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Paying in a cheque in $
ips_saint
Posts: 25 Forumite
I went to pay in a cheque made out to me in $ from an American betting company at my bank (HSBC) today and I was told that they would charge me £5 for the pleasure of doing so. I promptly told them where to go and moved on. I think this is outrageous. Is there any way around this? Anywhere that will let me cash it for a much more smaller amount or for free? Alternatively, I may just go back and demand they do it for free or I will move my account elsewhere.
They can't claim it is for an admin fee when they are a global consumer and investment bank and shift billions of pounds around the world daily. No wonder they make so much !!!!!! money.
They can't claim it is for an admin fee when they are a global consumer and investment bank and shift billions of pounds around the world daily. No wonder they make so much !!!!!! money.
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Comments
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If you open a sterling citibank current account (for which you can get cashback at linemypocket and probably rpoints amongst other places), you can open a dollar savings account into which you can pay the cheque free of charge. You can then transfer it into the current account.0
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Halifax didn't charge me for $cheque into my current ac. Just gave me the exchange rate.
~Laugh and the world laughs with you, weep and you weep alone.~:)
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Poppy9 wrote:Halifax didn't charge me for $cheque into my current ac. Just gave me the exchange rate.
Thank you, I'll bear the Halifax in mind, as I have a $ cheque due soon. 0 -
Just for one second think about what you have done.
You have received a cheque in a foreign currency drawn on another country. How do you think your bank is to get the money for you?
With a cheque they have to post it out to the states, get the funds and pay it into your account.They may be a worlwide bank AFAIK there is no world cheque collection service for easy clearance of any cheque. Banks use correspondents banks in different countries who will not work for free.
Also note that HSBC offer you an account without charge (if you do not willingly pay for an additional value account) but some countries charge just for having an account.
Why should they do it for free? Why did the betting company not pay you direct electronically?(believe me they would have deducted their charges from the amount due to you)
Your actions are likely to cost you dear.You don't state how much the cheque is for but if you do close your HSBC and open a new bank account,as a new customer they might decide it to be prudent to collect the cheque (not negotiate) and you will find the minimum charge to be around £20 (+ expenses) and the timescale approx 3-4 weeks.
Eric0 -
Ejones
What have I done
. I just paid a $ cheque in. Its really no big deal, quite right it should be free the amount the Halifax make out of me paying in money every month, keeping my savings with them etc.:rolleyes: ~Laugh and the world laughs with you, weep and you weep alone.~:)
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Tim_L wrote:If you open a sterling citibank current account (for which you can get cashback at linemypocket and probably rpoints amongst other places), you can open a dollar savings account into which you can pay the cheque free of charge. You can then transfer it into the current account.
Why not just open a $ savings account, then you don't need to keep £2000 in the sterling current account as per their rules.0 -
You're right - the rule have changed on the current account since I got mine 8 months ago. I have no minimum deposit or balance.0
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I'm sure I got charged lots more than taht to pay a $ account into my Nationwide acct, but this was a while ago now. I'm expecting another one - maybe I'll pay it into my HSBC acct this time!0
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