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US Dollar Cheque Clearing FAQ
US Dollar Cheque Clearing FAQ
FAQ
1. What is US Dollar Clearing?
USD Clearing is a process of clearing USD drafts drawn on a Sri Lankan Commercial Bank and releasing funds to the beneficiary.
2. What types of instruments are covered in US Dollar Clearing?
USD cheques/drafts issued by commercial banks in Sri Lanka payable to Sri Lankan individuals and institutions.
USD cheques issued by Banks or exchange Houses abroad drawn on commercial banks in Sri Lanka.
3. How does the US Dollar Clearing operate?
Each Participating Bank will be assigned one seat for the US Dollar Clearing
A representative from each Participating Bank will meet at 12.15 p.m at the LankaClear Head Office on each working day
The US Dollar cheques/drafts (Outward clearing) will be exchanged among the representatives of the Participating banks and the net value to be debited/credited will be agreed upon.
The dishonored cheques/drafts will be handled at the USD Settlement Clearing the following working day immediately after the Outward Clearing of the US Dollar cheques/drafts and the net value to be debited/credited will be agreed upon.
4. What is the cutoff time for US Dollar Clearing?
The cutoff time is 12.15 p.m
5. When will the customer get the funds?
Day 1 - Customer deposits the USD Cheque/draft
Day 2 - Bank Branch sends relevant data and cheques/dfrafts for clearing through their Central Clearing Department.
Day 3 - Net figures sent to Settlement Bank to update the accounts
Day 4 - Beneficiary account gets credited
6. What are the Banks participating in US Dollar Clearing?
Bank of Ceylon
Peoples Bank
Standard Chartered Bank
Citi Bank
Public Bank
Commercial Bank
Seylan Bank
Sampath Bank
Muslim Commercial Bank
NDB
Nations Trust Bank
Deutsche Bank
Hongkong & Shanghai Bank
Hatton National Bank
Pan Asia Bank
Habib Bank
Indian Bank
ICICI Bank
Union Bank of Colombo
DFCC Vardhana Bank
7. Who can participate in US Dollar Clearing?
All Commercial banks operating in Sri Lanka
