1. the act or process of converting a check, bond, or other financial instrument into cash
Usage: chiefly British and Indian English; formal/technical

Examples

• The encashment of the traveler's check took only a few minutes at the bank.
• Encashment of the bond requires presentation of the original certificate.
• The company processes encashment requests within two business days.
• She requested encashment of her insurance payout.
• The encashment procedure is outlined in the account agreement.