Foreign currency cheque??

yan1

Hello,
I am receiving a cheque from the U.S for approx £5000. With my Nationwide flexaccount, the funds can either be cleared within 6 days (negotiation) or within 8 weeks or longer (collection).
Similar sorts of fees but would obviously like the money asap.
Any other ideas on how to transfer the dollars to pounds. Is definately a cheque- no chance of electronic/ swift. ??????????????

Extant

yan1 wrote: »

Hello,
I am receiving a cheque from the U.S for approx £5000. With my Nationwide flexaccount, the funds can either be cleared within 6 days (negotiation) or within 8 weeks or longer (collection).
Similar sorts of fees but would obviously like the money asap.
Any other ideas on how to transfer the dollars to pounds. Is definately a cheque- no chance of electronic/ swift. ??????????????

These are pretty much your only options, then - the cheque is drawn on a different system in a different country, so it's a whole other game to paying in a cheque from Barclays, Natwest, etc. - that cheque will physically have to return to the US. This will unfortunately be the same unless you open an account in America - don't be fooled into thinking that a US dollar account held in the UK will make it any faster.

Who is issuing the cheque? That's what I would my decision of collection or negotiation on. If it's someone reputable, like a large company, I'd go for negotiation and take the money sooner. Keep in mind, though, that if the cheque is returned as unpaid, that money will be debited right back.

yan1

Thanks for that. Being issued by the NY governments state insurance carrier, so fairly reputable, I guess??!!

Extant

yan1 wrote: »

Thanks for that. Being issued by the NY governments state insurance carrier, so fairly reputable, I guess??!!

Especially if it's AIG. Oh, look, a finance industry joke.

Yeah, go for nego.