Hi,
I may be naive here in asking this, but I got a international cheque through and went to cash it at HSBC and got charged near enough 10% for the privledge.
Do any high street banks not charge to cash cheques as I may move over to them?
Alex
Why can't you send the cheque back and ask for a sterling cheque drawn on a London bank and see how much would be taken up by the other side's bank in charges. The cheques have to be posted out to whatever country they are drawn on and payments have to be reconciled manually meaning there are costs involved in processing these cheques. Eric
>I'm told Citi bank will give US dollar accounts in the UK and free transfers to your Citi bank account
No.
The banks incur costs in paying you these funds, namely the despatch of the cheque back to payee for collection.
Further, if they choose to pay you the funds prior to them collecting the funds in full, they are standing a credit and exchange rate risk which in part explains the fees.
MC
Most banks offer USD accounts, and all ( I think) allow for free transfers of cleared funds between USD and Sterling accounts (as well as Euro, AUD accts etc).
However, for collection of a cheque drawn on an O/S bank I believe all banks will charge, irrespective of the currency account the cheque is paid into.
MC
Further to my last,
Why not ask your payer to remit the funds using a TT?
You will need to provide them with your IBAN no which should be printed on your statement, if not, your bank will advise you of it on request.
MC
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.