UK Webmasters - Cashing US Cheques
 

Who are you using to cash dollars cheques?

I was getting them cashed totally free at Citibank. However since Septemeber they started charging £5 per cheque.

Any better options that that?

I pay £7 per cheque at the bank.

Can't be fucked looking for other options. Though i probably should...

yeah i just use my bank also. small charge but doesn't bother me.

lloyds £7 per batch, whether it's 1 cheque or 100

NatWest charge a tenner to process a batch of foreign cheques, usually processed within 5 days although occasionally they are sent off for collection which can take up to 28 days to hit your bank account.

That's not bad.

Barclays £9 per batch, usually credited next day (£4 if it's under $100 I think).

Yep get a batch deal and just stick them in once a month. Saves a fortune.

US $ account at citibank - its free. takes 21 days to clear though.

Or maybe its 14, I can't remember

Same here.

Morph

Auction Chex

I use Auctionchex too, i wish HSBC did cheques by batch

Same here, but I think it will take the same to clear in all banks as the cheques have to be sent back the the US to be checked.

Used to use auctinchex, which was fine - just they give a really shite exchange rate.

LloydsTSB £8 per batch, no limit, for me.

Nope, nat west do mine in 5 days.

They basically assume it will clear, but you have to sign something saying they can take the money back if it doesn't clear when it gets back to the US.

Same here. I've had them cleared in 3 days before.

It's called "negotiation". With Barclays, you fill in a form and tick the box for "currency to Sterling negotiation", then they do that the next day (usually) and put the funds in your account, but can take it out again if the cheque doesn't clear. Occasionally they can't negotiate the funds and you have to wait six weeks for it to be collected.

Taken from the MSE forums.

I think that was established at the start of the thread. :)

What a tool I am.

I use natwest for batch processing for us bank cheque and they charge exactly £10.50

Canadian bank cheque process separately but charge is still same 10.50£

Barclays are the best for $$$ cheques.

Wayne

Thanks I bank with Natwest so I'll give this a go.


Just to expand on what FruitPanda said:

If you you do a payment by negotiation it will clear in 4-5 days as long as cheque is in the local currency of the country on which it is drawn (e.g. US dollars payable in the US) and you sign something.

Otherwise it is done by collection; if the cheque is not in the local currency of the sender's country (e.g. US dollars payable in Greece) it can take up to 28 days.

i charged 4$ for cheques
that sucks with 60$ cheques :)