Exchange Rate/Charges for large US$ Cheque - What's Best?

MuffyMan

Hi

I currently bank with RBS. I used to receive dividend cheques from a US company's shares made in USD ($) which I just paid into my current account at Virgin One (RBS). They charged 10% of the value of all cheques, which was very poor, but since it was only less than $100 each quarter it didn't matter too much. The shares have been compulsoraly purchased from a takeover, which means that I will be receiving a cheque for quite a few $000 and naturally I don't want to lose 10% of such a large sum. so here's the question:

Which is the best bank to pay in a large USD cheque to get the most GBP (£)?

I don't care too much about one-off charges, more concerned about who pays the best exchange rate (close to the mid rate, small spread).

Thanks