Dollar cheque

yoblack

Hi,

I have received a larger sum (£5k+) but in dollars and in a cheque.
What will be the best way to make it £ and not loose to much on the exchange and fees provided by the banks.
Thanks.

opinions4u

Foreign cheques are horrible.

Non-standard bank processes, long clearance period, fees at both ends and duff exchange rates.

If you could persuade the sender to make the payment by SWIFT transfer you'll be better off.

jonesMUFCforever

........but you would have to send the cheque back first before they send you the money electronically.

A cheque negotiated would mean you having the money within a week or so with recourse or if sent for collection 6 weeks or so.

I have no experience of cheque cashing companies so will not comment on them.

Hominu

yoblack wrote: »

I have received a larger sum (£5k+) but in dollars and in a cheque.

Considering the bank will have to post the cheque abroad, it may be better to send the cheque back to the sender and ask for a bank transfer instead.

grumbler

https://auctionchex.com/?file=mwelcome.html has been mentioned many times here as a good alternative to banks.
Cheapest way to pay US dollar cheque into UK acc.
Paying in cheque from American bank
Best place to cash a cheque in U.S dollars to G.B pounds
...
...

dzug1

grumbler wrote: »

https://auctionchex.com/?file=mwelcome.html has been mentioned many times here as a good alternative to banks.
Cheapest way to pay US dollar cheque into UK acc.
Paying in cheque from American bank
Best place to cash a cheque in U.S dollars to G.B pounds
...
...

Yup - but they are best for small sums, not £5K plus. Their fee is minimal but the exchange rate poor.

Your own bank might turn out to be the least worst option.