NOT all banks are equal, even in the face of the territory's stiff regulations.
Some things (such as the interest rate paid on deposits) are neatly fixed, but not so for overseas cheque-cashing fees. Banks can charge whatever they like to cash a foreign-currency cheque . . . and many like to charge a lot.
In these days when electronic mail flashes around the world in seconds, it seems arcane that cheque cashing still depends on the physical movement of a piece of paper. Cheques sent from abroad have to be cleared through two banking systems - one in the sending country and another in the receiving one - and this costs. It makes no difference whether your bank here has branches in the originating country.
The bank generally has two choices about what to do with a foreign cheque. The most common option is to send the cheque back to the issuing country for 'collection'. Here the range of charges is very wide indeed.
An informal Crusader survey found the cheapest collection fee - $100 - at Hongkong Bank, Bank of East Asia and the Bank of Communications.
The drawback to this is that the money does not become available in your account for four or more weeks, depending on how speedy the issuing country's clearing and postal systems are.
Citibank charges just $50 for collection, but you need $50,000 just to open an account with them.