Options for depositing foreign currency (USD) check to UK bank account

E13Oxide

A family member who lived in the USA passed away earlier this year and as a named beneficiary on their annuity, I have received a check for ~$60k which I now need to try and pay into my bank account in the UK.

Unfortunately going through the claims process, getting a check sent to the UK was the only feasible way to receive the funds as the company wouldn't approve an international transfer, and I hadn't realised it would be this complicated to deposit a foreign currency check. My bank account is with an online bank that doesn't accept checks in foreign currencies, so now I'm a little stuck.

I'm assuming my only option would be to open a new account with a high street bank and get them to process the check via negotiation / collection. I'm aware this can take some time, which isn't a major issue as I don't need the funds imminently, and will have a cost attached to it (I'm assuming a flat fee based on the amount).

Are there any other options open to me to reduce the time / cost of getting this processed?
Are there any banks someone could recommend specifically who have a good process for depositing foreign currency checks?

Any advice would be much appreciated.

wmb194

E13Oxide said:

A family member who lived in the USA passed away earlier this year and as a named beneficiary on their annuity, I have received a check for ~$60k which I now need to try and pay into my bank account in the UK.

Unfortunately going through the claims process, getting a check sent to the UK was the only feasible way to receive the funds as the company wouldn't approve an international transfer, and I hadn't realised it would be this complicated to deposit a foreign currency check. My bank account is with an online bank that doesn't accept checks in foreign currencies, so now I'm a little stuck.

I'm assuming my only option would be to open a new account with a high street bank and get them to process the check via negotiation / collection. I'm aware this can take some time, which isn't a major issue as I don't need the funds imminently, and will have a cost attached to it (I'm assuming a flat fee based on the amount).

Are there any other options open to me to reduce the time / cost of getting this processed?
Are there any banks someone could recommend specifically who have a good process for depositing foreign currency checks?

Any advice would be much appreciated.

This comes up quite regularly and HSBC seems to be the most capable in this regard. In case something happens to your main account, it's always good to have a second current account.

Marchitiello

As you stand now, I do not think you have any other choice then to open an high street bank account and deposit the check. I have done this in the past (many, many years ago last time, with NatWest, Barclays and HSBC, and they could all handle it at the time.  Unfortunately they will charge you fees and apply a terrible exchange rate.

the other option, which I have used once albeit with a European Bank, was to see if the bank issuing the check has a UK office (most probably they will have an investment office here), and they may well be able to help you deposit it/exchange it to GBP.

if you have to receive further payments, as recently discussed in a similar thread, it may be worth opening a Wise account in GBP and US dollars, which will provide you with US bank Co-ordinates used for US national bank transfers.

E13Oxide

Marchitiello said:

the other option, which I have used once albeit with a European Bank, was to see if the bank issuing the check has a UK office (most probably they will have an investment office here), and they may well be able to help you deposit it/exchange it to GBP.

The issuing bank is JP Morgan Chase, after a quick google it looks like they do operate in the UK and offer UK current accounts. Whether they have any direct connection to the US bank or if they just use their branding I'm not sure, but I'll give them a call.

Thanks

Edit: Well after a very short call, Chase UK have no direct connection with the US parent company and aren't actually able to handle checks of any kind, foreign or otherwise. Looks like a high street account is the only option.

rdraheim

I had to do this with my US stimulus checks via Santander with forced me to walk over to submit via the Post Office. Bizarre system but a lot of fees (it was quick with less than a week overall) and no way to circumvent this process (but hey it was "free" money for us US citizens, even living abroad.)