Paying in foreign currency cheques

distilledchill

Hi all,

I recently received a foreign currency cheque which isn't of particularly high value.

However, when trying to pay it into Natwest I was told of a £5 charge to pay it in. Given the value of the cheque is only $50 = £33 I don't think that would be the best way to do it...

Which bank(s) are the best in terms of low charges for accepting foreign currency cheques?

Thanks in advance,

David

Uncertain

Up to a few years ago I was sent a $100 cheque (check!!) each Christmas. The best I could find then was £4 at LTSB. Barclays wanted £8. Sadly I doubt you will do much better.

sdooley

I don't think you'll do much better than £5. Cheques have to be presented for clearing from your bank to the originating bank, possibly through a third bank and while systems within the EU are now better for this international payments generally have a lot of catching up to do.

If you are expecting dollar payments in future you could ask the payer to make the payment via paypal - fees apply, but are lower.

distilledchill

Thanks, much apprecaited for the advice - will pay it in now!

97trophy

If this is a regular receipt consider opening a free US$ and GBP account with Citibank UK. You will then be able to pay in the cheque for free, convert to GBP when you want and withdraw as you wish,