paying in foreign cheques to uk bank account? which is cheapest...

wakkaday · 04-02-2011, 11:45

i'm getting a deposit returned for a flat purchase in Dhirams. i will be getting a cheque.
what will be the best option for me getting this transferred to sterlings? is there a uk bank which accepts it for a low fee

thanks

**Chris** · 04-02-2011, 11:47

If you're getting a cheque made out to yourself, do you not have to just put it into your own bank account? I don't see that you have any choice over who should cash it.

Taf · 04-02-2011, 11:58

Rather than a cheque, request a transfer using your IBAN code (usually found on your bank statements). I am told this can be cheaper, faster and more securely.

wakkaday · 04-02-2011, 12:09

the cheque is in my name...but will be in a foreign currency. they are not going to pay using any other method

so a cheque is what i have to deal with.

**Chris** · 04-02-2011, 12:12

In which case I suspect that your own bank is what you have to deal with, as you need an account in your name to cash a cheque in your name.

**Kymmy** · 04-02-2011, 12:26

They do charge, after a very quick search here's an example of one banks charges (LLoydsTSB)

Quote:

0.25% of the total sterling value with a minimum charge of £8 and
a maximum of £80. (The charges will depend on the way we choose
to get payment of the cheques from the paying bank, the amount
of the cheque and which country the cheque is from.)

MartJ · 04-02-2011, 12:49

You will have to pay it into your own bank, a charge will be made and you will need to wait until the cheque has cleared before you can draw on the funds.