Receiving cheques in US dollars?

Depends on the bank, but Lloyds TSB charge 8 irrespective of value or number of cheques. Citibank offers 'free' foreign currency accounts (not sure about the spread), you just post the cheques off to them, however there are conditions on usage.

Charges seem to vary widely.

Az.

In message , dannyclein writes

Isnt the same as

I think the best way to be paid is for the US Remitter to send the sterling equivalent direct from their bank to the UK Bank account.

The next best way is for them to send US$ direct to the UK Bank account.

If the figures are big enough, then open a US$ account with somebody like Citibank and pay the Dollar cheques in there and convert them to £ at your leisure.

Depends how much the cheques are for and how many as to what is the best course of action. The worst thing would be for lots of small value cheques in which case he should look at other ways to be paid, or get a US $ account..

Cheques same currency drawn on same country under equivalent of 5 are charged at a flat rate of 5. Any above 100 are charge at 0.25% minimum charge of 8. These charges apply to cheques which are negotiated with recourse. Higher charges apply to cheques which have to be collected. Eric

Eric

I wasn't aware of that, thanks for clearing it up. I haven't attempted to pay in excess of 3200, or equivalent thereof, so I've only encountered the 8 charge.

Az.