exchange rate concerns

dezzer65

I'm expecting a settlement soon following divorce, paid to me by cheque in Canadian dollars. I have always had a British NatWest account and have resided back here for a while now. I don't think that my bank will give me a very competitive exchange rate so is there a better alternative? I believe I would be losing a fair amount of money by banking this cheque with NatWest so any advice helpful.

eDicky

I think you are right, paying in the cheque to NatWest will involve charges and an unfavorable exchange rate. But pounds are cheap now so you will get more than you did ten days ago.

Possible alternatives would be to bank it in Canada, your own account or that of a trusted friend if it can be signed over in the way that US cheques can be. Then send it to your UK account using TransferWise or similar. If you can receive the money in some way other than a cheque it would be preferable, but presumably there's no choice...

Anthorn

Yup you get more pounds for your Euros but less Euros for your pounds. Most currencies are down and gold is up so I interpret that as profit taking and lack of trust in currencies. Likely to be short-term I think. The pound itself will only drop so far until it becomes attractive to buy, institutions will start buying and it will increase.