Currency conversion

FoxbatABZ

my wife has recently been sent a physical cheque in Australian Dollars for some inheritance left for her it is a sizeable amount, part sale of a house, and don't want to lose a sizeable chunk of it in poor exchanges rates given by UK banks and fees to convert it. Any advice on how best to get the maximum value out of this. I note companies such as transferwise offer multi-currency accounts.
Thanks

colsten

You can't use TransferWise or any of the other currency transfer services to cash a cheque. One of the major banks might cash the cheque for your wife. Alternatively, she could ask the executor / solicitor whether they can send the money electronically, through a service like Transferwise. Be aware that none of the transfer services offers any deposit protection.

https://www.gocompare.com/money/cashing-cheques-in-foreign-currencies/

jonesMUFCforever

Can I just add that no bank will entertain you if you do not have an account with them.
Opening a new account with someone will mean IMO that the cheque would be sent on a 'Collection' basis so expect a wait of at least 4-6 weeks for the money.
Just to give you some idea about charges - Lloyds charged me 25p per £100 with a minimum of £8 max £80 - exchange rates I can't comment on.