Paying in a USD Cheuqe

Bongoletti

Hi, I will be receiving a cheque from the IRS in the US for some tax back that I need to get converted into GBP.
My current Account provider do not have a facility to cash foreign cheques.
Anyone have any ideas on how to get this into GBP without taking a massive hit.
I've also tried Bureau de Changes etc and no one will touch cheques???
Thanks

agrinnall

Open an account at a proper bank that will process foreign currency cheques and pay it in there - it's likely to take quite a long time to clear (at least several weeks), there may well be a fee, and the exchange rate will probably be poor.

I assume that the IRS won't offer an electronic payment alternative to issuing a cheque.

eDicky

Unlike UK cheques, those issued in USA can usually be signed over to another party. So if there is anyone you trust enough who has a US bank account it could be signed over and banked by them, then the funds converted and sent over to you in an economical way by using a broker.

Bongoletti

@agrinall - they will only settle to a USD based bank account - which unfortunately I don't have

@eDicky - How would you sign a cheque like this over?

p00hsticks

Bongoletti wrote: »

@agrinall - they will only settle to a USD based bank account - which unfortunately I don't have

By "they" do you mean the IRS ?

Otherwise any high street bank should be able to cater for a customer wanting to pay a dollar cheque into a sterling bank account (although as agrinall says, it may take a few weeks and the exchange rate may not be the best).

I've certainly done it with NatWest before now.

eDicky

Bongoletti wrote: »

@eDicky - How would you sign a cheque like this over?

Ask an American, such as the person you have in mind, who should probably also check with their bank as it may be less easy these days.

Or Google something like 'transfer a check to another party'.

agrinnall

p00hsticks wrote: »

By "they" do you mean the IRS ?

Otherwise any high street bank should be able to cater for a customer wanting to pay a dollar cheque into a sterling bank account (although as agrinall says, it may take a few weeks and the exchange rate may not be the best).

I've certainly done it with NatWest before now.

I've seen the odd thread where banks (or at least Financial Institutions) won't process foreign currency cheques at all, hence my comment about opening an account at a proper bank, as I assume the OP uses one of the other sort.

Wednesday100

I've paid in a USD cheque to my Lloyd's account with no problem - I just filled in a form at the normal cashier desk. It took about a week to clear.

jumperabv3

If I were you I would go for a US Bank account of your own (not a friend's, yours, so you could use it in the future)... although converting USD to GBP at the rates we have now is also quite attractive but still who really knows how long the GBP will sink .... I'd keep it in the US.

You can open a US bank account from the UK, online, no need to leave home, I assume you have a SSN so you're allset, I would suggest you take this route.

A US bank account back then and nowadays is an asset.

You can open it online with PenFed, open a Savings bank account, you need a US debit card to make an initial deposit - if you have someone with a US debit card then use him/her, otherwise you can PM me, I'd be happy to help, or alternatively if you want to rely only on yourself then you can use a US prepaid card you load with PayPal etc. again, if you wanna rely only on yourself (e.g. USUnlocked.com - but some fees involved) - all those things can be done quite instantly so you can even have the account TODAY.

Once you made an initial deposit you would have a routing and account number quite immediately, and then just deposit the check using your mobile, you don't even need to mail it!!

https://www.penfed.org/mobile-app/

Also see my thread here about getting a USD credit card like Halifax Clarity, extremely worth it:

https://forums.moneysavingexpert.com/discussion/5117022

Good luck!