Which banks do not charge for depositing demand drafts

Isaacchanzs

Hi I'm a Singaporean student going over to the UK soon for studies. I have a substantial amount of pounds (>£10,000) in bank draft purchased from the local bank DBS bank ltd. The agent bank on my draft is Barclays bank. I would like to know which banks do not charge me money to deposit this bank draft with them, assuming I just get the normal cash checking account. The banks websites aren't clear on this.


Many thanks
Isaac

Hazzanet

If the draft has a UK sortcode and account number on the bottom (I assume it has because you say that it is drawn on Barclays) I would expect that it would go through the normal UK clearing system for free. You need to ask your bank though.

Isaacchanzs

Hi, I'm sorry. I was mistaken; the bank draft is drawn on Lloyds TSB bank. I cannot attach a picture of the bank draft here due to me being new but I'll link it:

img543.imageshack.us/img543/5894/10406981.jpg
I am a total newbie at this; not sure if this is drawn on Lloyds Bank or DBS? If there are charges, who charges the least among: Lloyds, HSBC, NatWest and Barclays?

Much appreciated.

izools

I suggest opening an account with Lloyds TSB.

They are going to clear the draft faster than another bank and will likely charge less (if anything).

Hazzanet

Cant tell as you've blanked the MICR numbers at the bottom. If one of them is 6 digits long, starts with 30, usually shown as 30-0000': then it will be cleared by any UK bank for free (will just go through clearing as a normal voucher).

Hazzanet

In fact, I'm 90% confident any bank will clear it as a normal clearing voucher.

notts_phil

https://www.img543.imageshack.us/img543/5894/10406981.jpg

Lokolo

notts_phil wrote: »

https://www.img543.imageshack.us/img543/5894/10406981.jpg

http://img543.imageshack.us/img543/5894/10406981.jpg

Is the image location but its quite big so not posting it here lol.

Isaacchanzs

Hazzanet wrote: »

Cant tell as you've blanked the MICR numbers at the bottom. If one of them is 6 digits long, starts with 30, usually shown as 30-0000': then it will be cleared by any UK bank for free (will just go through clearing as a normal voucher).

Hi Hazzanet,

Indeed it does have a 6 digit long number 30-xxxx below.
Thanks a MILLION for your advice, see you guys in England in a fortnight