How best to handle a big cheque from USA? cfj1946

I am anticipating the arrival shortly of a cheque from the Los Angeles Public Administrator for an amount in the region of 98000 US$ drawn on the Bank of America. Can anyone advise the most cost effective way to convert this into sterling? I should like to pay it into a UK current account but which bank offers the lowest fees for handling the overseas cheque and offers the best currency exchange rate. The cheque has been authorised by the Los Angeles Probate Court so I see no risk of it bouncing.

Take a trip to USA and open an account there, from which you can transfer it yourself to UK, unless you can insist on a bank transfer from them instead of a cheque in what for you is a foreign currency and hard to negotiate.

Best is to send it back and tell them to pay you electronically.

If that's not going to work, perhaps you could open a USD account with BOA in the UK, pay it in, then when it's cleared use a currency broker to transfer the money to a GBP account.

If you can wait 2 months for the cash, open a MetroBank account. May not be any branches near you unless you're in London but makg a trip into London will be cheaper than flying to the US.

They don't seem to charge for banking USD cheques. Takes 2 months to clear though. Not sure what exchange rates they use but other banks charge extortionate fixed charges. i.e. £10-15 for a 100USD cheque...

with the right documents / ID with you, Metro can open an account for you in 25 mins.

Who is online

Users browsing this forum: No registered users and 2 guests