Cheapest way to cash a US Dollar Cheque

hoolet010

I agree that Auctionchex appears to give REALLY bad exchange rates. I was quoted an effective commission that would have left me with 10% less funds than the retail spot rate would give....

dzug1

hoolet010 wrote: »

I agree that Auctionchex appears to give REALLY bad exchange rates. I was quoted an effective commission that would have left me with 10% less funds than the retail spot rate would give....

Yes - their strength is that they are cost effective for small cheques that at least some banks would charge £20 for - and even then probably not at the spot rate

Agree there are better ways for large sums.

Alan2802

Sad news, as of 29th June 2012, CitiBank are going to start charging £5/month for USD accounts unless you have their CitiGold or CitiPlus current accounts.
(For citiGold you need to be rich, for CitiPlus you need a good Salary, neither of which apply to me)

I opened my CitiBank USD account about 15 years ago, as they insisted on posting me dividend cheques for $1. Eventually I opened the account and used their pre-paid envelopes, happy in the knowledge I was getting my 60p at no cost.

Alas, that will no longer be possible.

jrusso

The Co-op Bank only charges £6 to cash a Dollar cheque I believe. Worth asking them.

dzug1

jrusso wrote: »

The Co-op Bank only charges £6 to cash a Dollar cheque I believe. Worth asking them.

Is that actually to cash it - or to pay it into your coop account?

jrusso

That's to pay it into an account.