Foreign Exchange Account?

biggav79

Hi, First post here so please be gentle!

My dad got involved with a network marketing company in 1996 and has enjoyed great success with his UK income effectively allowing him to retire where the company are paying him royalties on the turnover generated by people that he introduced to the business. More recently, he has started getting royalty cheques from all over the world where his downline have spread. He has a barclays account but they are charging him quite a whack for each cheque which goes in and then using their own exchange rate which doesn't appear as favourable as others on the high street.

Does anyone know of an account which allows the paying in of various currencies without the need to pay fees for each transaction? or a way around paying ludicrous fees for cheque exchanges.

grumbler

Foreign cheques are PITA in UK.
For each currency you'll need a separate account that isn't free, and this still doesn't solve the problem of poor exchange rate when converting to £.

Citibank is mentioned most frequently for accounts in other currencies and better rates.

benjus

I've seen Auctionchex recommended in the past for this sort of thing, but their website appears to have been taken down so not sure if they still exist.