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Banking US dollar dividends

Can anyone please advise what is the best way for someone in the UK to deal with a smallish US dollar cheque drawn on a New York bank?

I have seen it suggested somewhere that Citibank might be able to help. It appears that it might be possible to open a US dollar savings account and a GB pound current account, to pay the USD cheque into the savings account, to have the dollars converted into sterling and credited to the current account and then to withdraw money from that, all without charges. Can this really be true? Is there a more straightforward way?

Reply to
Hugh Eagle
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define 'smallish'

Reply to
Tumbleweed

May I add a supplementary question: if it is not worth banking because of the charges and you just throw it away, do you still have to pay income tax on it?

Robert

Reply to
Robert

about USD 50.00, but there may be more to come

Reply to
Hugh Eagle

That's about a straightforward as it will get, but you'll want to investigate their exchange rate calculation. The "no commission" places simply alter their rates accordingly.

HSBC in Australia offers multi-currency accounts. You might want to check with HSBC in the UK.

Reply to
jzilla

That is an interesting question. I get a cheque from the USA each year for US$0.09. Yes, nine cents. Not worth banking and I have never declared it to the IR :-)

When I had reasonable amounts of money coming from the USA the Midland bank (now HSBC) were most helpful if I kept the money in a USA dollars current account. They gave me a good exchange rate when I closed it. I converted all the money in one go.

HSBC were the only one I found who would take less than US$2000 as an opening balance. I only had US$1980. I don't know what their policy is now.

Simon

Reply to
Simon

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