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Paying in Checques in Dollars in the UK

Discussion in 'Business & Tax Advice' started by Zo0mer, Aug 24, 2009.

  1. Zo0mer

    Zo0mer Registered Member

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    Hey,

    So far I have got 2 cheques from my on-line efforts. One was converted into GBP so that was no problem, the other was in USD, I was told it would cost £10 to convert into GBP, but the cheque was for around $100 this would not really be worth doing as it is well over 10%.

    Does anyone know of a way of cashing these without such high fees.

    Thanks in advance for your help.


    Oh, the bank was HSBC.
     
  2. Xyon81

    Xyon81 Regular Member

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    ask your bank..
    natwest charge £10 a cheque, but thats whether the cheque is $1 or $10,000 still sucks balls though
     
  3. lexus7

    lexus7 Newbie

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    yes this is true... and other banks may charge more..

    the best way to do this would be to pop into any hsbc branch and ask to open a dollar account with ur current account..

    that means you would have one £ balance and one $ balance..

    what you do is fund the dollar account with ur cheques which then means you wont have to pay the £10 charges everytime you deposit.

    when you would like to withdraw tansfer funds from dollar to pound account all together.

    this means u can cash 10 cheques without paying £100..

    instead you will be charged one percentage fee..

    much better for cashing out larger sums in dollar..

    hope you understand.
     
    • Thanks Thanks x 1
  4. Zo0mer

    Zo0mer Registered Member

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    Thank you for your responses, I will let you know how it goes, I will go to the bank tomorrow.

    Regards.
     
  5. mightybh

    mightybh Jr. VIP Jr. VIP Premium Member

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    Lloyds charges me around £6. When there is an option, I chose to be paid by prepaid debit card rather than cheque. Or direct deposits even better.
     
  6. coxi999

    coxi999 Junior Member

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    I have had this problem for a while thanks lexus, will give that a go!
     
  7. Damo8884

    Damo8884 Newbie

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    Also there's a website called Auctionchex which will cash your cheques, but quite high commission. They can wire it to your account but charge £3 one-off fee to set it up the first time.
     
  8. Zo0mer

    Zo0mer Registered Member

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    After speaking to my AM, they have changed payment for Paypal, and also said that they are working to pay in GBP soon.

    I have a LLoyds account too, so perhaps I will take it there.

    :)

    Thank You