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Paying in USD Cheque

mjk_2
mjk_2 Posts: 219 Forumite
in Budgeting & bank accounts
Hi,

I am soon going to be receiving a cheque in USD. PLease can someone tell me what my bank is likely to charge for processing it? I could pay into either Halifax or Nationwide.

Thanks for help.

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Nationwide:

    http://www.nationwide.co.uk/banking/current-account/whats-on-offer/interest-rates.htm :
    Administrative charges
    ....
    Deposit foreign currency cheque - Variable (please ask for details)
  • bargains83
    bargains83 Posts: 404 Forumite
    I would recommend using an exchange service rather than paying it into the bank directly. I recently used auctionpix - https://www.auctionpix.co.uk

    You simply fill in a form online stating how much the dollar cheque is for and it automatically tells you what you will get back in GBP, all they deduct from the total is around 60p which pays for their cost of sending a GBP cheque back to you. You then send them your USD cheque and they will send you one back of the equivelant value in GBP. I've used them twice and have had my cheque exchanged within about 3 - 5 days.

    The rates are pretty good too. A lot of banks will charge a rediculous fee of £5 to £20 for paying in foreign currency cheques so be very careful. Nationwide are one of the few that don't charge a fee as grumbler has pointed out if you wanted to pay in with them.
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    bargains83 wrote:
    Nationwide are one of the few that don't charge a fee as grumbler has pointed out if you wanted to pay in with them.
    No, I think they charge for this ...
This discussion has been closed.
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