| 5:37 pm on May 5, 2004 (gmt 0)|
If the cheque is for a dollar it would be worth more framed and hung on your wall so when google goes out of business you will have a momento!
| 6:00 pm on May 5, 2004 (gmt 0)|
citibank have USD currency accounts the chks take 15 days to clear but there is no charge...
You can apply online....
| 6:05 pm on May 5, 2004 (gmt 0)|
Google does not send out checks for under $100.
| 6:07 pm on May 5, 2004 (gmt 0)|
NatWest don't seem to have any problem with AdSense cheques - just present it at the foreign exchange counter and the cash will be in your account (minus a few charges here and there) within 5 to 7 days.
| 6:16 pm on May 5, 2004 (gmt 0)|
I have a dollar account with Citibank and (as I work in the City) pay dollar cheques over the counter in the Cheapside branch. There's no commision charge and no fees whatsoever providing your entire balance accross all accounts is greater than £2k. When you consider than citibank offer competitive direct saving account interest rates, I was quick to open an account :-).
BTW, dollar cheque = cheque in dollars (not a one dollar cheque). :-)
Oh and as Google uses Citibank, I believe they take around 5 working days to clear - might be wrong about that as I never check!
[edited by: cantillion at 6:19 pm (utc) on May 5, 2004]
| 6:18 pm on May 5, 2004 (gmt 0)|
|Google does not send out checks for under $100. |
It sure does, but only once a year :)
| 6:22 pm on May 5, 2004 (gmt 0)|
My first cheque is for a lot more than $100 but a lot less than $2000 :)
It shouldn't be too long if I get Google to keep saving my balance until I get $2000 tho.
Thanks for your advice everyone.
| 6:25 pm on May 5, 2004 (gmt 0)|
Remember that's 2,000 pounds sterling...
| 6:35 pm on May 5, 2004 (gmt 0)|
right... that more or less doubles the wait.
Come to think of it, lots of British webmasters arriving at Cheapside on a particular day of the month to cash their Googlecheques, sounds like the basis for a flashmob.
| 7:28 pm on May 5, 2004 (gmt 0)|
Most UK banks will accept USD cheques. The only thing you may want to hunt around for is the one that is going to take the least off you (in commission charges).
I use TSB, and have no problems cashing my cheques. They cleared my last ones in about 2 working days.
| 8:03 pm on May 5, 2004 (gmt 0)|
I am with the TSB for the account which the adsense cheques come to. I believe it is about £5 they charge per banking of foreign cheques, but I don't mind paying this, in order to not have to set up any other accounts etc. :)
| 8:23 pm on May 5, 2004 (gmt 0)|
HSBC will cash your $ cheque.
It takes about 5 days to get credited.
There is a standard charge about £6.00 for 1 cheque and £8.00 for two cheques.
| 8:42 pm on May 5, 2004 (gmt 0)|
The benefit with Citibak, is that you hold the funds in US Dollars and you can transfer it to sterling or Euros when the exchange rate is in your favour (Rather than against you as it is right now).
At the beginning of last year you could get £6944 GBP for $10,000 USD, Today you get just £5586 GBP!
A difference of over £1400!
So it's a good idea to hold on to the Dollars in the hope that the Pound weakens against the Dollar, if you can...
| 9:03 pm on May 5, 2004 (gmt 0)|
In answer to the posters original post:-
"(I've asked Google to hold my cheque this month because I'm pretty sure that the Abbey National will just laugh in my face if I try and pay a dollar cheque into my account)."
Abbey National charge £10 to pay in foreign currency cheques if you have their Abbey account - I'm sure they won't laugh at you.
However they do have the following provisos:-
1) The cheque has to be payable to you
2) The cheque must be less than sixth months old
They use two different methods of clearance - with the first your account is credited in about 6 working days - with the other they send the cheque back to the issuing bank and it can take 4-8 weeks. There's more information on their website.
I bank with HSBC. I pay my foreign currency cheque(s) in each month with no problems. If you use foreign currency cheque negotiation they pay the cheque into your account the day you pay it in - so you don't have to wait for your money. They do however have a sliding scale for this - depending on the cheque amount (when converted to UK pounds):-
Their charges are:-
Sterling Equivalent Charge
Up to £50 £4 per cheque
£51 - £200 £6 per cheque
£201 - £500 £8 per cheque
£501 - £5,000 £14 per cheque
£5,001 - £10,000 £20 per cheque
£10,001+ £30 per cheque
(exchange rate 05/05/2004 £1=$1.79304)
Up to $89.65 ------------ £4
$89.66 to $358.60 ------- £6
$358.61 to $896.52 ------ £8
$896.53 to $8965.20 ---- £14
$8965.21 to $17,930.40 - £20
$17,930.40+ ------------ £30
The percentage of the cheque taken up in charges at each band is:-
8% to 100%+
3% to 11.7%
1.6% to 4%
0.2% to 0.4%
In other words - cheques less than $7.17 are not worth paying in (unless it's a dollar account etc etc etc)...
There are other options of course too - but cheque negotiation probably suits most UK-based Adsense publishers.
| 9:59 pm on May 5, 2004 (gmt 0)|
We found ridiculous charges at Abbey National for our ltd. co. business account, so getting the cheques sent to and payable to one of us personally. £4 a go at Barclays and reasonable rates for multiples.
Foreign currency accounts generally require a large opening deposit don't they? eg. $2000. Does Citybank?
| 1:14 am on May 6, 2004 (gmt 0)|
I use Barclays and I am reasonably happy with their service.
I just wish the current exchange rate wasn't so poor... come on USA, sort out your budget deficit!
| 1:40 am on May 6, 2004 (gmt 0)|
ronin ,if you have the info at hand ,(or anyone else), can you please give us a breakdown and/on advice using Barclays + negotation charges.Thank you
| 8:44 am on May 6, 2004 (gmt 0)|
I've payed Google cheques into my personal Barclays account. The charge was £4 for cheques worth up to £100, £8 for cheques over £100. There might be some higher charge for really big amounts but I haven't got there yet... :-(
The money was credited to my account in a few days, however they reserve the right to take it back if something goes wrong with the transatlantic negotiation (unlikely). So the money isn't "safe" for a few weeks.
The only problem I had was finding someone in the branch who knew which form to fill in!
| 8:58 am on May 6, 2004 (gmt 0)|
>Foreign currency accounts generally require a large opening deposit don't they?
Depends a lot with your standing at the bank. Most managers have discretion over these things. We opened a US$ account with $100 - and I am certainly not in a major financial centre and bank with a local NI (not UK wide) bank! Saved us a packet in currency conversion charges and commissions over the past year. US$ cheques are credited the same day with a proviso that they may remove the credit if dishonoured (never happened yet).
[edited by: makemetop at 9:00 am (utc) on May 6, 2004]
| 9:00 am on May 6, 2004 (gmt 0)|
Got these charges from Barclays this morning for paying into personal a/c at branch.
under £50 free
over £100 0.25% of total value, minimum of £9 charge.
these are per transaction, not per cheque so pretty reasonable.
Also discovered you can open a dollar savings a/c (paying cheques in through branches). Doesn't need anything to set it up. Same charges as above for paying in cheques. So can sit on $ and wait for exchange rate to move.
| 9:11 am on May 6, 2004 (gmt 0)|
Am not in the UK but it seems that there is a lot of difference between the banks re charges.
If I were you I would let my fingers do the walking and call each bank up and find out directly.
Some banks will allow multiple cheque deposits if from the same country so it can save you money to keep the cheques from G and deposit 3 or 4 in one go as you may only be charged once for that. Of course you would need to calculate interest rates etc.
| 10:25 pm on May 6, 2004 (gmt 0)|
Thanks guys for the Barclays infos.
It would be ideal if the charges were made available on their websites instead of tons of useless material.
By the way ,why is google not able to pay by direct deposit, wire etc. Some time ago it was mention,(on this forum I believe)that google might introduce more payment options, nothing has been said since.
It is a fact that cheques get lost in the post(or are stolen), take time to reach us, (maybe google likes that),banks charge what they like and then take their time to credit our accounts.
Google, please consider other payment methods asap , other companies in the same field do manage quite well electronically, cheques are a primitive way of paying your publishers.
| 11:33 am on May 7, 2004 (gmt 0)|
If you want to talk to Barclays about this and you phone the call-centre number, ask to be put through to commercial or international, the call-centre folk are easily confused into thinking you want to exchange dollars for £ in some sort of travel event.