Dollar Cheque

[Alixw]

I have a normal sterling current ******* with HSBC. I have been sent a cheque that is in US dollars. Can i pay this into my account, or do i have to do something else with it?

[Loosehead]

you need a dollar account. Depends how much the cheque is for as to whether it's worth it but you can open a dollar account with most banks but they charge.

Can you get the money sent by CHAPS Interbank transfer? then a currency conversion can take place automatically. Tell me a bit more about the source of the money and I may be able to help.

[dzug]

You CAN pay it into your HSBC account but they will charge you a hefty fee for doing so - probably between �10 and �20.

[KJN]

HSBC Will accept your cheque and send it to the USA for collection then credit your sterling account with the equivalent, (if you ask them) be prepared to wait two weeks for the dollar cheque to be cleared if it is drawn on a personal bank account in the States, if it is drawn on a US bank it will be slightly quicker.

[stevie21]

Loosehead is wrong in asserting that you *need* a dollar account. Most banks will accept a dollar cheque and charge at least a tenner for converting it.

I'd expect it to take between 2 and 8 (at worst) weeks to clear.

I'm with Loosehead as far as asking for a transfer (although I'm sure that CHAPS payments are between UK accounts - the international equivalent is a Telegraphic Transfer : excuse the pedanticismness).

Even paypal would be better!

[Loosehead]

yeah for international it's SWIFT not chaps, sorry, well pedanticised stevie.

[dzug]

I have a feeling that the telegraphic transfer will cost as much if not more than negotiating the cheque. Quicker of course, and you may be able to get the other party to pay the fee rather than stumping up yourself.

[CW1]

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