Are there maximum times for clearing cheques from certain countries, e.g. within the EU, from the US, etc?

No - because there is no centralised clearing system there are a number of different ways of obtaining payment so each cheque is processed separately and timescales will vary.

There is no agreed maximum or minimum timescale so collection (where the beneficiary does not get value until its own bank has received value) takes weeks and sometimes months.  Similarly, with negotiation, whilst the beneficiary receives value immediately, the right of recourse, which gives the beneficiary bank the right to reclaim the funds paid into the beneficiary's account, exists until the beneficiary's bank knows whether or not the cheque has been returned unpaid, which again can take weeks or even months.

In the case of cheques drawn on banks in the USA, funds can be recalled any time up to 6 years after payment to the beneficiary has been made (statute of limitations).

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