheque been dishonoured?

Banks dishonour cheques for a few reasons, eg there are insufficient funds in the payer’s account, or there is an issue with how the cheque is made out.

How you can cash a cheque

  1. Take the cheque to your bank and request that it deposits the money in your account.
  2. Deposit the cheque at the bank’s ATM, if it is closed.
  3. Wait for one to three days for the cheque to clear or request a special clearance.

What banks can cash my cheque?

The following banks can cash your cheque:
  • ASB
  • ANZ
  • BNZ
  • Kiwibank
  • Westpac

Make sure you contact your bank to see if it will cash a cheque before you accept payment this way.

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