Cheapest way to cash a $25k cheque?

tommymack

I have a cheque for $25k. What's the best way to get it into sterling? Citibank? Nationwide? Something else?

jonesMUFCforever

Where do you have an account?
Walking into a bank where you do not have an active relationship will mean they will ''collect'' the proceeds of the cheque meaning a delay of up to a month before you get the dosh.

Is there any way you could substitute the cheque for an electronic transfer?

bengal-stripe

tommymack wrote: »

I have a cheque for $25k. What's the best way to get it into sterling? Citibank? Nationwide? Something else?

Due to money laundering regulations, with a cheque of this size and a payment that crosses national boundaries, you are likely having to give detailed information where the money comes from. Do not try to open a new account to put the cheque through. You will get all the alarm bells ringing and there is a chance the account will be frozen until the source of the funds has been investigated.

If you have any doubt about the person/firm who issued the cheque and any suspicion the transaction might not be quite kosher, walk away!

P.S. Let's hope the cheque is not from Nigeria.

tommymack

The cheque is legit, from my uncle's estate! Am I still best paying it into my bank - will I not be hit with fees and a crap exchange rate?

tommymack

jonesMUFCforever wrote: »

Where do you have an account?
Walking into a bank where you do not have an active relationship will mean they will ''collect'' the proceeds of the cheque meaning a delay of up to a month before you get the dosh.

Is there any way you could substitute the cheque for an electronic transfer?

A delay of a month wouldn't be a problem if it meant a substantial saving. Do you know of anywhere with a sufficiently better rate of exchange/low fees to make it worth it?

markbodega

If it's a US Dollar cheque from a legitimate US bank your best bet is to speak to one of the many currency specialists in the UK as they will enable you to use this to transfer the money into a UK bank account. Compare the exchange rates offered by your bank to those offered by these specialists as they will usually save you up to 4% through better rates and you will avoid unnecessary international banking charges.

Martins guide lists the main ones here (check the over £5k section)
http://www.moneysavingexpert.com/banking/foreign-currency-exchange#step4

Hope this helps

Mark