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Cashing usd cheques in the uk

     
3:11 pm on Oct 5, 2004 (gmt 0)

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I read an old post on this thats how I found this haven of info, I am currently looking for a savings account or any account that I can pay usd cheques into with out getting ripped off to the point of owing the bank........the abbey want 25 for each cheque then apparently the us banks charge from $15 each cheque to cash them...........on 2 of the cheques I have under $50 I would owe the bank.........so HEEEEEEEEEEEELLLLLLLLPPPPPPPPPPPP pls........ I have looked into nat west that have a minimum balance of a $1000 to $1500 requirement......all well and good in the long run but not to set up.........any other suggestions?/

Elizabeth

3:31 pm on Oct 5, 2004 (gmt 0)

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There are a bunch of UK affiliates here, so I'm sure someone will be able to give you some advice.

In the meantime, i'd have no problem cashing your checks and fowarding the money to you, but I don't think a moneyorder/paypal/cash would be any better then a check, there would still be fees up the wazoo regardless of how you got it converted (although I think paypal just takes the lowest current forex value of the one currency, and the highest of the other, so you only lose a few %)

Anyway, someone WILL post here with some more useful information than this, I promise :D

[edited by: rogerd at 6:52 pm (utc) on Oct. 5, 2004]
[edit reason] No specifics, please... [/edit]

3:36 pm on Oct 5, 2004 (gmt 0)

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im with natwest and im sure its just a one off 10 fee for USD cheques.

Could be worth asking if that will be a one off fee even if you bank 2,3 or more cheques!

4:16 pm on Oct 5, 2004 (gmt 0)

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Hi again re nat west I do not have a current account with them so would need to set up - looked into have a usd account with them and was told I need a min of $1000 to $1500 in a the account.......as new affiliates don;t yet have that amount. Once I have an account set up I can arrange for funds to be paid direct saving the us bank charges for cashing cheques.

Many affiliate schemes do not use paypal now as paypal ... froze a lot of accounts recently keeping hold of some peoples money for 6months before paying it out to them.

Elizabeth

[edited by: rogerd at 6:52 pm (utc) on Oct. 5, 2004]
[edit reason] No specifics, please... [/edit]

5:25 pm on Oct 5, 2004 (gmt 0)

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I am with the Natwest, and my bank account in pound sterling.

When paying in cheques in USD, I get charged as follows:

If the cheque is less than $100, they charge 9.50 processing fee.

If the cheque is greater than $100, they charge me 10.50 processing fee.

With a typical exchange rate of $1.74 USD to 1, the processing fees (converted) are approximatly $16.53 and $18.27 respectivly.

hope that helps :)

Jason

11:31 pm on Oct 5, 2004 (gmt 0)

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Barclays have a foreign currency form which takes up to three cheques, charging 9. That works out at only 3 per cheque.
10:12 am on Oct 6, 2004 (gmt 0)

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markjh, I have a standard barclays connect account. I save all my checks up till I have a good handful and pay them all in at once. One off 8. I think I paid in 27 checks last time. Took the girl an hour to write out the forms. Heh Heh Value for money. I went for a coffee while she sorted them. Barclays probably pay the girl more per hour than they got from me to process the checks ;o)
Ska
12:50 pm on Oct 6, 2004 (gmt 0)

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Something I've never looked into, but there could ba another option?

Pay the dollar cheques straight into the US bank accounts, then buy your advertising (say adwords) straight from that bank account.

This way you save on the exchange of converting back and forth between $ and - not sure how much the charges - anyone care to shed light on cheque charges for US banks?

1:41 pm on Oct 6, 2004 (gmt 0)

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re us bank charges I have been told that to cash a cheque it starts from $15 ....re paying into a us account you need to have a sponsor to set one up or be resident.....not possible for many uk residents such as myself.

Elizabeth

1:46 pm on Oct 6, 2004 (gmt 0)

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Surely all you'd need to do is make a good contact in the US (made all the more easier with all these guys on here at WW!)?
1:56 pm on Oct 6, 2004 (gmt 0)

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Its all well and good keeping your aff earnings in the US. But i want to spend mine in the country where I live. Might as well be paid in magic beans else.
12:33 pm on Oct 10, 2004 (gmt 0)

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markjh, I have a standard barclays connect account. I save all my checks up till I have a good handful and pay them all in at once. One off 8. I think I paid in 27 checks last time.

Ah, I think they've recently introduced a new form which allows you to have substantially more than 3 cheques cashed at once. Still less than a tenner? That's good to hear. I did wonder if they'd charge more.

2:07 pm on Oct 10, 2004 (gmt 0)

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Abbey only be charging 10 a cheque, not 25 - bank clerk may be making some money from you :)

have a look at citibank - they have and $ accounts and and allow you to move cash around between accounts.

12:06 am on Oct 11, 2004 (gmt 0)

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HSBC also charge 10/cheque and have a US dollar account with no account charges if you have >$3000.
12:32 pm on Oct 11, 2004 (gmt 0)

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In Sweden it is impossible.
Must be the worst country to live in.
I got a tip from one guy at a forum that I'm about to examine.
[cyfrocash.com...]

/Andla

9:00 pm on Oct 11, 2004 (gmt 0)

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In Sweden it is impossible.
Must be the worst country to live in.
I got a tip from one guy at a forum that I'm about to examine.
[cyfrocash.com...]
/Andla

So basicly you sell them your google checks, they cash it and deposit the amount minus a fee(smaller than a normal bank's one) to something like your paypal account?

6:21 pm on Oct 17, 2004 (gmt 0)

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I think so.
Still my first check that I got is only issued to me and what has been said to me is that it needs to be issued to them in order to work.

I have been answered in the forum that because they don't provide a telephone number and that the company isn't located in the US they should not be trusted.

I really don't know what to do :-)

/Andla

9:41 am on Oct 22, 2004 (gmt 0)

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lol, the banking system is absolutely crazy, I have to bank USD cheques of just over $1000 and this changes things for the worse.

Not only do you get charged fees but all you get is a letter through the post saying it now takes 4-6 WEEKS to process the cheque and make sure the cheque is honoured.

I paid in a cheque a month ago and no sign of it yet hitting my bank, I phoned about other banks and online banks like smile.co.uk and they say the same - it can take 6-8 weeks as we have to make sure funds are available, lol, do they have to walk to the issuing bank? :-)

These cheques are from a large search engine as well, so its not like they aint good for it.

11:24 am on Oct 22, 2004 (gmt 0)

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LloydsTSB (0845 072 3333):
For foreign currency cheques with a sterling value less than 100 charge is 5.00

For a sterling value greater than 100 the charge is 0.25% commission with a minimum charge of 8.00 (maximum of 80.00).

If you have cheques with a sterling value <30 Halifax (01422 333 333) do them FOC. This was very useful a couple of years back with several US casinos offering $30 free which lead to lots of small wins as cheques that at other bank would only have been good for paper darts.

9:43 am on Oct 27, 2004 (gmt 0)

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Nationwide arent too bad with foreign cheques. I cashed in a $105 cheque and got a 6.50 charge. The process takes a couple of weeks, but Nationwide credit your account with the amount that you are owed straight away! (in the event of the cheque being invalid/not going through they obviously debit your account).
 

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