Recommendations on paying in $US cheques

tjhooker1975

Hi there, I wondered if anyone could help me- I am expecting $7500 in US dollar cheques any day, from my recent casino bagging exploits, and i'm not sure what the most cost effective way of getting them into my (UK) current account. I've looking into opening a citibank $US savings account, but i've not yet been told how much it will cost me to transfer funds from that to my UK bank.

Any help would be appreciated

TJ

Becles

Try http://www.auctionpix.co.uk/

They will convert $ cheques and send you a £ sterling one. It costs 95p per batch of cheques, so it's a lot cheaper than bank fees.

tjhooker1975

Hi there, and thanks for the advice. They do only charge 99p but their exchange rate is so bad that for $7500 I would receive almost £300 LESS than my own bank (HSBC), who would charge me a 2% commission but a rate of 1.862 rather than 2.00.

I think after reading replies on other forums, my nest bet is to go with the $US citibank savings account, they will let me transfer to my UK account for nothing and at a decent exchange rate (so they say)

Becles

Blimey - I didn't realise the exchange rate was so poor. Apologies for the dud advice!

MarkyMarkD

It wasn't duff advice per se, Becs - more like inappropriate advice!


I recommend Auctionpix too, but only as a means of clearing small value cheques where the duff exchange rate is outweighed by the low charges.

grumbler

tjhooker1975 wrote:

I've looking into opening a citibank $US savings account, but i've not yet been told how much it will cost me to transfer funds from that to my UK bank.
TJ

Terms & Conditions
1. A monthly service charge will be levied where the credit balance, across your Citibank UK relationship, falls below the currency equivalent of £2000…
2. … a spread may be applied if the transfer is across currencies.
3. To transfer funds between accounts, you must have a Citibank account in both currencies.
…
Important Information
Charges
A monthly service charge of $20 on each US$ Current Account will be levied where the credit balance, across your UK Citibank relationship, falls below the currency equivalent of £2000….
US Dollar payments into a US Dollar Account are free.

I understand that if you open 2 accounts - £ and $ the only cost of transferring $->£ is hidden in ‘spread’ - currency exchange rate. Just ask them about current rate to estimate cost. I guess transferring £s to other UK bank is free as usually. Do not forget to close $ account then to avoid £20 charge.

Katgoddess

Becles wrote:

Try http://www.auctionpix.co.uk/

They will convert $ cheques and send you a £ sterling one. It costs 95p per batch of cheques, so it's a lot cheaper than bank fees.

Thanks, I am due a $100 cheque from CafePress soon and the 95p fee is the best I've been quoted.