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English definition of “clearance”

clearance

noun [U] (CHEQUE)    /ˈklɪə.rəns/ US  /ˈklɪr.əns/
the process of a cheque going from one bank to another through a central organization, so that money can be paid to the person it is owed to: Clearance (of a cheque) can take up to a week.Withdrawing money
(Definition of clearance noun (CHEQUE) from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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