How can I process USD cheques without huge fees?

lizmoz · Jul 16, 2009

Can anyone help please?

I'm trying to suss out an account in the UK where I can pay in US dollar cheques without being charged a fortune. HSBC would charge me 28 quid for the privilege. Lloyds tell me they won't give me a personal account where I can do this. They promised to call me with details of their business charges, but never did.

I think what I'm looking for is international banking based in the UK. Someone told me the co op do this for free. I have 7 cheques for amounts ranging from 34 usd to 450 usd - as you can imagine I don't want to spend more than 34 usd simply to process the money!

Thanks for your input.

thelimitlesscafe · Jul 16, 2009

Why not just register yourself with Money Gram or Western Union transfer the money to your account in UK sterling...I did this the other way round GBP to USD and only got charged £3 for doing so. Then put the converted currency into your bank account.

Its just a suggestion, but may be worth the trouble.

lizmoz · Jul 16, 2009

I'll give it a whirl and report back.

Christiane · Jul 16, 2009

A&L Commercial (business account) charged me £10 to cash a cheque in euro.

Paul Kelly ICHYB · Jul 16, 2009

open a US$ account with your bank - paying in cheques shouldnt cost anything (or anymore than £, if business). You can then transfer money to your £ as/when required.

lizmoz · Jul 16, 2009

Neither can do this in the UK - they want sterling only. Moneygram suggested trying Amex, who also won't do it. Worth a punt, but need to find another way. Cheers.

lizmoz · Jul 16, 2009

consultant said:
open a US$ account with your bank - paying in cheques shouldnt cost anything (or anymore than £, if business). You can then transfer money to your £ as/when required.

HSBC told me that they would charge me 3 quid per month to maintain a basic account or 15 quid for a hsbc.net account plus the 28 quid processing quid per cheque. I'll open the usd account for future when people want to send me drafts over, also a euros account. Happy to pay 36 quid a year to stop transaction fees in both currencies. 28 quid a pop for cheques is too much.

I bank with A&L and it was the tenner processing fee that first prompted me to seek elsewhere. 'll try them again if all else fails.

Cheers.

lizmoz · Jul 16, 2009

just.b said:
A&L Commercial (business account) charged me £10 to cash a cheque in euro.

See previous response

Shauni · Jul 16, 2009

lizmoz said:
Neither can do this in the UK - they want sterling only. Moneygram suggested trying Amex, who also won't do it. Worth a punt, but need to find another way. Cheers.

Try Natwest as I have a USD account with them as well as a sterling account

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