samboy Posted December 20, 2018 Report Share Posted December 20, 2018 Hi gang . I am expecting a cheque from the States very soon and was wondering where would be the best place to cash it in. Any idea's chaps ?. I stuck my last one in my bank. Thanks all. Quote Link to comment Share on other sites More sharing options...
Lord v Posted December 20, 2018 Report Share Posted December 20, 2018 The bank. I found that they gave the most favourable rates once other transfer fees were taken into consideration, plus it was cashed really quickly (3 days I think) Quote Link to comment Share on other sites More sharing options...
Seadog1408 Posted December 20, 2018 Report Share Posted December 20, 2018 Depends on amount, if over 50K, best bet is someone like currency solutions or forex. Quote Link to comment Share on other sites More sharing options...
Gu5 Posted December 20, 2018 Report Share Posted December 20, 2018 Would it be worth sitting on for a little while, maybe after brexit, to get a more favourable rate? Quote Link to comment Share on other sites More sharing options...
Eyefor Posted December 21, 2018 Report Share Posted December 21, 2018 (edited) On 20/12/2018 at 11:08, samboy said: Hi gang . I am expecting a cheque from the States very soon and was wondering where would be the best place to cash it in. Any idea's chaps ?. I stuck my last one in my bank. Thanks all. Be careful...foreign currency cheques are sent by some banks to the country of origin "on collection" which means, even if they do credit your account with the Sterling equivalent, they can claim the money back if the cheque bounces (admitted unlikely with a US$ cheque because it's a criminal offence to issue a cheque - or check in the US - without funds to cover it). Any "High Street" bank will also charge a lot and give a carp exchange rate. I would talk to Transferwise (here https://transferwise.com) and see if they will help. Edited December 21, 2018 by Eyefor Quote Link to comment Share on other sites More sharing options...
pinfireman Posted December 21, 2018 Report Share Posted December 21, 2018 Next time, get them to pay you by Paypal.............. Quote Link to comment Share on other sites More sharing options...
Scully Posted December 21, 2018 Report Share Posted December 21, 2018 On 20/12/2018 at 11:08, samboy said: Hi gang . I am expecting a cheque from the States very soon and was wondering where would be the best place to cash it in. Any idea's chaps ?. I stuck my last one in my bank. Thanks all. I can send you my sort code and account number if you're not sure where to put it. 👍 Quote Link to comment Share on other sites More sharing options...
PPP Posted December 21, 2018 Report Share Posted December 21, 2018 I wouldn’t use a payment institution (transferwise, Fairfx etc) for a USD cheque, it can take months to clear unless you are using a correspondent bank, that’s if those guys accept them as US cheques are a PITA. Id go to your bank but equally I’d not hold onto it, some interesting noise coming out of septics today ... we might be about to benefit from being less in the **** than US and EU again (same as ten years ago)... Quote Link to comment Share on other sites More sharing options...
samboy Posted December 21, 2018 Author Report Share Posted December 21, 2018 3 hours ago, Scully said: I can send you my sort code and account number if you're not sure where to put it. 👍 You'd only waste it on booze and dirty birds. Quote Link to comment Share on other sites More sharing options...
Lord Geordie Posted December 21, 2018 Report Share Posted December 21, 2018 Be watching this with gusto! I am expecting a cheque for a few million from some deposed president in Gambia who wants to use my account to store his hidden fortune and pay me a few million for helping him out as said aid you can always use the bank, but Inwould try and find the current rates and see if your getting the correct exchange rate. I recently took some gold to be scrapped and got a chap trying it on offering me £7 a gram instead of the £9- £10 ball. Checking current rates can be crucial in making sure YOU get the best deal rather than the middle man Quote Link to comment Share on other sites More sharing options...
Scully Posted December 23, 2018 Report Share Posted December 23, 2018 On 21/12/2018 at 23:11, samboy said: You'd only waste it on booze and dirty birds. You may be right. 👍 Quote Link to comment Share on other sites More sharing options...
grrclark Posted December 23, 2018 Report Share Posted December 23, 2018 I'd look at a service where you can maintain a dollar value in your account (Revolut I think maybe do) and not bother exchanging it into pounds at all, unless you really need the cash. Quote Link to comment Share on other sites More sharing options...
Seadog1408 Posted December 24, 2018 Report Share Posted December 24, 2018 HSBC dollar account in the UK is pretty good for storage. Quote Link to comment Share on other sites More sharing options...
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