Depositing foreign currency cheques

DustyPlumber

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

marcia_

DustyPlumber said:

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

 I regularly deposit AU$ and US$ into HSBC 

DustyPlumber

marcia_ said:

DustyPlumber said:

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

 I regularly deposit AU$ and US$ into HSBC 

Hi Marcia, thanks for the information. Are you paying in physical cheques? Barclays are withdrawing the ability deposit foreign currency cheques. I think we have have asked HSBC, and they said they have withdrawn the facility. Is your account a business account? 

marcia_

DustyPlumber said:

marcia_ said:

DustyPlumber said:

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

 I regularly deposit AU$ and US$ into HSBC 

Hi Marcia, thanks for the information. Are you paying in physical cheques? Barclays are withdrawing the ability deposit foreign currency cheques. I think we have have asked HSBC, and they said they have withdrawn the facility. Is your account a business account? 

 Yup real cheques that are posted to me from Australia. Have been depositing them for years. We do not have a business account, we pay about £20 for it. 

TheBanker

marcia_ said:

DustyPlumber said:

marcia_ said:

DustyPlumber said:

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

 I regularly deposit AU$ and US$ into HSBC 

Hi Marcia, thanks for the information. Are you paying in physical cheques? Barclays are withdrawing the ability deposit foreign currency cheques. I think we have have asked HSBC, and they said they have withdrawn the facility. Is your account a business account? 

 Yup real cheques that are posted to me from Australia. Have been depositing them for years. We do not have a business account, we pay about £20 for it. 

You've got a few more years, but be aware that Australia is phasing out the use of cheques:

https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques

Other countries are/will be going the same way which is why some of the UK banks have stopped offering foreign cheque services. 

marcia_

TheBanker said:

marcia_ said:

DustyPlumber said:

marcia_ said:

DustyPlumber said:

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

 I regularly deposit AU$ and US$ into HSBC 

Hi Marcia, thanks for the information. Are you paying in physical cheques? Barclays are withdrawing the ability deposit foreign currency cheques. I think we have have asked HSBC, and they said they have withdrawn the facility. Is your account a business account? 

 Yup real cheques that are posted to me from Australia. Have been depositing them for years. We do not have a business account, we pay about £20 for it. 

You've got a few more years, but be aware that Australia is phasing out the use of cheques:

https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques

Other countries are/will be going the same way which is why some of the UK banks have stopped offering foreign cheque services. 

 We will have to persuade the sender to wire it instead. They are older and do not use online banking so will need to go to a branch. 

TheBanker

DustyPlumber said:

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

Even if you find a bank that offers the service (I think Santander and Natwest do), don't expect it to last for long. Barclays have stopped the service for a reason and the others are likely to follow.

If you can arrange to be paid electronically, it will be quicker, cheaper and reduce the risk of the cheque going missing or being returned unpaid (which for foreign cheques can happen after weeks or months). 

DustyPlumber

marcia_ said:

DustyPlumber said:

marcia_ said:

DustyPlumber said:

Many UK banks are withdrawing the facility to deposit foreign currency cheques (drawn on a non-UK bank). Is anyone aware of a UK bank that still accepts foreign cheques? I'm ok with the idea of opening a foreign currency account - HK$ and US$.

 I regularly deposit AU$ and US$ into HSBC 

Hi Marcia, thanks for the information. Are you paying in physical cheques? Barclays are withdrawing the ability deposit foreign currency cheques. I think we have have asked HSBC, and they said they have withdrawn the facility. Is your account a business account? 

 Yup real cheques that are posted to me from Australia. Have been depositing them for years. We do not have a business account, we pay about £20 for it. 

I went to another branch of HSBC. They confirmed your understanding. They were also confident the service would remain while cheques were still in use. HSBC have a much greater international presence that Barclays. 

gt94sss2

As well as standard HSBC accounts, HSBC also offer foreign currency accounts in multiple currencies including AUS$, HK$ and US$.

https://www.hsbc.co.uk/international/currency-account/

You can then exchange your foreign currency into GBP at a time of your choosing. 

If you do this after transferring the funds into a HSBC Global Money Account you are also likely to get a better exchange rate.

https://www.hsbc.co.uk/current-accounts/products/global-money/

Ballard

I rarely use my Wise account but they offer accounts in several currencies (including HKD, USD & AUD).

I’ve no need to use these accounts to receive so haven’t investigated but it would seem logical that someone in those territories would be able to make a domestic payment into your account, whereupon you’d be able to transfer out.

These accounts have been discussed regularly on these pages but it’s not something that I’ve had an interest in so haven’t really read.