Gransnet forums

Legal, pensions and money

Cashing in a US dollars cheque

(6 Posts)
shandi6570 Wed 10-Oct-18 14:35:28

My distant cousin who lived in the US died earlier this year. To my surprise he remembered me in his will and today I received a cheque from his Trustees. This is in US dollars and I wonder if anyone can give me an idea of the best way of ‘cashing it in’ without losing too much money in the process.
Of course I am grateful for receiving anything but with grandchildren now being in their teens and university days just around the corner I would like to be able to save as much of it as possible to help with some of the cost.

Liz46 Wed 10-Oct-18 14:44:33

If the cheque is payable to you, I would think that you would have to pay it into your bank account so your first point of call should be your bank. Ask them how much it would cost.

jollyg Wed 10-Oct-18 14:48:19

I would ask around for a good rate, check out the web.

Banks give risible exchange rates.

shandi6570 Wed 10-Oct-18 15:11:21

You are right Liz46, the cheque is in my name, so I suppose this means that I have to use my bank, or building society if they take foreign cheques. I will go to both tomorrow and find out the details. I think I had it in my mind that either of these options would probably mean high charges, but sensibly I suppose there is no other way.

jeanie99 Wed 10-Oct-18 22:14:20

My son receives US$ cheques and he just pays them into his bank account. I believe he signs some form given him by his bank.

shandi6570 Thu 11-Oct-18 14:36:20

Just to complete the story, I contacted the two building societies I have dealings with, both don't accept US dollars cheques, even though one also has a banking arm.
So off I went to my bank, where although I had been informed on the phone that I would get a full break down of costs etc in the branch, they could only accept my cheque, give me a receipt and tell me to expect a letter in the post to let me know how long the transaction may take (anything from one week to six!). After pressing for information I was told it would cost £34 for the actual transaction, this cost apparently depends on the amount of the cheque. Who would have known that more noughts equals more cost, I wonder why? I am also aware that the bank doesn't give a very good exchange rate, but what else could I have done, nothing it seems.
Anyway, I have left it with them and just hope that the money market doesn't have any major hiccups between now and the cheque being honoured.
Thanks to the couple of GNs who replied, it got me motivated to act instead of prevaricating.grin