Money transfers

I refer to A. G. Hart's letter (September 9). For the benefit of readers I wish to point out that it is normal local banking practice to let a prescribed number of weeks elapse before allowing withdrawals against deposited cheques drawn on foreign...

I refer to A. G. Hart's letter (September 9).

For the benefit of readers I wish to point out that it is normal local banking practice to let a prescribed number of weeks elapse before allowing withdrawals against deposited cheques drawn on foreign centres.

The specific number of weeks depends on the country involved. This procedure has also been described in the press release of the Malta Bankers' Association dated July 31, 2003.

An alternative method of transferring one's funds from overseas is by means of the Swift system. This is definitely much safer and quicker, and depending on the amount, also cheaper.

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