Cashing a cheque in dollars

ab7167

I have received a cheque from my aunt as a wedding present, but it is made out in US$. What is the best way to deal with this? I have a nationwide flex account and a Lloyds current account if either of these is better? Also, it is for a large amount of money, am I going to be asked to prove where it has come from?

Any advice would be lovely, thank you in advance!

olly300

This comes up a lot on this forum. The answer is there is no easy way of doing this, it takes a long time and is more expensive than using an electronic payment method.

The best thing for you to do is ask your Aunt if she can transfer the money using an electronic means to one of you bank accounts. Then give her your full bank account details for international payments. That way you should get the money in a week.

leandygandy

You should speak to your bank about it. I used to work in a bank (five years ago so processes may have changed) and it was possible back then to pay a currency cheque into a sterling account. We had to fill out a form and specify how the charges were to be applied (from memory it was either x% of the value or a flat amount depending on which option you chose - this would depend on how much you are depositing and the currency) then the cheque would be sent off to the currency department who would process it and apply it to the account less any charges.

Money laundering rules still apply so if it is a large amount I would anticipate having to explain where it came from, 'wedding gift from overseas relative' should suffice though.

ab7167

Thanks, I will take it to both nationwide and Lloyds and see who will give me most for it :-)