Paying in US $

squidward_2

My sister was killed by a drunk driver in California last year. She had made me beneficiary of her life insurance. In order to pay $US cheques into a UK account do I have to just approach loads of banks and haggle?
Hope someone can help, thanks.

sujman

I have no specific experience in this area but yes, if you do want to maximise the exchange rate, its better to get quotes from a variety of different banks.

I can imagine however, those quotes would only be valid for that day and they would then say the actual exchange rate changes daily and the rate applied would be the one at the point the cheque was cleared and money transfered.

Furthermore, you'd have to factor in the time it would take to open a bank account (if you dont already bank with them) so you will probably never the exact rate that will be used.

All you can do, if this is the case, is to identify the bank that consistently offers the best rate and deposit the cheque with them.

The sum involved sounds substantial, otherwise why bother with exchange rates? If that is the case, why not open an American Bank a/c or other off shore bank and keep the money in dollars?

myrnahaz

That's terrible, squidward. It must be awful having to deal with this problem on top of losing your sister.

When we receive payments made in Euros to our works account, the bank deducts £6 for each transaction (regardless of the amount paid in) - I don't know whether this would apply to Dollars, but they're just as common as Euros and Sterling, so I wouldn't think it would be much different. Ask your own bank manager what he/she has to offer - I'm sure theyll be able to advise you.

Slayerx

I thought I would make you aware that $ cheques can take 28 working days to clear as they may go for negotiation.

Im sorry for your loss.

jonesMUFCforever

Sorry to hear of your bereavement.
If you open a new account just to pay one cheque then expect the bank to send the cheque to be Collected and not negotiated, as they do not know any of your financial history. This costs more than negotiation and could take up to 25 working days to receive funds.
No matter how many banks you approach they will only quote you a guide rate for that day - which might be way out when you actually receive the funds.
You don't state if this $usd dollar cheque is a one off or how much is involved but you could ask whoever is sending the cheque to you for it to be drawn in sterling on a London bank which would do away with the conversion and you have cleared funds within 4 working days.