Cheapest way to pay US dollar cheque into UK acc.

Damo1888

Is Nationwide currently the cheapest (£6.50) for depositing a US cheque into a UK bank account?

bendee

PeteW wrote: »

Just spoke to First Direct, their fees are:



upto £250.00 in sterling value: flat fee £7.00
over £250.00 sterling value: 0.5% (min £10.00, max £50.00)
euro denominated cheques drawn outside the UK: flat fee of £7.00
euro denominated cheques drawn within the UK: flat fee of £1.00.

How do you find out the First Direct exchange rates? Are they competitive?

graemev2

PeteW wrote: »

Asked Nationwide and they said the fee would be £6.50, or £20 for "higher value cheques" - but they couldn't tell me what the cut of point between the two was, "for security"! So I've no idea if they think $100 is high value, or $100,000… idiots!

Update: They've since told me that a $1000 cheque would have a fee of £6.50, so the limit must be over that.

I was reading this thread while waiting on the line for the nationwide ... I got the same answer ... and the girl on the phone said she'd had the same customer response before ...so all in all lots of time wasting ... I would have next asked what the rate was , but we were so far from a sensible conversation ... so if anyone did thsi, what rate did you get (e.g spot, tourist etc)

notacitifan

Reading the notes below and having a dollar cheque to pay into a uk account, I also tried LTSB. Over a period of two weeks they waved it around and discussed it but didn't know what to do with it; so I took it back and tried to open a Citi account as suggested below. Now, 7 weeks after it started and several long phone calls later, I have given up as the opening of the account is no further forward. Today was the last straw when I was asked to start again, also being told that the Applications Team 'aren't customer facing'!
If/when I get this sorted I'll post again, but please don't go to Citi unless you have the patience of a saint!

Robsia

^try auctionchex. He does take his cut, but he's very prompt. And he was cheaper than LloydsTSB quoted me for the same cheque.

KxMx

For smaller value cheques, bank fees are going to wipe out most of the money, so I always use auctionchex with no qualms.

For something with a higher value it's always worth shopping around.

cfw1994

Interesting!
We have a cheque for over $4k, and speaking with Nationwide, it appears to be up to the branch whether they will even take it (& their discretion on charges!). They tried to speak with a branch, who told them it would depend. Although not what it would depend on! Could be £6.50 and paid within 5 days "if it is a negotiation cheque" (eh?!), or may be £20 and take up to 8 weeks !!

Bizarre. Poor girl couldn't tell me what a "negotiation check" was or meant.

Santander told me their cost would be 0.25% of the fee, with a minimum fee of £15 and a maximum of £65. A bit more professional (at least they had a direct answer!).
I will drop into Nationwide (it is closer) first.....if it cannot be done for £6.50, I'll express my customer views and head to Santander!

bayzat

Citibank dollar savings account won't penalize you like Lloyd's

belfastgirl23

Auctionchex have written to us to say that they can no longer accept dollar cheques I know the rates weren't great with them but it was a minimum hassle option.

I'm going to try the Nationwide again although they weren't helpful about this before. But if anyone can add any new suggestions, please do!

In any case I figured it was worth adding this as an update in case anyone else is still trying to find a solution to the same problem.

belfastgirl23

Another update, the Nationwide now won't accept any dollar cheques for less than $250. Does anyone have any other ideas for cashing small value dollar cheques in the UK?