Cheque Cashing

The ultimate guide to cheque cashing

Why wait three days for money you could receive now?

While cheques aren’t as common as they used to be, they are still a financial staple for many businesses and individuals. The trouble is, waiting three to five days for a cheque to clear can put a serious strain on your business’ cash flow, or even your own financial situation. It’s important to know there are providers available who can cash cheques for businesses and individuals and provide them instantly with the money that’s owed to them.

Related: If you don't want to use a cheque cashing service - you could consider comparing your short term loan options

What is cheque cashing?

As cheques usually take three business to clear with banks, cheque cashing services can clear your cheque within minutes. This service is usually provided in exchange for a small fee, as the lender providing the service is taking on a risk by forwarding you the money before the cheque clears.

How does it work?

If you or your business has a cheque that needs clearing immediately, you have the option of paying a fee to bypass the normal three-day waiting period. There is a waiting period because a cheque basically acts like written instructions between two financial institutions, and the waiting period gives both institutions time to make sure the payment is made correctly.

Lenders who provide cheque cashing services are essentially forwarding you the money, as they have no guarantee that the cheque will not be dishonoured. Cheques are dishonoured for a number of reasons, although a common one is that there are insufficient funds in the payer’s account. Cheque cashing providers will forward you the money for a fee, which is usually a percentage of the cheque amount, as they wait for the cheque to clear. All you have to do is provide 100 points of ID.

How to cash a cheque

  1. Take the cheque to your bank and request the money to be deposited in your account OR
  2. Deposit the cheque at your bank's ATM if your bank is closed
  3. Wait one to three days for the cheque to clear or request a special clearance OR
  4. Take your cheque to be cashed at an instant cash chequing retailer

How you can compare cheque cashing services

Cheque cashing providers can be a convenient option for you to consider if you need a quick turnaround time for your cheque, but it’s important that you choose the right provider. Here are a few things to keep in mind when comparing your options:

  • Turn-around time. As this is likely to be the main reason you’re opting for cheque cashing services, you should check how quickly you can expect to receive the money. Some lenders may be able to provide you the money within a few minutes, while others may take longer.
  • Fees and charges. All cheque cashing providers are likely to charge fees, but the question is how much? Some may charge you a flat fee, while others may charge you a percentage of the cheque amount.
  • Restrictions. Some providers may have restrictions as to the kinds of cheques they will cash, whether they be business, personal, government, etc. They are also likely to have limits on the cheque amount they are able to cash. Check these restrictions before you apply.

What lenders can cash my cheque?

The following lenders have branches and offer cheque cashing services:

  • Cash Converters
  • OK Money
  • Jacaranda Finance
  • Cash Stop
  • City Finance
  • Money Plus
  • Money3

Is there anything you should avoid when you cash a cheque?

You should avoid cashing your cheque with one of these providers before you take into consideration all of the associated costs. You should really only consider getting your cheque cashed by a third-party lender when waiting three days is not an option for you. Before you cash your cheque, weigh up the cost of the associated fees you will be charged against the value of receiving your money earlier.

Alternatives to cheque cashing

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.

  • Loan amount: $2,000
  • Loan term: 9-15 weeks
  • Turnaround time: 30 minutes (conditions apply)
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Income requirement: 50%+ of income cannot be from Centrelink
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks
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If you are thinking of getting your cheque cashed at one of these providers instead of your banking institution, a payday loan might be an alternative. They offer short term loans until your next payday and can offer a fast turnaround on cash if you needed. Remember, you should compare your options first before applying for any payday loan.

Rates last updated August 20th, 2018
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
9-15 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Note: Centrelink must not be your primary source of income.
Wallet Wizard Smart Loan (Up to 2K)
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 as a convenient line of credit.
Nimble Short Term Loan
62 days to 1 year
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
Apply for up to $2,000 and have 62 days to 1 year to repay. Note: Centrelink must not be your primary source of income.
Credit24 Short Term Loan
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.

Compare up to 4 providers

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14 Responses

  1. Default Gravatar
    RyanNovember 7, 2016

    I won $1400 on the poker machines while I was in Victoria now I’m back in perth I want to know if there are any institutions who can cash prize cheques as I need the money ASAP?

    • finder Customer Care
      LouNovember 8, 2016Staff

      Hi Ryan,

      Thanks for your question.

      On the above page, we have listed some of the lenders that offer cheque cashing services. You may want to check out if any branch is available near you.


  2. Default Gravatar
    JulieAugust 13, 2016

    I have been paid $786with a cheque that I’m assuming is a personal cheque as it doesn’t have the company name on it and I desperately need the funds today can you place help me find the closest place I can take it too as thus us my first time in this situation. I am at durack in Brisbane Queensland. Thanks

    • finder Customer Care
      ElizabethAugust 16, 2016Staff

      Hi Julie,

      Most banks will be able to cash your cheque for you, so if you have a bank branch location that’s convenient to you can cash it there. Local cheque cashing services include The Cash Store at Acacia Ridge, Cash Smart in Logan Central Plaza and ugo at Logan Central Plaza.

      I hope this helps,


  3. Default Gravatar
    KathrynApril 27, 2016

    Can you cash a UK cheque quickly?? My bank takes 7 weeks!

    • finder Customer Care
      ElizabethMay 2, 2016Staff

      Hi Kathryn,

      Just to clarify, you’ve come through to, a financial comparison service, but I can provide you with some information on this. Most banks will be able to cash an international check for you. However, if you don’t have an account you will usually have to pay a fee. You could also try lenders that provide cash checking services such as Cash Converters and Needy Money.

      I hope this has helped,


  4. Default Gravatar
    GeorgeFebruary 25, 2016

    I have personally chequer can u cash it at this time in the morning

    • finder Customer Care
      ElizabethFebruary 25, 2016Staff

      Hi George,

      Some banks offer 24/7 cheque cashing services in-branch. You can check with your bank if it offers this service. If it doesn’t, you may want to try Googling “24-hour cash cheque services” to find local business that may be able to assist.



  5. Default Gravatar
    JasonJanuary 19, 2016

    Where and can I cash a cheque 24 hrs from the reserve Bank?

    • finder Customer Care
      ElizabethJanuary 20, 2016Staff

      Hi Jason,

      This depends on where your are located. Some banks offer 24/7 cheque cashing services in-branch, so you may want to check with your bank if it offers this service. If it doesn’t, you may want to try Googling your location and “24-hour cash cheque services” to find local business that may be able to assist.



  6. Default Gravatar
    danquahAugust 20, 2015

    Please I want to start working for an online company which will pay me by cheque in my do I cash the cheque?

    • finder Customer Care
      ElizabethAugust 20, 2015Staff

      Hi Danquah,

      Thanks for your question.

      You can find a cheque cashing service if you’re looking to cash your cheque with your bank. There are a few of these services available, two of which are Needy Money and Cash Converters.

      I hope this has helped.



  7. Default Gravatar
    paulSeptember 12, 2014

    I have RSL club cheque can I cash it 24hours anywhere?

    • finder Customer Care
      ShirleySeptember 15, 2014Staff

      Hi Paul,

      Thanks for your question.

      You’ll need to check the policies of the RSL club you received the cheque from. In most cases all cashed cheques are to be entered into a ‘cheque cashing register’ located within your RSL.

      All the best,

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