Both forms are correct. Cheque and check are two correct forms of one noun. However, cheque is a British English version used only in a specific financial context, so has a more narrow meaning. Check is an older, more common, and universal form. It can act as a verb and a noun with different meanings.

Correct spelling, explanation: form is used in British English (only as a noun).

Correct spelling, explanation: form is used in American English (as a noun) and British English (as a verb).

Definition of check/cheque:
noun: a blank form used to make payments from your bank account;
I wrote a check for $200 for the charity event.
More and more places are not accepting payments by cheque anymore.

Definition of check:
Verb: to make sure that something or someone is fine, suitable, or safe;
I always check twice if the door is locked correctly before I leave the house.
– to find out an information etc.;
I would like to check it with a lawyer before going to court.
– to give someone a thing (like luggage or clothes) for them to look after or put somewhere where it should be taken;
We were late at the airport, so we barely had time to check (out) our luggage.
As a student I have worked in an art gallery, I was checking clothes and cleaning during openings.
– to tick something with a check;
Do not forget to check the parts off the list if they are ready to send.
Noun: a pattern composed of squares made from crossing lines in different colors;
My favorite skirt is made from Scottish tartan with a very specific check.
– a mark (✓ ) used to show that something is done;
I mark each task category with a check in a different color.