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Cashing foreign cheque

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Hi, I have a 1000 usd cheque from a sender via chase bank and need to cash it in UK. Nationwide don't do them I think? Other than that, I have a tesco online saver.
Sender isn't playing ball with alternative payment options.
What's the quickest / most effective way of doing this please?
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Replies

  • ThrugelmirThrugelmir Forumite
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    Nationwide isn't a clearing bank.  Open an account with one of the High Street majors and deposit it there. Will take some weeks to clear. 
    “Markets have been so good for so long, that many investors are trivialising the advanatages of actively managing portfolio risk" - Gervais Williams
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Open an account online if you have proper ID such as a passport or driving licence and are on the electoral roll, This should mean you pass electronic verification without having to go into a branch.
    When you get your debit card and Pin take the cheque into the nearest branch of the bank - there is no alternative to this with a foreign cheque. As a new customer with no track record with the new bank the cheque most likely will be sent for Collection - that could take at least 6 weeks.
  • driver_riderdriver_rider Forumite
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    Sorry to Hijack this thread, so I have a brother who can't deposit a foreign cheque.  Will any UK high street bank that he opens an account be able to cash the cheque and what timescales shall I expect?
  • AnotherJoeAnotherJoe Forumite
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    See the post immediately above yours.
  • driver_riderdriver_rider Forumite
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    See the post immediately above yours.
    Thank you i just wanted to clarify.  So essentially any UK high street bank?
  • maniacmartinmaniacmartin Forumite
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    I have cashed American cheques at Nationwide before, so you don’t need to open an account at another financial institution for this. As mentioned above it will take about a month or so to clear. There are also fees associated.
  • SpeculatorSpeculator Forumite
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    I have cashed American cheques at Nationwide before, so you don’t need to open an account at another financial institution for this. As mentioned above it will take about a month or so to clear. There are also fees associated.
    on Barclays website and other bank websites, it says if cheque is deposited via a negotiation service, it will be available on the third working day.

    Depending on where the cheque comes from, and what currency it’s in, it will be deposited into your account through either a negotiation or collection service.

    Cheque negotiation lets you use the money before the cheque has cleared. The amount is usually paid into the account on the third working day after you pay in the cheque (but may sometimes take longer because of public holidays or postal delays). There’s a fee, which depends on the cheque amount . We’ll credit the cheque to your account when you pay it in – but the bank that issued it might choose to take the money back at a later date if something isn’t right. If that happens, we’ll deduct the money from your account.

    Cheque collection means we’ll wait until the cheque has been cleared, and the other bank has confirmed the transaction, before crediting your account. This usually takes about four to seven weeks. There is a fee for this, which depends on the cheque amount.



  • jonesMUFCforeverjonesMUFCforever Forumite
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    A few pointers to above posts.
    1.Nationwide no longer accept foreign currency cheques.
    2. A new customer opening a new bank account for the purpose of paying in an International cheque has virtually no chance whatsoever of getting the cheque negotiated. The cheque will be sent for Collection hence the six week delay to get the funds.
  • SpeculatorSpeculator Forumite
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    Wonder how long a HK dollar HSBC cheque will take to clear if deposited in a UK HSBC account?


  • SocajamSocajam Forumite
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    I deposit US $ cheques in my account all the time - sometimes for US$5,000.00, but I have been a Natwest customer fr over 40 years
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