Good-Guy
VIP Contributor
Mankind has been using various modes of payments and the formation of banking system has allowed people to send and receive money effectively within a few days. banks usually use many different kinds of instruments in order to transfer money. One of the most commonly used intrument is cheque. There are different kinds of cheques and one of the most valuable form of cheque is the international cheque which you recive from someone living abroad. However, I have heard that there are a lots of disadvantages associated with receiving international cheques and it is not so easy to cashout an international cheque because you would need to require a foreign currency account in your local bank in order to receive payments. Is this true?