Cashing US Dollar CAN Dollar cheques in the United Kingdom

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Cashing US Dollar CAN Dollar cheques in the United Kingdom

Help my bank wants about £8.00 to cash a foreign cheque here in the United Kingdom.

Some times the cheques, usually receive irregularly, are small amounts equivalent of about £10.00 this would leaves only £2.00, 2%, after conversion.

My bank states that there is a lot of work involved, and checking that the monies received are not part of money laundering scheme or other types of fraud.

Does anyone know of lower cost bank charges?

I do not wish to use services such as PayPal.

[krooga]

I have the same issue with checks from Google !! The best option really is to open a US bank account however that proves to be quite complicated !!

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Yes the Bank told me this

One account for Canada Dollars

One for USA Dollars

Each one has a charge, the banks make enough cash on payment into and out anyway!

I'm tell all payers to wait until there is about $75.00 to make it more wothwhile

Thank you>

[KhakiMan]

I just returned to the US from a 4 year junket in the UK. When I moved to the UK I opened a Pound Stirling account and a US Dollar account. I had no problems depositing USD checks into my account and transfering money into the GBP account. There were no fees either!!

I looked initiall at NatWest but ended up with Citibank as I knew them from living in NY. The drawback with Citibank was that they only had a few locations in London, but I always used a hole-in-the-wall and direct deposit anyway. Not having a withdrawal fee from a cashpoint was a big plus from other banks machines. Certainly not the case in the US.

I'd take a look at NatWest, Lloyds and Barclay's for your accounts. You really shouldn't see any fees for depositing USD/CAN checks. I suspect, however that the fees they're suggesting are to deposit into your GBP account. Open a USD account and save a few quid.