Foreign Items

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DEFINITION of 'Foreign Items'

A check/draft drawn on a financial institution different from the one it is being presented at. Foreign currency can also be considered a foreign item when depositing into the account, as special procedures may come into play.

INVESTOPEDIA EXPLAINS 'Foreign Items'

Foreign items may also be referred to as transit items. Canadian currency being deposited into a U.S. bank does not need to be handled differently, although exchange rates will be calculated.

RELATED TERMS
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