Banking a dollar cheque - any tips please

Lindsay100

Hi there, I have been lucky and have inherited $20,000. If I pay it straight into the bank then it will be 14 days before we know what rate we will end up with and by that time will have lost all power.

Any advice to an alternative? Sorry if this is the wrong board, feel free to move. :money:

cheerfulcat

Hi, Lindsay,

The money will be converted into £ as soon as you bank the cheque. With an amount as large as that you should be able to get a more favourable rate, btw; it doesn't hurt to ask, anyway :-)

Cheerfulcat

grumbler

Recent thread: Cheapest way to pay US dollar cheque into UK acc.
Other threads:
Paying in USD Cheque
Paying in a cheque in $
...

Search (Guide);)

Lindsay100

Thanks so much for this advice. Citibank say they will open a dollar account for us and if we deposit the money for a month they will give is a rate of 3.21. Then if we want to transfer to pounds they will do it at the bank of england rate.

I am not used to dealing with large sums of money. When they say the interest is calculated monthly, they don't mean they pay it money surely? That would be $600 a month?

Also, some advice on what is probably a simple thing but I have no idea about. What's the risk of not transferring to sterling now, how does the dollar look?

BenL

Are you sure you have inherited this money??

You don't have to pay any fees to release the money do you??

Just checking its not a scam.

Ben

Lindsay100

Hi Ben, Thanks for the concern. It was my parents who inherited and they are the ones who have given me the cheque. A wealthy uncle in America 80)

grumbler

Lindsay100 wrote:

...they will give is a rate of 3.21. ...When they say the interest is calculated monthly, they don't mean they pay it money surely? That would be $600 a month?

3.21% is annual rate. $642 is annual interest. Monthly interest is about $50.

they will do it at the bank of england rate

Never heard about BOE rate for £/$ ... Did you read post #7 in the first thread I quoted above? Interbank rate 25/11 was 1.7234 (see http://www.oanda.com/convert/fxhistory) ...

Lindsay100

Thanks grumbler, that was quite disapointing, looking back at what we could have had hehe. Any advice on what you think the dollar/pound will do in the next 6 months. Wondering whether to convert or wait?

grumbler

Lindsay100 wrote:

... Any advice on what you think the dollar/pound will do in the next 6 months. Wondering whether to convert or wait?

I never play currency exchange games with professionals and convert (smaller amounts though) when it is convenient for me - without relation to any forecasts. You can try :rolleyes: ... My advice: don't believe any advice when it comes to currency exchange ...

System

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