Cheapest way to pay US dollar cheque into UK acc.

boots_babe · 17 November 2004 at 4:04PM

I have a cheque for $10.26 which I tried to pay in to my bank (LloydsTSB). However, they told me that after charges the value paid into my account would be just 24p!!

I realise that banks have to charge something for this, but this really seems extortionate! I was wondering if anyone knows of a cheaper way to cash a US dollar cheque?

I am currently switching my current account to A&L so will check their charges, and will also check Smile as I have a current account with them too.

If there is no better way of doing it then I'll still pay it in, just as a point of principle if nothing else.

TIA.

Fatboy_NSS · 17 November 2004 at 8:20PM

The Lloyds TSB fee seems really low. The fee in Abbey is £10, so banking a cheque that small would leave you owing us money!

Your best bet would be to find someone with a US bank account and pay it into that. They don't have "A/C payee" in the states so you can just sign the cheque on the back and anyone can cash it.

johnllew · 18 November 2004 at 3:01AM

I was wondering if anyone knows of a cheaper way to cash a US dollar cheque?

Barclays apparently make no charge if the amount is less than £50. The phone number of the Barclays dept. which deals with this is 0151 801 3990.

boots_babe · 18 November 2004 at 3:40PM

Thanks both for your replies. Unfortunately i don't know anyone with a US bank account, and I don't have a Barclay's account either! But might look into it.

Thanks :-)

deemy2004 · 19 November 2004 at 6:13AM

try citibank

k_sta · 20 November 2004 at 3:15PM

Yeah,

Citibank - no fees - deposits as dollars and you transfer it electronically

K

deemy2004 · 25 November 2004 at 2:58AM

Need a minimum £2k relationship across all accounts. So £2k in an savings account should do nicely

Only problem, look at the dollar rate ! 1.88 today !

mos · 29 November 2004 at 11:45PM

I checked with CITIbank today, they require at least
13K for opening a US dollor bank account.

anybody have experience?

johnllew · 30 November 2004 at 1:36PM

Need a minimum £2k relationship across all accounts.

Only to avoid charges on a CB US $ current a/c. The CB US $ savings a/c has no charges, no minimum balance and can be used to clear $ cheques.

deemy2004 · 1 December 2004 at 2:58AM

Only to avoid charges on a CB US $ current a/c. The CB US $ savings a/c has no charges, no minimum balance and can be used to clear $ cheques.

Good show ! I shut my $ current account down over a year ago, now I think I'll open a $ savings account, if as you say they allow $ cheques to be cleared into it.

I was forced to shut the damn account down cos as the $ fell so did the value of my £2k IN dollars which then started attracted a monthly fee ! Well lucky for me I did it when the rate was around 1.65 ,

,

jonesMUFCforever · 11 December 2004 at 1:41AM

A tip which might work!!!

It would appear to me that you have no option other than to pay in using your LoydsTsb account.Fill in the nego form provide by them and they will send it off to their Overseas department who MAY (I stress may) take pity on you and decide not to charge you.
If you do get charged you are really no better off when you had a useless bit of paper in your hand are you. I have seen it before when common sense prevails and somehow small cheques slip the net.
The bank cannot quote anything other than their official tariff in case you complain if you do not get a freebie.
Eric

Cheapest way to pay US dollar cheque into UK acc.

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