Converting a dollar cheque into sterling

basil2416

I would be grateful if anyone could provide help with the following problem.

I have just received a cheque denominated in dollars (from a UK bank) which I need to pay into a sterling account in the UK. It is not possible to have the cheque represented in sterling - it is the proceeds of cashing in shares in a US company and I missed the deadline to elect to have the money provided in sterling.

Is there an alternative method to presenting the cheque at my own bank who I presume will charge an exhorbitant exchange rate.

If not, can anyone give me an idea of how much the bank rate will vary with the base exchange rate?

Thanks very much in advance.

dzug1

Your bank will charge you a fairly standard exchange rate which you may or may not consider exorbitant.


The nasty bit is that it will also charge you a fee - how much will depend on the bank. For some it's nominal, others it may be £20 or so


Is it a large enough sum to be worth opening a new bank account for?

stevem01

You could use the Auctionpix conversion service.

The service fee is competitive and the exchange rate is published. However, it does involve a bit of faffing around before you can get your money into a UK bank account.

For more information go to http://www.auctionpix.co.uk/misc/money.html.

basil2416

It is large enough to be worth opening an account. I can only find 2 US$ accounts that might be appropriate. Natwest in the Isle of Man (think this could get fairly complicated) or Citybank (lots of strings attached to the account). I think the next stage would then be to arrange a transfer via a forex dealer. My experiences of dealing with banks and similar don't fill me with confidence that this would be a straightforward process.


Apparently Barclays don't charge a fee, but then they don't really need to. They've already achieved daylight robbery through exorbitant exchange rate. When I tried to ask my bank (Barclays) the customer service centre put me through to the travel department where the rates where part of an answerphone message. Will pay my branch a visit after Xmas to see if I can get any more sense out of them.

basil2416

Hi stevem01

I had a look at Auctionpix but I wonder if the service is still in business. There is a note on the site saying the domain name is now for sale.

I might give them a ring after Xmas to see what the situation is.

Cheers

dzug1

Auctionchex - historically - was good for low value cheques - they had a minimal fee but a heavily doctored exchange rate such that a bank might be better for high values - maybe even Barclays


Haven't checked what it is currently

basil2416

I have a feeling that I might end up having to bite the bullet and use Barclays. The other routes might save some money but seem fraught with inherent difficulties. I will make further inquiries of Natwest and Citybank after Xmas holidays just in case it is more straightforward than I anticipate. Can't believe that cashing a cheque could be such a saga.

mgdavid

basil2416 wrote: »

It is large enough to be worth opening an account. I can only find 2 US$ accounts that might be appropriate. Natwest in the Isle of Man (think this could get fairly complicated) or Citybank (lots of strings attached to the account). I think the next stage would then be to arrange a transfer via a forex dealer. My experiences of dealing with banks and similar don't fill me with confidence that this would be a straightforward process.
........

Using a forex company to shift dollars out of one account and pounds into another is a doddle. There's a link on here somewhere that will lead you to several, I use https://www.currencyfair.com

Thrugelmir

dzug1 wrote: »

The nasty bit is that it will also charge you a fee - how much will depend on the bank. For some it's nominal, others it may be £20 or so

Barclays will pass on the charges that it incurs in getting the cheque processed.

jonesMUFCforever

How many tens of thousands is it then??