How to deal with a regular USD $ Income check

russmoore

I've looked at a couple of the other posts a little further down the page about paying in one off $ cheques.

I am/will be getting these regularly now - roughly one a fortnight I think - and so I wondered what the best way is to go about getting the money paid into UK banks and into Sterling £.

I see Citibank will allow me to have a $ account, as long as I keep £2000 in savings or equivalent in the account.

I've had a Barclays account since I was a kid and don't really want to drop it, but I'm extremely open to the possibilities of opening new accounts!

I took my first cheque into Barclays today, only to find it has to be go through a very long drawn out procedure to get it paid into my account. Although no charges were mentioned at the time - when I got back home and read through the gumph I'd been handed, it appears I could be charged, not only by Barclays, but also the US banks too! As I'm already losing out due to the weak dollar anyway, I'd like to cut this down as much as possible!

Any suggestions as to how to go about this would be very much appreciated. How to pay in, withdraw, convert etc.

Advice is very much needed!

I'm still new to the site - registered for the email a fortnight ago and am already seeing benefits to my cashflow!

Thanks to all (especially Martin obviously!) for putting all this together!

TIA.

Russ.

johnllew

I see Citibank will allow me to have a $ account, as long as I keep £2000 in savings or equivalent in the account.

You could just open a £ sterling current a/c and a US $ savings a/c - there is then no need to maintain a £2000 balance. It's the combination I use to process $ cheques; there are no charges and the exchange rate is very competitive but it does take around 10 days for the cheques to clear.

Rpoints are giving £30 cashback when you open a Citibank c/a through them. If you're not a member and join through one of the links in my signature, you'll get an extra £5 cashback.

omega27

As I said in another thread, try http://www.auctionpix.co.uk who charge only 95p per envelope. If you can wait a month or two & bundle a few cheques off at the same time, it's even better value.

realaledrinker

Is there any mileage in using Paypal?

If your US partner is your employer thrn maybe not, but with Paypal, the US contact can remit dollars to your Paypal account which you can convert and withdraw in sterling.


Just a thought