Cashing an American cheque

Zandoni

I will soon be receiving a cheque from America for about $200 and my bank (Santander) will be charging me at least £10 to cash it.

Does anyone know of any other ways to bank the money and get it changed to sterling.

Thanks

jonesMUFCforever

Not really - is there any way the money could be 'wired' to your account instead?

Zandoni

Didn't think there was much choice, other than pay my bank.

A cheque was my only option as I wasn't keen on giving out my bank account details.

Thanks anyway

dzug1

This outfit may help:

http://auctionchex.com/

Minimal charge but there is a hit on the exchange rate

NFH

Zandoni wrote: »

A cheque was my only option as I wasn't keen on giving out my bank account details.

Why not? What's the worst that could happen?

If you get the cheque made payable to me or endorse it to me, I'll pay it into my US bank account and give you GBP at 1.6000 with no charges deducted.

Zandoni

dzug1 wrote: »

This outfit may help:

http://auctionchex.com/

Minimal charge but there is a hit on the exchange rate

Thanks I'll look into it but it's probably easier to pay it into my own account.

KxMx

I use auctionchex and they are great

Mikhail

You can deposit USD cheques to a Citibank UK USD-deposit account free of charge, but is it worth it?

agrinnall

Be prepared for a long wait to get the funds, I've never had to do it but from what I've read on here the cheque may well have to be sent back to the USA to be fully cleared, which can take several weeks.

Zandoni

I suppose it's not worth worrying too much that's why I'm going to go with the easiest option and pay it into my own account.

I've also read it takes a while, but I'll get it in the end.

Thanks everyone for the input though.

NFH

Zandoni wrote: »

I suppose it's not worth worrying too much that's why I'm going to go with the easiest option and pay it into my own account.

Why not find someone witih a USD bank account and endorse the cheque to them? They can then give you GBP with no charges deducted. Unlike GBP cheques, USD cheques can still be endorsed to a third party.