USD cheques to GBP

Ozgirl64

Hi
Need help!
I recently have received small value dividend cheques in USD from a US company (employer)
I will also soon be selling the shares associated with these dividends.
I need to figure out the best method to collate and deposit on my mortgage avoiding as many costs as possible to maximize the cash received.

I have looked at Citibank who do a USD bank account for no transaction fees. They do require £5 a month or to have balance over £2000 equivalent. I figured it wouldn't be long before I reached the monthly fee free limit.

Once all cheques in and cleared I figured a standard bank to bank transfer would be best method to send USD to GBP and convert to my mortgage.

Is this the best / cheapest option?

grumbler

Ozgirl64 wrote: »

Once all cheques in and cleared I figured a standard bank to bank transfer would be best method to send USD to GBP and convert to my mortgage.

A standard bank to bank transfer (FP/BASC) works only for £ transfers. A $ transfer will cost you on City side, then the recipient bank will take ~3% for conversion. It's better to do conversion at City bank, but they will charge for this either.

Generally, $ cheques in UK are PITA.

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
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