Easiest AND CHEAPEST way of paying a $ cheque into a UK bank account from abroad ?

Marchitiello

AdamBrunt said:

Bit of a thread bump with an update...

She has now finally managed to cash the cheque - had to do it at a Bank Of America branch though apparently who wouldn't let her have a cash card. So she now has about $1400 in $100 bills locked away in a suitcase.

I would still suggest for her to open a “non resident” account. Information on Forbes suggest that even Bank of America have such an option, albeit not every branch staff may be familiar with it as they would need to accept alternative form of ID. Again, as a Chase UK customer my first point of call would be Chase, then Wells Fargo (quite common) and then others. She would just need a basic account maybe, to deposit the cash and/or cash in future check and the ability to do, even in branch only, a Bank Transfer to another US bank account, so that she can then transfer it to an account like Revolut, Wise or Fineco and in turn do the currency exchange within those type of multi currency accounts.

AdamBrunt

Marchitiello said:

AdamBrunt said:

Bit of a thread bump with an update...

She has now finally managed to cash the cheque - had to do it at a Bank Of America branch though apparently who wouldn't let her have a cash card. So she now has about $1400 in $100 bills locked away in a suitcase.

I would still suggest for her to open a “non resident” account. Information on Forbes suggest that even Bank of America have such an option, albeit not every branch staff may be familiar with it as they would need to accept alternative form of ID. Again, as a Chase UK customer my first point of call would be Chase, then Wells Fargo (quite common) and then others. She would just need a basic account maybe, to deposit the cash and/or cash in future check and the ability to do, even in branch only, a Bank Transfer to another US bank account, so that she can then transfer it to an account like Revolut, Wise or Fineco and in turn do the currency exchange within those type of multi currency accounts.

We did actually check that at the time. Whilst Chase are a US bank, their setup in the UK is completely separate (or soemthing like that) and doesn't accept deposits in a foreign currency

Marchitiello

AdamBrunt said:

Marchitiello said:

AdamBrunt said:

Bit of a thread bump with an update...

She has now finally managed to cash the cheque - had to do it at a Bank Of America branch though apparently who wouldn't let her have a cash card. So she now has about $1400 in $100 bills locked away in a suitcase.

I would still suggest for her to open a “non resident” account. Information on Forbes suggest that even Bank of America have such an option, albeit not every branch staff may be familiar with it as they would need to accept alternative form of ID. Again, as a Chase UK customer my first point of call would be Chase, then Wells Fargo (quite common) and then others. She would just need a basic account maybe, to deposit the cash and/or cash in future check and the ability to do, even in branch only, a Bank Transfer to another US bank account, so that she can then transfer it to an account like Revolut, Wise or Fineco and in turn do the currency exchange within those type of multi currency accounts.

We did actually check that at the time. Whilst Chase are a US bank, their setup in the UK is completely separate (or soemthing like that) and doesn't accept deposits in a foreign currency

@A@AdamBrunt  just to be clear, I was suggesting that she approach a Chase USA branch  and as a Chase UK customer they may more favourably help her to open an account there to deposit the cash /future cheque. Once she has the money in a current account over there, she could transfer it to one of the multi currency account based in the UK from wise, Revolut and Fineco, but be careful if they will supply with The USA standard banking references  as explained further up in this thread. 

At the end of the day you said she has a bundle of cash locked in a suitcase, I would think it would be better to have them in a bank account.

nyermen

FYI My wife cashed her stimulus cheque from the US government (she has dual citizenship) at her Halifax.

(Sorry if this has already been said - i've not read the whole thread, rushing a bit this morning)

CKhalvashi

nyermen said:

FYI My wife cashed her stimulus cheque from the US government (she has dual citizenship) at her Halifax.

(Sorry if this has already been said - i've not read the whole thread, rushing a bit this morning)

And how much did she pay for this?

A really bad exchange rate and fees for the 'agent' from a quick look at their website, but the charges are not transparent at all.

AdamBrunt

So another update - as she was given the 2nd cheque the other day  - and I believe this was suggested on here earlier.

On trying to cash the 2nd cheque at BoA, the teller asked her if she wanted a debit account/card. My daughter said "she was under the impression that being a non-resident she couldn't have one?". The teller said that wasn't the case and, less than an hour later, she now has both the proceeds of the 2nd cheque and the remaining $ from the the cashed in 1st cheque in sort of a debit account with a temporary card [ a permanent card will be sent to the camp she works out within 7 working days ].

So no more $100 bills deployed in various parts of a locked suitcase She just needs to make sure, apparently, she empties and closes the account before she leaves the US in 3 weeks.

CKhalvashi

AdamBrunt said:

So another update - as she was given the 2nd cheque the other day  - and I believe this was suggested on here earlier.

On trying to cash the 2nd cheque at BoA, the teller asked her if she wanted a debit account/card. My daughter said "she was under the impression that being a non-resident she couldn't have one?". The teller said that wasn't the case and, less than an hour later, she now has both the proceeds of the 2nd cheque and the remaining $ from the the cashed in 1st cheque in sort of a debit account with a temporary card [ a permanent card will be sent to the camp she works out within 7 working days ].

So no more $100 bills deployed in various parts of a locked suitcase She just needs to make sure, apparently, she empties and closes the account before she leaves the US in 3 weeks.

Also remind her to transfer the money to her UK account using Wise or similar (can be set up in app within 5 minutes) and not using the exchange rates of the bank. This will ensure she maximises her money.

At a quick look in the app, Bank of America will give her £807 (the best rate of any US bank), Wise will give her £827 for $1000 as of 3 minutes ago.

Marchitiello

AdamBrunt said:

So another update - as she was given the 2nd cheque the other day  - and I believe this was suggested on here earlier.

On trying to cash the 2nd cheque at BoA, the teller asked her if she wanted a debit account/card. My daughter said "she was under the impression that being a non-resident she couldn't have one?". The teller said that wasn't the case and, less than an hour later, she now has both the proceeds of the 2nd cheque and the remaining $ from the the cashed in 1st cheque in sort of a debit account with a temporary card [ a permanent card will be sent to the camp she works out within 7 working days ].

So no more $100 bills deployed in various parts of a locked suitcase She just needs to make sure, apparently, she empties and closes the account before she leaves the US in 3 weeks.

I am glad she managed to do what I and other suggested.

 As me and others have also repeatedly referred to, the best thing to do before she leaves is to set up a multi currency account that could provide US standard banking details (like the UK Sort Code and ACC No equivalent,  instead of the IBAN only some have)  and transfer the USD there to then convert within such an account. Wise was suggested but it does have some minimal fee to convert and then pay out currencies.

also, worth checking that the account she has opened does not carry any cost, so that she does not find herself with owning money once she empty it. 

On a quick search BoA has accounts with a monthly maintenance fee starting at $4.99 and the only free one is for students up to the age of 25

https://www.bankofamerica.com/student-banking/

CKhalvashi

Marchitiello said:

AdamBrunt said:

So another update - as she was given the 2nd cheque the other day  - and I believe this was suggested on here earlier.

On trying to cash the 2nd cheque at BoA, the teller asked her if she wanted a debit account/card. My daughter said "she was under the impression that being a non-resident she couldn't have one?". The teller said that wasn't the case and, less than an hour later, she now has both the proceeds of the 2nd cheque and the remaining $ from the the cashed in 1st cheque in sort of a debit account with a temporary card [ a permanent card will be sent to the camp she works out within 7 working days ].

So no more $100 bills deployed in various parts of a locked suitcase She just needs to make sure, apparently, she empties and closes the account before she leaves the US in 3 weeks.

I am glad she managed to do what I and other suggested.

 As me and others have also repeatedly referred to, the best thing to do before she leaves is to set up a multi currency account that could provide US standard banking details (like the UK Sort Code and ACC No equivalent,  instead of the IBAN only some have)  and transfer the USD there to then convert within such an account. Wise was suggested but it does have some minimal fee to convert and then pay out currencies.

also, worth checking that the account she has opened does not carry any cost, so that she does not find herself with owning money once she empty it. 

On a quick search BoA has accounts with a monthly maintenance fee starting at $4.99 and the only free one is for students up to the age of 25

https://www.bankofamerica.com/student-banking/

You'll pay either a minimal fee, or you'll be shafted on rates (maybe with a fee on top).

I don't deal with USD payments, but for the payments I do deal with both personally and in business, Wise consistently comes out on top.