Best place to cash a cheque in U.S dollars to G.B pounds

volamoose

Hiya, I have already read a thread on this subject, but there didn't seem to be a conclusive solution. I have a one off cheque in U.S Dollars from some shares sold on the U.S stock market.
HSBC, where we have our current account, charged a disproportionately large amount when we deposited a previous dividend cheque. All ideas considered!

jonesMUFCforever

Depends on how much and what value you have should a company you entrust the cheque go bust before you get the money.

catokelly

It is extremely difficult to cash a US Dollar cheque in the UK apart from your bank, but as you found out it will usually take around 6 weeks to clear and the rate would usually be quite bad.

If it is a sizeable amount, you would be better off to ask the company who issued the cheque to wire the USD to you instead. Have you considered using an international money transfer specialist? Most of them hold a client US Dollar account and can accept payments from USD accounts abroad which they convert into Sterling at much better rates than the banks. Once you agree a rate, they would transfer the Sterling to your nominated UK bank account... therefore you have the benefit of getting a better rate, and not having to wait several weeks to get your money

zax47

I use these guys for similar purposes, one-off or irregular US$ payments from my customers. Charges/rates are very good IMO, certainly better than it was costing to maintain a US$ account at HSBC for the same purposes.;

http://www.transglobalpayments.com/public/tpsuk/Personal/Overview.aspx

Customers have a SWIFT/IBAN code for my account there and just make payments as they would to my bank.

KxMx

https://www.auctionchex.com also offer this service, i've used them for years when my Nana is the US sends money at xmas and my Birthday.