If I were to write a cheque from my UK account (held in Pounds (Lloyds TSB)) to another account of mine in the UK (held in US Dollars), could I write it in Dollars? Or is this generally not permitted?
Also, at what point would the transaction use the exchange rate (i.e., which stage of the cashing process and what sort of timescale are we talking about)?
Many thanks for any guidelines.
I've seen it done and the bank accepted it.
To add to others I'd advise writing the month on the cheque in words, if the cheque does go to the USA I've known there to be a delay whilst they work out what the date was meant to have read.
Thanks very much for the info - the banks in question are Nationwide and Citibank. All I need to do now is find out whether Nationwide are going to charge me any fees for writing a cheque from my account with them in US dollars.
In message , dmx writes
Hmm, I reckon it would be cheaper to write citibank a sterling cheque on your NW account. When comparing the overall cost, i.e. the sterling debit and the dollar credit this might turn out cheapest. Citibank are so much larger than NW and they are likely to command a finer exchange rate which *may* end up better for you. It isnt all down to charges.
Well some banks have it in their T&C that you must write cheques in sterling. If yours is one it would be bounced.
If they DO allow it, either as a concession or by not prohibiting it, you can be sure there will be a fee involved.
In message , snipped-for-privacy@my-deja.com writes
What would be the reason for the dishonour? I know of no 'bank' that would bounce a currency cheque.
Too right, it aint a cheap process.
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