SB: Foreign Currency Cheques - Transaction Charges

Owl99_2

Hello,

I receive cheques in US dollars from America.

My business account with NatWest charges £10.50 per transaction (i.e., could be a bunch of cheques paid in at once) to pay them into my sterling account. They also charge me £5.75 per month just for the privilege of having a business account.

I've just looked into changing to a 'free business banking' account, but while there is no monthly charge, they do charge to pay in foreign cheques... this I half expected anyway, but the banks I've looked at (Abbey and Alliance&Leicester) charge £10 *per cheque* and not per transaction. In Abbey's case, you also have to post the cheques to their international department. (Don't like that idea -- it could get lost.)

All I want is a simple free-banking business account where I can pay in cheques AT the bank over the counter, for which they charge a transaction fee and not a per-cheque fee.

Has anyone had any luck in this area?

Many thanks.

Nick

bridiej

Dont know if a service like this might be of use https://www.xe.com/fx/

Not entirely sure how they work, but maybe you could get them to change your currency and pay sterling into the bank - might be a posibiility?

This is just an idea off the top of my head so I'm afraid I've no idea how it works or the costs involved, but the link should give you all the info and if you google I'm sure there's loads of similar services.