can i bank a u.s dollar cheque in my uk account

thelawnet

wow just logged onto auctionchex, $2.15, what a p1ss take.

rare_stuff

The OP hasn't indicated how much the cheque was actually for and it does seem tobe the consensus that if of low value, say under £50 the hassle of cashing it and charges may wake it a waste of time. Also, is this just a 'random' cheque or an ebay sale? I wouldn't advise accepting a Dollar cheque for an item on ebay.

I'll just share my experience of the regular dollar cheques I receive and pay into my Smile.co.uk (co-op) account. If the sum is less than £2000 the money is credited to my account in about 10days, though it's worth noting that this money is credited in good faith and that the bank issuing the cheque can still recall it very easily. Cheques over £2000 have to be sent to the issuing bank for clearance and money can then take from 4-6weeks to appear in your account, though I believe this can not easily be recalled. Fee's vary between £8 & £15 depending on value of the cheque.

And with current exchange rates I'm now getting approx extra £50 for every £1000 I receive!

ellzman

Hi.

I deposited my US Dollar cheque into my Barclays Bank Account.

I decided to use the NEGOTIATION Term (Where they credit your account first, then try to take the money from the drawers account).

However, I deposited the cheque 2 days ago now, and it does not even show on my account the credit, for example, in the UK when you deposit a cheque, on your account it will say - Balance £2,000. Available Balance - £500.00 (£2,000 is the cheque). But with this cheque I deposited it does not even say anything on my status.

Why is this? Is this normal? And how long before Barclays credits my account under the Negotiation term of cheque payment.

Thank You.

thevogon

Foreign currency cheques and drafts can bounce up to 3 months after paying them into your account. Not a good idea to accept them.

A very common scam is a foreigner offers to pay for an item by cheque. Sends you far too much money. Asks you to cash it because item needed urgently for a birthday, etc., but to forward the extra payment to a 'relative' etc 'once you are happy the cheque has cleared' and you can deduct any costs involved and / or they will pay you a generous consideration for doing so. They say they 'trust you' etc. lol.

Mug waits a week, think because money is in their account the cheque has cleared, send both goods and repays the money.

1 month later cheque or draft bounces, bank claws back all the money.

Scammer has both money and the goods. And probably good feedback by then too.

thevogon

glossy123 wrote: »

Yes you can, if you can afford it! I had a buyer in US recently send me a dollar cheque for the Sterling amount(doh!) :rolleyes: therefore half what required, and the cost to change into £ was more than the value!....:T

Happens all the time. Most commonly they send paper money orders which cant even be cashed outside the USA.

chja

ellzman wrote: »

Hi.

I deposited my US Dollar cheque into my Barclays Bank Account.

I decided to use the NEGOTIATION Term (Where they credit your account first, then try to take the money from the drawers account).

However, I deposited the cheque 2 days ago now, and it does not even show on my account the credit, for example, in the UK when you deposit a cheque, on your account it will say - Balance £2,000. Available Balance - £500.00 (£2,000 is the cheque). But with this cheque I deposited it does not even say anything on my status.

Why is this? Is this normal? And how long before Barclays credits my account under the Negotiation term of cheque payment.

Thank You.

They send them to Poole for processing, so I would allow 3 working days before queriying.

auctionchex

re US$ money orders :

Most commonly they send paper money orders which cant even be cashed outside the USA

Actually they can be, same process as US$ cheques (checks), even the green USPS money orders that state on them 'Not negotiable outside of the USA and Possesions' in big red writing can be exchanged.

For those not familiar with US$ money orders, they are almost the same as our Postal Orders, as good as cash, except in the USA they can be bought for a few cents from almost anywhere, and are widely used.

Whereas in the UK, we are becoming more familiar with online UK bank to UK bank transfers, which for most are free and almost instant, unlike the USA, where the average person would run a mile and call the FBI if you asked them for their bank acount details - hence the prolific use of money orders.

frivolous_fay

:wave: Eddie... recognise you from Q&A.

You'll see you do get a few mentions in this thread