Foreign Cheque into UK bank

Steven_daniels_rct

Apologies if duplicating any other posts but I cant see to find anything similiar and certainly nothing more recent than about 3-4 years old.

I have a cheque from Australia for $4600 which i need to pay into my UK bank account. What is the best way of going about this?

I have been to LLoyds (my bank) today and they said they couldn't give me a rate or give me the cost fees there and then. They would need to send my cheque off to a different department who would then tell me within 2-6 weeks what the exchange rate would be and what the fees would be. They couldn't even give me a rough estimate.

So I currently still have the cheque in my possession and was wondering what people think is the best way for me to exchange this obviously trying to get as much sterling as possible for it. I have done some online searches but cant seem to find anything. Has anyone been in a similar position and what did you use?

Thanks in advance!:beer:

PeacefulWaters

Asking whoever drew the cheque to send the money electronically will almost certainly be cheaper, quicker and achieve a better exchange rate.

Alternatively, the archaic cheque clearing system involving banks in different countries is all yours.

Steven_daniels_rct

They couldn't send it electronically and i am stuck with a paper cheque. I fully understand that there could of been better ways but i need to try and solve the solution i have now.

Cyberman60

The cheque has to be processed manually, so all sorts of little charging 'scams' can be applied. Banks obviously love this. :rotfl:

I'd choose one of the cheaper banks, ie one that's not renowned for overcharging (good luck with that !!) and go with them if you can.

Keeping_Positive

I believe the cheque itself will need to be sent by the bank you pay it into back to Australia. Ive not heard of a way round this. Possibly HSBC as they are a global bank.

System

With the value, ID requirements & clearance relating to foreign cheques, your probably best asking any Banks/BS' that you have a relationship with and choosing the best of the lot.

Keeping_Positive wrote: »

Possibly HSBC as they are a global bank.

Someone has been watching too many HSBC adverts on TV

xylophone

If there's a cheque, then there's a bank account. Could the originator not ask his Australian bank to convert the amount to sterling and send it as a bank transfer?

[Deleted User]

Steven_daniels_rct wrote: »

Apologies if duplicating any other posts but I cant see to find anything similiar and certainly nothing more recent than about 3-4 years old.

I have a cheque from Australia for $4600 which i need to pay into my UK bank account. What is the best way of going about this?

I have been to LLoyds (my bank) today and they said they couldn't give me a rate or give me the cost fees there and then. They would need to send my cheque off to a different department who would then tell me within 2-6 weeks what the exchange rate would be and what the fees would be. They couldn't even give me a rough estimate.

So I currently still have the cheque in my possession and was wondering what people think is the best way for me to exchange this obviously trying to get as much sterling as possible for it. I have done some online searches but cant seem to find anything. Has anyone been in a similar position and what did you use?

Thanks in advance!:beer:

With a foreign cheque, it needs to be collected from the issuing bank. Obviously as exchange rates constantly change, then they cannot give you the exact exchange rate now as that will depend on when it is processed at some time in the future (which may well be 2-6 weeks)

However, I don't know why they couldn't give you an indication of fees as they publish them on their website:

Sterling value more than £100 = 0.25% of the total sterling value to a maximum of £80. The minimum value charged will be between £8 and £15 – depending on whether we negotiate the cheque, or wait for the funds to be released by the paying bank.

http://www.lloydsbank.com/assets/media/pdfs/Banking_charges_guide.pdf?srnum=9 (Page 14 of the document, or page 17 of the pdf file)

henm2

Because of the size of the cheque the bank would only process on a 'collection' basis. The cheque would be sent by your bank back to the bank it is drawn on (in Australia) for the funds to be electronically transferred to the UK.
Your bank in the UK can only indicate what their own costs would be. The most expensive costs tend to be charged and passed on from the foreign bank to which your bank in the UK will have no idea in advance of what they will be. Also the exchange rate is determined at the point the bank in Australia sends the funds to the UK. (Aprox 4 weeks time)
In other words 'collection' of a foreign cheque tends to be expensive. Using cheques for foreign transactions is a bit of an old fashioned way of doing things.
Much better to send the cheque back and get the other party to get their bank to 'telegraph' send the funds electronically to you. Much cheaper and quicker.