Best UK Bank Dollar Cheque Clearance Rates

[PanUK]

Just want to make sure i'm not being robbed.

Been searching around for any Bank comparison info for US dollar cheque clearance rates.

Anyone any info on the best bank to clear dollar cheques through.

Cheers.

[Wonderstuff]

Not sure of cheque conversion rates - I decided to open an account and then get Google to send cash monthly by EFT. This works well through HSBC, but I believe others have similar packages. It's a lot less trouble.

[PanUK]

Yep I have my Google payments EFT'd, unfortunately I have other affiliate companies that only send dollar cheques.

[percentages]

I'm using the Bank Of Scotland.

On a day to day basis there might be better options, but, I'm not willing to apply that amount of effort for about $1 million per year.

The BOS are effiecient, do a good job, don't cause unnessary hassles, and generally do as requested.....what more does anyone want from a bank?

[PanUK]

I'm with the Halifax which clears checks through the International Banking services of the 'Bank of Scotland' so we're in the same boat.

I have no problem with service but I do have a problem that bank check clearance rates not being visible and there being no way of comparing one bank to another so getting the best deal.

Hopefully if people are willing to check the rate they got for clearing their last dollar check compared to the Bank of England(link below)we can at least identify none of us are being robbed, yeah right! Or maybe the best bank to cash checks through.

The last check I cleared;
Halifax PLC
25 April
Halifax Exchange Rate. 1.8446
B of England Exchange Rate. 1.7904

Difference 5.42cents

If my math is right that's 3.03% lost on exchange rate alone without the £10 processing fee, now you see why i'm paranoid. :)

Bank of England exchange rates. [bankofengland.co.uk]

[andye]

11 May
Bank of England 1.882
HSBC 1.879

best, a.

[PanUK]

Lol, your HSBC rate is lower than the B of England rate are you sure? If that's true that would save me around £200 a month.

May 11 that was a quick clearance also, it's normally around 10 days before I get a letter giving the rate the check was cleared at.

What's their processing fee?

[andye]

Pan, I've just double-checked and 1.879 is definitely the rate they gave me.

The process seems to be done by hand - they post me a handwritten form after each cheque is processed - so it is possible they made an error in my favour... let's take a look at another USD cheque on the same day: that got 1.879 too.

Re 'quick clearance': I'm not sure when the money actually hit my account.

Fees - see the 'international price list' (PDF online), it's:

Negotiations – cheques payable abroad – Commercial/private cheques

Up to £100: £5
£101 to £5,000: £10
£5,001 to £10,000: £20
£10,001 to £50,000: £28
Over £50,001: £50

The above charges are for each cheque and are based on the gross value (sterling equivalent) of each cheque.
NB For euro denominated cheques payable in the UK, please refer to the Business Banking Price List.

hth, a.

[Receptional]

If you deal with amounts over $5,000 regularly then you can get an account with Moneycorp. Foreign Exchange is all they do.