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Paying US dollars cheques into UK accounts?
strangeeons
Posts: 20 Forumite
I'm recently going to be getting quite a few US dollar cheques in small amounts for various weird reasons (generally just under ten dollars) and I'm wondering if it's possible to pay them into my account (which is at Lloyds TSB currently, but I'd happily open another account somewhere else if suggested) without having to pay large fees. They're small cheques, so there would need to be no limit like $1000 or something.
I'd be grateful if any of you bank US dollar cheques yourselves and know of any ways that I can do so without losing most of the value in charges or ridiculous exchange rates
I am, myself, 17 years old, so I assume some accounts or methods are out of the question?
Thanks very much
--Strange Eons
I'd be grateful if any of you bank US dollar cheques yourselves and know of any ways that I can do so without losing most of the value in charges or ridiculous exchange rates
I am, myself, 17 years old, so I assume some accounts or methods are out of the question?
Thanks very much
--Strange Eons
WON: £10 book token * Heroes Season 1 Boxset DVD * Another £10 book token * Two books -- one awful, one probably the best I have ever read: The Shadow of the Wind...
Lots of freebies, and some successful complaints Thanks people.
Lots of freebies, and some successful complaints Thanks people.
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Comments
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We bank dollar cheques into a £ account from time to time and get charged £5 a time, they can be any amount, hopefully someone else has a better answer for you!0
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Youch. £5 is about the value they are worth -- but thanksWON: £10 book token * Heroes Season 1 Boxset DVD * Another £10 book token * Two books -- one awful, one probably the best I have ever read: The Shadow of the Wind...
Lots of freebies, and some successful complaints Thanks people.0 -
Get people to pay you with something like PayPal in future?0
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As you are under 18 the only option the bank will probably give you is to collect the proceeds. In that case I would bin them.0
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I use Barclays to cash USD cheques. You get charged £9 plus a commission fee, but you can cash as many checks as you want. There's a couple of forms, the first only allows space for 3 cheques (372 A - Negotiation of Foreign Cheques), but a second form allows for an additional 30 entries (370 A).
You have the choice to use a negotiation or a collection with the forms. Collection means they wait to recieve funds from the US banks before crediting you with the money (up to 6 weeks). A negotiation means they'll credit you in advance (within a couple of days), but be prepared to have the money debited from you account should there be a problem with the cheques.
I've always used negotiation. Make sure you have funds in your account to the value or more of the total value of the cheques, and you should be fine. If you have low funds in your account, they'll likely use collection method by default.
HTH0 -
I use Barclays to cash USD cheques. You get charged £9 plus a commission fee, but you can cash as many checks as you want. There's a couple of forms, the first only allows space for 3 cheques (372 A - Negotiation of Foreign Cheques), but a second form allows for an additional 30 entries (370 A).
You have the choice to use a negotiation or a collection with the forms. Collection means they wait to recieve funds from the US banks before crediting you with the money (up to 6 weeks). A negotiation means they'll credit you in advance (within a couple of days), but be prepared to have the money debited from you account should there be a problem with the cheques.
I've always used negotiation. Make sure you have funds in your account to the value or more of the total value of the cheques, and you should be fine. If you have low funds in your account, they'll likely use collection method by default.
HTH0 -
I would ask the payee to pay you via bank transfer in £ and not $, that way they get the charges their end and not you.Breast Cancer Now 100 miles October 2022 100 / 100miles
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jonesMUFCforever wrote: »Or the fact that you are a minor.
Thanks for all the help everyone I see that the money being sent by cheque isn't really going to work. Are there extreme charges for cash (dollars) being turned into pounds? I should hope not; I'll just go to the Post Office.
I'm not sure I understand what you mean in the quote, by the way (Worked it out: I see what you mean: thanks).
I may just initiate a wire/bank transfer having read up on that. I think that's the same way AdSense pay me for having adverts on my site (a really nerdy site set up by me and some friends a while back, that gets enough traffic to earn ... almost $4 a week in advert clicks ... wow!)
-- Strange EonsWON: £10 book token * Heroes Season 1 Boxset DVD * Another £10 book token * Two books -- one awful, one probably the best I have ever read: The Shadow of the Wind...
Lots of freebies, and some successful complaints Thanks people.0 -
jonesMUFCforever wrote: »Or the fact that you are a minor.
Excuse me?0 -
Excuse me?
First post by OP stated that he is under 18 years of age ie a minor.
The bank makes the final decision as to whether to collect or negotiate a cheque.
Normally negotiation can only be made to someone with a current account capable of having an overdraft (in case cheque bounces and beneficiary has already spent the money).
As OP cannot legally have an overdraft as he is a minor then collection is the only option together with the high charges - which is why I suggested binning them as this would be cheaper.0
This discussion has been closed.
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