Cashing a dollar cheque?

emspy12

Hello, I have just been reimbursed for expenses incurred in the US with two separate dollar cheques. This is not a situation I find myself in more than a couple of times a year. On visiting my normal bank (the Co-op) I was told that as of late last year, they will no longer accept any foreign cheques. I went back to the cheque issuer and asked whether they would make an electronic transfer instead. Their suggestion was to go to 'an international bank' such as HSBC and have the cheque cashed.

Can I do this if I haven't an account with them? Will I be charged a ridiculous amount of money to do so?

agrinnall

A cheque will almost always have to be paid into an account held at the bank you're transacting with, so no, I wouldn't expect HSBC (or any other bank) to accept your USD cheques unless you open an account with them. Whether they actually do still accept currency cheques I don't know, although they probably are one of the most likely to (I think Barclays may too).

missmoneygrabber

Can I throw another question in? I'll be receiving USD Cheques in the rough values of £1000 on a monthly basis. My current bank (RBS) states, that the clearing process may take up to 7 weeks. Is there any bank that is fairly quick with clearing foreign cheques? I would'nt mind opening a new bank account.

many thanks

Nina99

Hi, can I ask how you got on cashing your USD cheque, I find myself in a similar situation, and have come to a dead end. I saw on here somewhere that there is a new bank advertised on Facebook, an Italian one which will deal in $,€.£. But it may be an online bank. So not sure how you get the cha to them.

agrinnall

Nina99 wrote: »

Hi, can I ask how you got on cashing your USD cheque, I find myself in a similar situation, and have come to a dead end. I saw on here somewhere that there is a new bank advertised on Facebook, an Italian one which will deal in $,€.£. But it may be an online bank. So not sure how you get the cha to them.

I suspect you are referring to Fineco, who are indeed a multicurrency bank, but as you say they are online. Apparently you can deposit cheques but it seems to be through UniCredit ATMs which would probably require a trip to Italy. Your best option is to get the money sent electronically, but as Americans seem to be highly averse to that it may not be possible.


https://finecobank.com/en/online/conto-e-carte/


NB I've just spotted a recent announcement by UniCredit that may mean cheque deposits won't work:


10 May 2019 - h 20:55Price SensitiveUniCredit announces FinecoBank is not anymore part of the Group starting today

DoggyWoofWoof

Barclays bank accept paper dollar checques into a current account.


Open a Barclays bank current account, no need to switch your existing current account.


Fee


Under £50 equivalent
Free


£50 - £100 equivalent
£4


£100 and above equivalent
0.25% of cheques value. Min £9 max £60








Plus
bank charge £6, only applies when currency differs from that of the country where the cheque is drawn.




Plus
Interest Charge
Applies to negotiation only.
Calculated as
Sterling Equivalent x Interest Rate x Clearing Cycle/360
(except for cheques drawn on Barclays in the UK)
Ask Barclays for the current interest rate

Ben8282

Nina99 wrote: »

Hi, can I ask how you got on cashing your USD cheque, I find myself in a similar situation, and have come to a dead end. I saw on here somewhere that there is a new bank advertised on Facebook, an Italian one which will deal in $,€.£. But it may be an online bank. So not sure how you get the cha to them.

Fineco AGAIN. It really is promote Fineco day today. 4 separate newbie posts so far.