Cashing a USA cheque in UK and withdrawing US Dollars

Dutch67

Hi
I am shortly to receive a cheque from the US for $1000. I would like to cash the cheque in the UK and take out the cash in dollars as I shall soon be travelling to the US.
I have an HSBC and a Nationwide bank account. Is this a possible transaction or do I first need to withdraw GB Pounds and then convert to dollars?
Alternatively could I hang on to the cheque until I travel to the US and then cash it for dollars at a bank over there? Is this possible with out a bank account?
I have tried researching myself but most suggestions are to set up a foriegn currency bank account and as this is going to be a one off cheque I don't really want to have to pay all the charges that come with a foreign currency account.
Thanks.
Thanks

PeacefulWaters

You're going to struggle.

Allow 28 days for it to clear in a uk sterling account. Mediocre exchange rate and fees.

Then you'd have to buy $ incurring further exchange charges.

Is there some way you can get the sender to give you cash instead once you're in the USA?

grumbler

Well, e.g. Barclays offer a USD account. One can deposit a USD cheque into it (that will take a while to clear as any foreign cheque) and then withdraw USD in a branch.

It's a different question whether it's cost-effective to open a USD account for one cheque as the account isn't free. Also,

The cleared funds received may not match the value of the cheque as the overseas bank may take a charge. Once Barclays has received funds we will deduct our charges and credit your account with the net proceeds.

eDicky

You would be very lucky to end up with as much as $800 from this cheque by trying to bank it in the UK, with the various charges and adverse exchange rates, converting twice.

Try to explain politely that USD cheques are not normally negotiable outside the USA, and request payment some other way if possible. Otherwise, take the cheque with you and cash it somehow at a bank or pawnbroker etc, I believe cheques can be signed over to another party in the US, unlike in the UK. The chequer issuer or others may advise you better on this point.

grumbler

eDicky wrote: »

I believe cheques can be signed over to another party in the US, unlike in the UK.

I think that's what 'Account Payee' ("crossed cheque") on all UK cheques means.

DCFC79

Why can't you get the dollars before the cheque clears or just use a fee free credit card.

grumbler

To save at least on one currency conversion?