Is it possible to get cash for a cheque instead of having the funds credited...

kaiser_soze

Should read "...to your bank account?" but I reached the maximum number of characters in the threat title.

Basically, I am wondering if it's possible to get cash for a cheque instead of waiting a couple of days for the money to be credited to my bank. I am leaving London in roughly 2 months, and usually HSBC takes at least a couple of days to clear the cheques, which mean I may not have enough time to get the money from my last paycheck before my flight. The cheque will probably be from HSBC too.

Dave101t

i occasionally see a shop in a city centre that says 'cheques cashed fast', so id say it is possible, but i never have.

kaiser_soze

Thanks, Dave! However, these shops always charge some processing fee, as well as a percentage of the total amount, and I'd rather leave that as a last option!

agsnu

Probably not, really. Cheques can bounce for a number of reasons. If someone gave you cash for the value of the cheque then it bounced some time later, they would be out of pocket.

Banks let you draw on cheques that aren't fully cleared (which takes 6 working days) because if the cheque bounces they can just take the money back out of your account (although doing so may create an unauthorised overdraft etc). Cheque cashing shops charge a fee to cover their risks associated with this (and also so that they can make a profit from the transaction - why would they do it for free?).

Your best option is probably to deposit it in HSBC, then use telephone or online banking to transfer it after you've left.

kaiser_soze

Thanks agsnu. I think using online banking to transfer the funds once I've opened a new account is the best route now.

book12

There is another type of cheque that could be used to convert it into cash. I know some temporary foreign workers get paid by that kind of cheque, where they could just hand that no the bank, and exchange it for cash.

In your case, that cheque can't be turned into cash.

willo65

If the signatory on the cheque opens it up to cash then you should be able to cash it at the bank it is drawn on.