Banking Cheques in US Dollars

PyrOxide

Hi

I run a website and an advertising campaign i run (Google Adsense) only allows me to receive cheques in US Dollars. Now all i have to do with this is sign my name on the back and cross out the £ sign on the paying in slip and replace it with a $ sign, then just pay it in like a normal cheque (although it takes a few days for it to actually appear in my account).
However, my bank takes commission charges for converting the currency, and I wondered if there are any places where I can get it done for free, or if not, cheaper than it is now.
An example of a previous US cheque I had:

Transaction Amount: USD 26.69
Foreign Exchange Rate: 1.8125
Commission Charges: GBP 5.50
Amount: GBP 9.23

See I end up getting less than a tenner, when without the charge I would have nearly 15 quid. Why do they need to charge for that?

Oh and also the cheque I have just received is for $110, I heard they charge even more comission for the higher the amount, is that true?

I would be grateful for any advice. Thanks in advance.

nrsql

Think I read that Nationwide flexaccount charges £5 for a dollar cheque deposit.
Don't know if that's true or what they use as an exchange rate.

MarkyMarkD

Try Auctionpix - 95p per BATCH of cheques submitted admin charge (not per cheque) - slightly worse exchange rates than the banks.

Very much better value for low-value cheques you receive. I've used them and very efficient service too.

PyrOxide

Thanks for your advice. Unfortunately I already banked the cheque the other day, I was told that if the conversion works out at less than £100 (which it did) then you pay £5, anything over it'll cost you £10.
The Nationwide Flexaccount states the conversion fees as 'variable', though I would assume they would follow the same sort of system as my bank.

Oh and Mark, thanks a lot for that site, I checked it out and it seems like a pretty good solution, I'll most likely be using that for future cheques.

akmodi

HI,

Try Citibank.co.uk and then open a GBP and a USD account.

Put your USD cheques in the USD ac and tranfer--online and istantaneously----from USD to GBP account at the bank currency rate.

THEREFORE cheque cashing FREE.

Only drawback

---

you need to have over £2000 as sum total in all your accounts or they charge you for the privilage of banking with them. They have a higher rate savings account that pays well---so keep most of the £2000 there.

Have fun.

numberthree

Thanks for the Auctionpix link MarkymarkD.

I do a few online surveys for American companies and although I haven't actually been paid yet I will only get small value $ cheques. This site sounds ideal for me as my bank charges far to much to make it worth while banking them! I was considering stopping doing the surveys but I will continue.

Many thanks

ash333

A while ago I got a USD cheque, paid it into my NATWEST account as a normal cheque. Anyway, after them f***ing me about for 3 or 4 weeks I got the amount I should have, minus about £15 of charges which they were SUPPOSED to of told me about, but didn't, as if they had, it would have gone into an account I have in US. Anyway, complained for half an hour to the Manager,etc.,etc., said I would complain to financial ombudsman service, Got £100 compensation and a written apology. Not a bad return, but the stress...... lol.