Expired

got a US$ cheque. where is the best place to cash it?

Banned 21 replies
Found 24th Sep 2016
I got a cheque in the post from a US travel company which was owed from allowances and a goodwill gesture after they messed up my booking details. The cheque is go $430

I was hoping they could just BT into my US$ debit currency card but they refused.

I think my bank will rip me off with transaction and exchange charges, so hopefully there is a decent way I can get at this money.

Thanks in advance

21 Comments

it will have to go thro a bank as it has to be cleared, however the banks should use upto the minute exchange rates and they may charge you as well so i would ask them

Try one of those cheque cashing places like a pawn shop.

Your bank is probably best option, usually either a fixed fee of £10-20 or x% difference in live exchange rate usually very low 1-2%

Original Poster Banned

kiish

Your bank is probably best option, usually either a fixed fee of £10-20 … Your bank is probably best option, usually either a fixed fee of £10-20 or x% difference in live exchange rate usually very low 1-2%



They've said based on today's rates $1.33 and the minimum £10 charge to cash a foreign cheque. So £320 Less a tenner

Just narked they didn't pay it direct on to my US$ currency card.

Original Poster Banned

Is there a way I can get a US$ bank account? Would be better than the currency card too

For the sake of £10 of 'free money', is it really worth it? Just cash the cheque.
Edited by: "Kev`" 24th Sep 2016

Original Poster Banned

Kev`

For the sake of £10 of 'free money', is it really worth it? Just cash the … For the sake of £10 of 'free money', is it really worth it? Just cash the cheque.



Which I will need to use to purchase more $ at a worse rate than I just sold at.

ICBMiss

Is there a way I can get a US$ bank account? Would be better than the … Is there a way I can get a US$ bank account? Would be better than the currency card too



Not without a US address with a credit score in your name AND a US social security number.

I have a friend that gets small cheques from the US a few times a year, the bank always screws him over with fee's for this and that every time.
Edited by: "steve1221" 24th Sep 2016

Original Poster Banned

steve1221

Not without a US address with a credit score in your name AND a US social … Not without a US address with a credit score in your name AND a US social security number. I have a friend that gets small cheques from the US a few times a year, the bank always screws him over with fee's for this and that every time.



Hmm ok.

Could I countersign and get an American I know to pay into their account by counter signing?

You will still have the exchange rate issue... and £ has just dropped to £1.2 to $1.00..better hurry before sub-£.

ICBMiss

Hmm ok.Could I countersign and get an American I know to pay into their … Hmm ok.Could I countersign and get an American I know to pay into their account by counter signing?


steve1221

Not without a US address with a credit score in your name AND a US social … Not without a US address with a credit score in your name AND a US social security number. I have a friend that gets small cheques from the US a few times a year, the bank always screws him over with fee's for this and that every time.




You can open a USD account in the UK

citibank.co.uk/per….do

Original Poster Banned

Splodger101

You will still have the exchange rate issue... and £ has just dropped to … You will still have the exchange rate issue... and £ has just dropped to £1.2 to $1.00..better hurry before sub-£.



I just want the $ . There would be no exchange involved

ICBMiss

I just want the $ . There would be no exchange involved



Then make sure you don't pay it into a sterling bank account. Why do you want it in dollars, might be a hassle if u have to set up a USD account. It's a fairly small amount.

Original Poster Banned

ibblackberry1

Then make sure you don't pay it into a sterling bank account. Why do you … Then make sure you don't pay it into a sterling bank account. Why do you want it in dollars, might be a hassle if u have to set up a USD account. It's a fairly small amount.



Because I spend a lot of dollars. Usually cash or my FairFX account. Do you not go on holiday abroad?

Afraid, no alternative but to put it into your own bank account and hope for the best. Money for nothing so you are on to a win win even if there are charges.

It's a pretty good time to be changing dollars to pounds right now so I'd just do it.

Teezgaff

Try one of those cheque cashing places like a pawn shop.


NO,NO,NO..... It would cost you a fortune the first time you use one of those places. Bank it and accept the cost.

Not sure... charges seem high!!!

Citigold is available free of charge if you have an average monthly balance of £150,000 (or currency equivalent) across all your Citi UK accounts, including investments, or if you hold an account with Citi International Personal Bank in London or Jersey. If you don't meet either of these criteria, a monthly fee of £75 will apply.


eslick

You can open a USD account in the … You can open a USD account in the UKhttps://www.citibank.co.uk/personal/current-accounts.do


Splodger101

Not sure... charges seem high!!!Citigold is available free of charge if … Not sure... charges seem high!!!Citigold is available free of charge if you have an average monthly balance of £150,000 (or currency equivalent) across all your Citi UK accounts, including investments, or if you hold an account with Citi International Personal Bank in London or Jersey. If you don't meet either of these criteria, a monthly fee of £75 will apply.




Wow that's changed haven't looked at it for about 10 years but it used to be free!!

Original Poster Banned

eslick

Wow that's changed haven't looked at it for about 10 years but it used to … Wow that's changed haven't looked at it for about 10 years but it used to be free!!



I did see the costs but didn't reply as some people get upset and take it personally if you reject their suggestion! lol

Crazy amount of money they want though eh! Especially when banks are paying out zero for having our money for free!

It might have been good otherwise as it would be useful to have a $ account.
Edited by: "ICBMiss" 25th Sep 2016

Original Poster Banned

dcx_badass

It's a pretty good time to be changing dollars to pounds right now so I'd … It's a pretty good time to be changing dollars to pounds right now so I'd just do it.



You may well be correct. Though my bank (First direct) said it could take up to 8 weeks to clear. I think they must deliver by ship.

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