USA Cheque Cash in

TobyLarone

Hi All,

I work for an american company and I'm in their sharesave plan, which is paid in dollars when I want to sell.

I'm off to the states for Christmas and was wondering if anyone knew the fees and charges if I brought my cheque and got it cashed into dollars to spend there? Would I be able to do it at any bank?

Cheers!

reclusive46

TobyLarone wrote: »

Hi All,

I work for an american company and I'm in their sharesave plan, which is paid in dollars when I want to sell.

I'm off to the states for Christmas and was wondering if anyone knew the fees and charges if I brought my cheque and got it cashed into dollars to spend there? Would I be able to do it at any bank?

Cheers!

Walmart cash payroll ,gov't cheques,tax cheques but I don't know if that would count as payroll cheque. The cheapest option is probably to open up a Bank of America online banking account in a branch (Which is free to do even as a UK citizen with a UK address) and cash it into the account.

They will give you a temporary debit card immediately (They will also send one to your UK address), which you could either spend or just withdraw the cheque value from an ATM (American Cheques clear instantly if cashed in branch and instantly if its under 300 dollars at an ATM). JUST bring passport and proof of address (Statement), it will only take 20 minutes.

TobyLarone

reclusive46 wrote: »

Walmart cash payroll ,gov't cheques,tax cheques but I don't know if that would count as payroll cheque. The cheapest option is probably to open up a Bank of America online banking account in a branch (Which is free to do even as a UK citizen with a UK address) and cash it into the account.

They will give you a temporary debit card immediately (They will also send one to your UK address), which you could either spend or just withdraw the cheque value from an ATM (American Cheques clear instantly if cashed in branch and instantly if its under 300 dollars at an ATM). JUST bring passport and proof of address (Statement), it will only take 20 minutes.

Hi, thanks for getting back to me.

To be honest having a US account would be quite useful as I have family there and will be there at least once a year.

Do you know if I can open the account whilst here in the UK online before I go over there or must it be opened in branch?

Cheers!

TheEffect

reclusive46 wrote: »

Walmart cash payroll ,gov't cheques,tax cheques but I don't know if that would count as payroll cheque. The cheapest option is probably to open up a Bank of America online banking account in a branch (Which is free to do even as a UK citizen with a UK address) and cash it into the account.

They will give you a temporary debit card immediately (They will also send one to your UK address), which you could either spend or just withdraw the cheque value from an ATM (American Cheques clear instantly if cashed in branch and instantly if its under 300 dollars at an ATM). JUST bring passport and proof of address (Statement), it will only take 20 minutes.

Are you sure about that? Most banks in the US ask for a Social Security Number. Many will not open a bank account for someone who is not living/residing in the USA.

reclusive46

TobyLarone wrote: »

Hi, thanks for getting back to me.

To be honest having a US account would be quite useful as I have family there and will be there at least once a year.

Do you know if I can open the account whilst here in the UK online before I go over there or must it be opened in branch?

Cheers!

You can't open one online before you go. As you don't have a social security number, you'll need to open it in branch.

reclusive46

TheEffect wrote: »

Are you sure about that? Most banks in the US ask for a Social Security Number. Many will not open a bank account for someone who is not living/residing in the USA.

Bank of America has no problem with it, you just have to fill in some short declaration about why you want the account.

TobyLarone

The Bank Of America checking account wants $12 a month in fees, not sure if this is the best way for me to go to be honest. Might have a look around for other accounts though.

thanks

reclusive46

TobyLarone wrote: »

The Bank Of America checking account wants $12 a month in fees, not sure if this is the best way for me to go to be honest. Might have a look around for other accounts though.

thanks

Thats bizarre. They normally have a free e-banking account with no monthly fee. They may have discontinued it recently though, I'll keep an eye and post back if I find it.

It was called the E-Banking account.

COIAHLGW

The e-banking account has recently been discontinued. Holds are normally also placed on cheque deposits with new accounts, an exception may be made if it is a Bank of America cheque that can be verified by the branch.

The regular account avoids the $12 fee if a $1500 balance can be maintained. The fee could also be waived by the dividends paid by direct deposit into that account if they are more than $250 per month.