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Dollars to pounds ???.


samboy
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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.

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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 by Eyefor
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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. 👍

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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)...

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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 :lol: 

 

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 :good: 

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