Foreign cheques into uk bank account

Bristowjohn

Hi,
First post so sorry if it’s not in the right place. I’ve read all the threads about foreign cheques into uk accounts and about collections and time frames. I know most banks give you the time frame of 6 weeks or more for foreign cheque collection to actually be deposited into your account, but I was wondering if anyone has any experience with it first hand? Specifically US dollars to pounds, (Citibank cheque going into Clydesdale bank). Anyone had this experience? How long did it take? Any problems? How did these problems get resolved?

Thanks in advance.

jonesMUFCforever

About a month for USD cheques in my experience.
However I hope you are a private customer and not a business. You would not believe the hoops a business customer has got to get through with dollar cheques.

Bristowjohn

Thanks for the reply, yea I’m a private customer and the cheque was from another private customer. I’m coming up on 4 weeks now. If this how annoying it is for private customers I can’t even imagine what it’s like for business customers.. thanks again

planckfund

An old post but my addendum  might be of interest to others googling this issue. I deposited a USD 5000 cheque with Natwest and they settled it with Propay by negotiation (appeared fleetingly on my online statement while the item was pending for a day!)  which no-one at Natwest said it would be - nor did anyone at Natwest have any idea at all what currency rate would be applied and all said it would take 6 to 7 weeks minimum though the cheque was from the US Treasury (US Veterans life insurance payout). Actually it was a lot quicker (a little under 2 weeks). I have received no documentation electronically or otherwise to tell me about the transaction, and my online statement just says 'NONREF PAID WITH RECOURSE CHQ NEGOTIATION'. I worked out the rate applied WAS 1.4365 USD TO 1 GBP. As the real commercial usd/sterling rate has been between 1.29 and 1.305 or so in the period, *at very best* Natwest are charging about £70 per USD 1000...... in other words  it costs about £350 as retail customer to cash my  USD 5000 cheques......! So my advice is 1. when they say that they do not 'charge' you anything --- this is not true, it's bundled into the exchange rate. 2. it's very very expensive 3. the amount of information and feedback provided by your bank (if it's anything like natwest) is nil and even staff online on face-to-face have no idea whatsoever what the actual the arrangements are, or are incorrectly informed. 4. I had no absolutely no alternative but to accept a cheque but if you can use transferwise, paypal, electronic payment,ANYTHING rather than a cheque it will save you a lost of annoyance and a huge amount of money.
. 

Thrugelmir

planckfund said:

An old post but my addendum  might be of interest to others googling this issue. I deposited a USD 5000 cheque with Natwest and they settled it with Propay by negotiation (appeared fleetingly on my online statement while the item was pending for a day!)  which no-one at Natwest said it would be - nor did anyone at Natwest have any idea at all what currency rate would be applied and all said it would take 6 to 7 weeks minimum though the cheque was from the US Treasury (US Veterans life insurance payout). Actually it was a lot quicker (a little under 2 weeks). I have received no documentation electronically or otherwise to tell me about the transaction, and my online statement just says 'NONREF PAID WITH RECOURSE CHQ NEGOTIATION'. I worked out the rate applied WAS 1.4365 USD TO 1 GBP. As the real commercial usd/sterling rate has been between 1.29 and 1.305 or so in the period, *at very best* Natwest are charging about £70 per USD 1000...... in other words  it costs about £350 as retail customer to cash my  USD 5000 cheques......! So my advice is 1. when they say that they do not 'charge' you anything --- this is not true, it's bundled into the exchange rate. 2. it's very very expensive 3. the amount of information and feedback provided by your bank (if it's anything like natwest) is nil and even staff online on face-to-face have no idea whatsoever what the actual the arrangements are, or are incorrectly informed. 4. I had no absolutely no alternative but to accept a cheque but if you can use transferwise, paypal, electronic payment,ANYTHING rather than a cheque it will save you a lost of annoyance and a huge amount of money.
. 

Depending on the US bank that the cheque is drawn on.  Intermediary bank fees can be incurred. Very different to the UK clearing house system. Can pass through a number of hands.