Foreign currency cheque

gelato_cat

Hi all

I have a cheque made out in Canadian dollars which I need to deposit into a UK bank account.

Does anyone have an idea on who I can deposit it with and not have to pay exhorbitant fees? I know I'll probably get a cr@ppy exchange rate but will just have to live with that.

I have current accounts with Halifax, A&L and Lloyds if that helps.

thanks

Suze

saltydognl

Hi,
Suggest you try lloyds but it depends on wether you need the money to be converted now as you can open a C$ account and let it sit till you need it or until the exchange rate gets better currently 2.15 tothe pound.
You could use the money to buy goods from the states as another way of converting it. or swap it with someone going on holiday to canada.
It just needs a little lateral thinking. anyway good luck. and hope it works out.

Mike

gelato_cat

saltydognl wrote:

Suggest you try lloyds

Why Lloyds rather than the other two?

saltydognl wrote:

but it depends on wether you need the money to be converted now as you can open a C$ account and let it sit till you need it or until the exchange rate gets better currently 2.15 tothe pound.

I've looked into that - for the accounts I've found, you have to pay fees which wipes out any potential benefit.

saltydognl wrote:

You could use the money to buy goods from the states as another way of converting it.

How would I do that without first cashing it?

saltydognl wrote:

or swap it with someone going on holiday to canada.
It just needs a little lateral thinking.

Hm. Giving it to someone else when it's in my name? How are they going to cash it if a) it's not in their name and b) they're only on holiday in Canada and don't have an account there?

Not sure any of these options are viable I'm afraid

Suze

Biggles

Give the banks a ring and ask (though you will only get an estimate).

You'll normally have to pay a flatrate charge (probably starting at a fiver or so, depending on the amount of the cheque) but the exchange rate they use these days doesn't tend to be too bad, though will vary slightly from one to another. One bank might stand out after you've rung them?

thesaint

Suzey, I love post #3