DASP:: Collecting your Cheque after Applying for your Superannuation Refund

Hello everyone, this is P&C Tax Professionals.

From the number of questions we have received it seems like many people were unsure on what to do after they have completed their application for their superannuation refund when they have requested to receive their super refund via cheque instead of through their Australian bank account.

Today, I will show you how you can monetise your Australian superannuation cheque upon receiving at your overseas address. In fact, the method is simpler than you think!

1. Complete your Superannuation Refund application form.

If you apply for your superannuation refund through P&C Tax Professionals, you will most likely receive your super refund directly into your Australian bank account or via cheque if you have already closed your Australian bank account. It takes on average about 6 to 10 weeks to get your super refund into your Australian bank account and on average, 3 months if you have opted to get it sent by cheque. With the overseas courier and mail delivery services getting delayed due to the novel coronavirus, the collection times are likely to take a little longer than expected.

2. Check in your mail to see if your superannuation cheque has been delivered.

Superannuation refund cheques are usually attached to the bottom of your letter so that they can be cut off.

Most of the letters would look like this (see photo below) while some of the other superannuation companies would have the cheques on a separate piece of paper instead of being attached to the letter.

3. Select a local bank most convenient for you.

You can go to any commercial bank in your home country overseas, but keep in mind that the fees for collecting foreign currency cheques would vary for each of the banks. Therefore, it is strongly recommended that you ask your local bank in advance before visiting the branch. As an additional tip, Australian superannuation amounts are denoted in AUD (Australian Dollars), so be sure to go to a large enough branch that deals with foreign exchange and that is capable of processing your cheque for you.

As a result, the total banking fee that would be charged is as follows: Overseas banking fees + Australian banking fees.

4. Collection times and things to keep in mind

The collection of Australian superannuation refund via cheques takes approximately 4 weeks. In some circumstances, it can even be within the timeframe of 2-3 weeks if it is processed early.

Please note that it is recommended that you do not think about the exchange rate but instead exchange your cheque as soon as possible when you receive it in your mail. The reason for this is because usually after 2-3 months, superannuation cheques can become default cheques if not exchanged before then. In this case, you would get into the hassle of having to make a phone call directly to your superannuation company to reapply.

Today, I explained the procedure on how to collect foreign currency cheques at an overseas bank and I hope that this has solved many of your burning questions.

If you have any further questions, please contact us at through our official Facebook page (P&C Tax Professionals - Australia). Alternatively you can also contact us through our email address at: pnctax@naver.com.

Thank you and bye for now!