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whole sentence please :))

English translation: negotiated cheque

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Dutch term or phrase:cheque onder gewoon voorbehoud
English translation:negotiated cheque
Entered by: Chris Hopley

17:07 Mar 6, 2004
Dutch to English translations [PRO]
Finance (general)
Dutch term or phrase: whole sentence please :))
Kosten die de ABN AMRO in rekening brengt voor het "onder gewoon voorbehoud" crediteren van de rekening van alle Euro en USD buitenlandse cheque ontvangsten
Judith Furness-Bosselaar
Netherlands
Local time: 10:03
negotiated cheque
Explanation:
I would translate this sentence as: "The charges made by ABN-AMRO for crediting funds in EUR and USD from negotiated cheques."

When presented with a cheque in foreign currency, there are two ways the bank and customer can proceed in order to have the funds cleared.

1) The first way is that the person who has received a cheque presents the cheque to his bank. The bank then physically returns the cheque to the bank on which the cheque is drawn. The funds are debited from the payer's account and remitted to the payee's bank. Once received, the payee's bank credits the funds to the payee's account (less charges, of course!). This is known as "cheque collection".

2) The second option is that the person receiving the cheque presents the cheque to his bank. The bank immediately credits his account with the amount of the cheque (less charges). Obviously, a cheque is no guarantee of payment until the funds have cleared, so the credit to the payee's bank account is said to be "subject to the usual reserve", meaning that if the cheque bounces, the initial credit to the payee's account will be reversed. This is known as "cheque negotiation" as the banks concerned will usually have an agreement to buy cheques off each other to save the admin involved in collection.

Some interesting references:
-> "Cheque collection: The cheques will be credited to your account when we have received the funds from the overseas bank involved. Receipt of proceeds usually means that a cheque has definitely been paid"
-> "Cheque negotiation is particularly suited to lower value cheques, as the charges are lower ... When a cheque is negotiated, proceeds are immediately credited to your account. However, if the cheque is subsequently returned unpaid we will debit your account accordingly."
http://www.ukbusiness.hsbc.com/hsbc/mrp/receiving-payments/c...

-> "Soorten cheques
+ Cheques die zijn uitgeschreven door een bank OGV (Onder Gewoon Voorbehoud) worden na verwerking door het hoofdkantoor op uw rekening vergoed of kunnen direct aan u betaald worden.
+ Cheques van een bank zonder OGV-contract worden naar de betreffende bank gestuurd en voor u geïncasseerd."
http://www.abnamro.nl/nl/zakelijk/internationaal_betalen/ban...

--------------------------------------------------
Note added at 6 hrs 38 mins (2004-03-06 23:46:37 GMT)
--------------------------------------------------

See also page 6 (page 7 of the PDF file) of this brochure by Lloyds TSB Offshore: http://www.lloydstsb-offshore.com/brochures/OB524.pdf
Selected response from:

Chris Hopley
Netherlands
Local time: 10:03
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3negotiated cheque
Chris Hopley
4 +2ABN AMRO charges applicable to accounts credited
jarry (X)
3 +1whole sentence
Nathalya


  

Answers


23 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
whole sentence


Explanation:
Costs, charged by the ABN AMRO for the crediting "under the usual reserves" of the (Euro/USD) foreign cheque receipts account.

A suggestion :)

--------------------------------------------------
Note added at 25 mins (2004-03-06 17:32:57 GMT)
--------------------------------------------------

Onder gewoon voorbehoud: under the usual reserves -> zie Eurodicautom

Nathalya
Belgium
Local time: 10:03
Works in field
Native speaker of: Dutch

Peer comments on this answer (and responses from the answerer)
agree  trautlady: oder mit vorbehalt?
2 hrs
Login to enter a peer comment (or grade)

37 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
ABN AMRO charges applicable to accounts credited


Explanation:
for all EUR and USD foreign cheque proceeds subject to the usual conditions.

jarry (X)
South Africa
Local time: 10:03
Specializes in field
Native speaker of: English
PRO pts in category: 353

Peer comments on this answer (and responses from the answerer)
agree  Nathalya
6 mins
agree  Mirjam Bonne-Nollen
2 hrs
Login to enter a peer comment (or grade)

6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
cheque onder gewoon voorbehoud
negotiated cheque


Explanation:
I would translate this sentence as: "The charges made by ABN-AMRO for crediting funds in EUR and USD from negotiated cheques."

When presented with a cheque in foreign currency, there are two ways the bank and customer can proceed in order to have the funds cleared.

1) The first way is that the person who has received a cheque presents the cheque to his bank. The bank then physically returns the cheque to the bank on which the cheque is drawn. The funds are debited from the payer's account and remitted to the payee's bank. Once received, the payee's bank credits the funds to the payee's account (less charges, of course!). This is known as "cheque collection".

2) The second option is that the person receiving the cheque presents the cheque to his bank. The bank immediately credits his account with the amount of the cheque (less charges). Obviously, a cheque is no guarantee of payment until the funds have cleared, so the credit to the payee's bank account is said to be "subject to the usual reserve", meaning that if the cheque bounces, the initial credit to the payee's account will be reversed. This is known as "cheque negotiation" as the banks concerned will usually have an agreement to buy cheques off each other to save the admin involved in collection.

Some interesting references:
-> "Cheque collection: The cheques will be credited to your account when we have received the funds from the overseas bank involved. Receipt of proceeds usually means that a cheque has definitely been paid"
-> "Cheque negotiation is particularly suited to lower value cheques, as the charges are lower ... When a cheque is negotiated, proceeds are immediately credited to your account. However, if the cheque is subsequently returned unpaid we will debit your account accordingly."
http://www.ukbusiness.hsbc.com/hsbc/mrp/receiving-payments/c...

-> "Soorten cheques
+ Cheques die zijn uitgeschreven door een bank OGV (Onder Gewoon Voorbehoud) worden na verwerking door het hoofdkantoor op uw rekening vergoed of kunnen direct aan u betaald worden.
+ Cheques van een bank zonder OGV-contract worden naar de betreffende bank gestuurd en voor u geïncasseerd."
http://www.abnamro.nl/nl/zakelijk/internationaal_betalen/ban...

--------------------------------------------------
Note added at 6 hrs 38 mins (2004-03-06 23:46:37 GMT)
--------------------------------------------------

See also page 6 (page 7 of the PDF file) of this brochure by Lloyds TSB Offshore: http://www.lloydstsb-offshore.com/brochures/OB524.pdf

Chris Hopley
Netherlands
Local time: 10:03
Specializes in field
Native speaker of: English
PRO pts in category: 103

Peer comments on this answer (and responses from the answerer)
agree  AllisonK (X)
8 hrs
agree  Iris70
9 hrs
agree  jarry (X): And what happened to cheque clearance (as opposed to negotiation)?
17 hrs
  -> the cheque "clears" in both cases once the funds have been debited from the account of the payer; negotiation is one method of getting the funds to clear
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