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

  • Centrelink borrowers considered
  • Fast approval service
  • Borrow up to $2,000
Security Logo

100% confidential application

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000

  • Loan amount: $2,000
  • Loan term: 9 weeks
  • Turnaround time: 30 Minutes - conditions apply
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed
Go to site

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 June 26th, 2017
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Product Description
Sunshine Short Term Loans
$2,000
9 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. Family Business since 1999.
Nimble Short Term Loan
$2,000
62 days to 1 year
1 hour - conditions apply*
20% of loan amount + 4% of loan amount each month
Apply for a short term loan and you could borrow up to $2,000
Ferratum Cash Loans
$1,900
Up to 6 mths
Same Day if approved
20% of borrowed amount + 4% of borrowed amount each month
A small loan from Ferratum lets you borrow up to $1,900 without a credit check
Cash Train Loans
$2,000
10 weeks or 3 months
1 Business Day
20% of principal amount (establishment fee) + 4% monthly charge
Apply for a Cash Train loan and get up to $2,000 sent straight to your bank account. Fast online application

Compare up to 4 providers

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

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14 Responses to The ultimate guide to cheque cashing

  1. Default Gravatar
    Ryan | November 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?

    • Staff
      Anndy | November 8, 2016

      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.

      Cheers,
      Anndy

  2. Default Gravatar
    Julie | August 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

    • Staff
      Elizabeth | August 16, 2016

      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,

      Elizabeth

  3. Default Gravatar
    Kathryn | April 27, 2016

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

    • Staff
      Elizabeth | May 2, 2016

      Hi Kathryn,

      Just to clarify, you’ve come through to finder.com.au, 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,

      Elizabeth

  4. Default Gravatar
    George | February 25, 2016

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

    • Staff
      Elizabeth | February 25, 2016

      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.

      Thanks,

      Elizabeth

  5. Default Gravatar
    Jason | January 19, 2016

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

    • Staff
      Elizabeth | January 20, 2016

      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.

      Thanks,

      Elizabeth

  6. Default Gravatar
    danquah | August 20, 2015

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

    • Staff
      Elizabeth | August 20, 2015

      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.

      Thanks,

      Elizabeth

  7. Default Gravatar
    paul | September 12, 2014

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

    • Staff
      Shirley | September 15, 2014

      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,
      Shirley

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