Cashing Foreign Checks

teammomentum

I would like to know why it costs £12 to cash a $ or Euro cheque and at the same time get a terrible exchange rate. If anyone can point me in the direction of better rates I would appreciate it.

k1ngston

You can deposit a foreign currency cheque into your bank account with no fees. It does take a bit longer to clear and you're still subject to the banks exchange rates, but it would save you £12.

JuicyJesus

k1ngston wrote: »

You can deposit a foreign currency cheque into your bank account with no fees. It does take a bit longer to clear and you're still subject to the banks exchange rates, but it would save you £12.

Incorrect. Most if not all banks will charge for depositing anything other than a properly drawn sterling cheque.

The reason it costs money is because it is expensive to process and involves a risk to the bank. If you wish to avoid the fee, stop using cheques and get people to pay you by electronic funds transfer.

jonesMUFCforever

The reason is simple - it is a paper based payment method which costs a lot to administer.
All cheques drawn abroad have to be sent abroad for the paying bank to send the money back to UK.
Banks have to employ staff to do this - simples!

KxMx

Try www.auctionchex.com

Used them for donkeys years- not bad exchange rates and admin fee is less than £2.