Paying USD cheque into UK sterling account, best way?

uknick

I may be receiving a cheque for about $100.

I've got current accounts with Lloyds, Barclays and TSB. What's the best one to pay it into i.e. lowest charges, best exchange rate etc.?

PeacefulWaters

You'll get high charges, poor exchange rate and long clearance time from all banks.

Except Nationwide (a building society) who don't accept foreign cheques.

Voyager2002

Basically you will see very little of that hundred dollars.

Ask for an electronic transfer instead.

uknick

I'm trying to get the company to put a credit against the card I originally used for the purchase instead of sending a cheque. But, at the moment they don't seem to understand that not all the world uses USD :-). It's an American cruise line and they seem to be having difficulty imagining someone from outside the USA cruised with them.

As I will probably be travelling to the USA a couple of times a year over the next few years, I might set up a USD account with an American bank and use the cash points in the USA to get the funds. Of course, I'm sure it will not that simple to set up.

hoc

Barclays doesn't (didn't, maybe it has changed) charge a fee for low value (I think it was £50 equivalent), exchange rate will not be great but no worse than other banks. Smaller cheques, if they are willing to make out, may be in your favour.

You usually won't just be able to open an account abroad. If you want a USD denominated account with US links look into HSBC, Citi, etc.

eDicky

uknick wrote: »

But, at the moment they don't seem to understand that not all the world uses USD :-).

This is the prevailing American attitude that leads to frequent posts about this kind of problem.

You can probably sign the check over to somebody else, if you have a friend or relative with a US bank account who can do that for you. It may be useful to open your own account while you are there, take proof of address.