USD Cheque into GBP bank account

jackyboydnb · 15 March 2011 at 10:26AM

Hi all,

I recently have been given a USD cheque worth just under 1.5k USD....i would like to put into my natwest or nationwide account but they charge £12.50 - 20£ and takes up to 8weeks to get the cash. I can't wait that long.

I had an idea of opening a USD account with citi bank and then withdrawing or transferring from that aco!!!! into nationwide/natwest. Does anyone know how long this would take?

Or does anyone have any other ideas for getting this usd cheque into gbp. I don't mind charges up to like £30 but it is the time I am more bothered about....the quicker the better!

Thanks in advance

Superheavy · 15 March 2011 at 11:20AM

Is the cheque payment for a specific item or work completed? The one thing you may want to bear in mind as well is that international cheques aren't very secure and can be recalled by the remitting bank at any time, even months or years after it's been paid, they don't have a specific timescale in which to recall it like UK cheques.

In terms of getting the money from the cheque, have you tried those cheque cashing type shops? Not sure if they'd accept international ones though.

jackyboydnb · 15 March 2011 at 11:22AM

No i did think about those shops but i would imagine the fees and currency exchange rate you would get would be extortionate.

It was through a broker in the US selling some shares. My last broker could put straight into a GBP account however these people can't which is annoying.

Voyager2002 · 15 March 2011 at 11:27AM

NatWest also offers a US dollar account, although you may find that their exchange rate for shifting dollars to sterling is worse than that offered by Citibank. As for timeframes, I suggest you ask the banks.

jackyboydnb · 15 March 2011 at 11:38AM

Ok thanks for your help

coolesticeking · 15 March 2011 at 11:44AM

Don't know if this is a possibility, but can it be transferred to you electronically instead of by a cheque?

jackyboydnb · 15 March 2011 at 12:39PM

I think they can but i think at the time the charge and exchange rate was crazy. So i opted for the cheque not thinking how much of a pain it would be!! Ah well!