Depositing cheque in a foreign currency to a UK bank account

jrdavison

What is the most efficient way of depositing cheque in a foreign currency?

I am in a very fortunate position that a recently deceased relative has left me a substantial sum of money in his will. The estate has now been settled and the solicitor acting for the executor has advised me that they will send the sum via a cheque and that they will not transfer directly in any circumstances. 

So I’m going to be receiving a cheque in Australian dollars for more than £100k. 

My question is how do I deposit this in the most efficient way - I currently have a nationwide flex plus account but understand the exchange rates on depositing foreign currency can be quite poor. 

What are my alternatives?

Thanks in advance.

Edit: I’ve just spoken to Nationwide to be told they won’t accept foreign cheques full stop so looks like I need alternatives including a new bank account! Although I know if I deposit the cheque I’ll get stung with a 12 week wait while they clear the funds and probably a very large fee on top. Looking at Wise they seem to think a high street bank might cost me as much as 5%. 

wmb194

jrdavison said:

What is the most efficient way of depositing cheque in a foreign currency?

I am in a very fortunate position that a recently deceased relative has left me a substantial sum of money in his will. The estate has now been settled and the solicitor acting for the executor has advised me that they will send the sum via a cheque and that they will not transfer directly in any circumstances. 

So I’m going to be receiving a cheque in Australian dollars for more than £100k. 

My question is how do I deposit this in the most efficient way - I currently have a nationwide flex plus account but understand the exchange rates on depositing foreign currency can be quite poor. 

What are my alternatives?

Thanks in advance.

Edit: I’ve just spoken to Nationwide to be told they won’t accept foreign cheques full stop so looks like I need alternatives including a new bank account! Although I know if I deposit the cheque I’ll get stung with a 12 week wait while they clear the funds and probably a very large fee on top. Looking at Wise they seem to think a high street bank might cost me as much as 5%. 

Wise doesn't accept cheque deposits.

https://wise.com/help/articles/2898124/how-do-i-receive-money?origin=search-Cheque+deposit

This comes up fairly regularly and usually the best answer is to open an account with HSBC. It seems to be able to handle foreign cheques better than most.

CKhalvashi

Wise does however offer AUD bank details if they'd be happier to transfer to this than a UK account.

HSBC have significant Australian operations, so this is where I'd look due to their presence in both countries.

penners324

A quick Google search shows that in the UK a solicitor has to act in the best interests of his client, that includes sending money overseas in the most efficient and cost effective manner.

Solicitors in Australia are very likely to have to operate in the same way.

Push back on the Aussie solicitors with this, stating the sending cheque doesn't meet this criteria.

Keep_pedalling

penners324 said:

A quick Google search shows that in the UK a solicitor has to act in the best interests of his client, that includes sending money overseas in the most efficient and cost effective manner.

Solicitors in Australia are very likely to have to operate in the same way.

Push back on the Aussie solicitors with this, stating the sending cheque doesn't meet this criteria.

A solicitor would have to send a transfer from a client account to the beneficiaries account which would include significant charges, and there is also the risk that the money might end up in a fraudster account not the beneficiaries.

The OP will need to open a new account as NW don’t take foreign cheques.

penners324

Far more likely hood of a cheque going astray between Australia and the UK than a bank payment 

maxsteam

I have paid foreign cheques into a Nationwide account but there was a fee (£10 or £20, I can't remember), a form to complete and the exchange rate was not the best. It's worth asking again.

Some other banks definitely accept foreign cheques according to their websites.

A bank to bank transfer would probably be more suitable.

[Deleted User]

penners324 said:

A quick Google search shows that in the UK a solicitor has to act in the best interests of his client, that includes sending money overseas in the most efficient and cost effective manner.

Solicitors in Australia are very likely to have to operate in the same way.

Push back on the Aussie solicitors with this, stating the sending cheque doesn't meet this criteria.

Aside from the fact there are no 'UK solicitors' - the client here will actually be the Australian person who has passed away and I doubt they care if a cheque is issued. 

IanManc

Deleted User said:

penners324 said:

A quick Google search shows that in the UK a solicitor has to act in the best interests of his client, that includes sending money overseas in the most efficient and cost effective manner.

Solicitors in Australia are very likely to have to operate in the same way.

Push back on the Aussie solicitors with this, stating the sending cheque doesn't meet this criteria.

Aside from the fact there are no 'UK solicitors' - the client here will actually be the Australian person who has passed away and I doubt they care if a cheque is issued. 

The client is the executor of the estate of the deceased person. It is the executor who instructs the solicitor to act in the administration of an estate, on behalf of the executor. The dead person can't instruct a solicitor and is obviously not the client.  

born_again

CKhalvashi said:

HSBC have significant Australian operations, so this is where I'd look due to their presence in both countries.

Each are separate entities. So Uk HSBC will not have any tie in with Aus HSBC.