How to Cash That Last UK Paycheck

[psiprez 3]

We've just realized that since he gets paid only once on the fifth of each month, his last paycheck (which will include his unused vacation and sick days) will not be issued until after he has moved to the US. He asked about getting it a few weeks in advance, while he was still over there, but the company is unable to do payroll that way. They will have to mail it to him here in the US.

I happen to work in a bank, and we could of course just deposit it into our US account, but then it can take up to six weeks to receive the money. On top of that, the exchange rate is about 15% lower than if he cashed it and exchanged it for dollars in the UK. Of course, we would like to receive the money at the soonest time and at a better exchange rate, but I cannot think of another way to do it.

So my question is, how have you handled, or plan to handle this situation?

[broma25 2]

We've just realized that since he gets paid only once on the fifth of each month, his last paycheck (which will include his unused vacation and sick days) will not be issued until after he has moved to the US. He asked about getting it a few weeks in advance, while he was still over there, but the company is unable to do payroll that way. They will have to mail it to him here in the US.

I happen to work in a bank, and we could of course just deposit it into our US account, but then it can take up to six weeks to receive the money. On top of that, the exchange rate is about 15% lower than if he cashed it and exchanged it for dollars in the UK. Of course, we would like to receive the money at the soonest time and at a better exchange rate, but I cannot think of another way to do it.

So my question is, how have you handled, or plan to handle this situation?

Maybe he could have someone pay it into his UK bank account and then you can use the ATM in the US

[truffles 2]

Absolutely...i still have an account with UK bank and can withdraw money from the ATM here

[Glyn and Kathy 288]

I was going to suggest the same thing. We are keeping our UK account open for a few different reasons and that is one of them. Of course we will also have final bills to pay and all of our direct debits are set up so its just easier to keep it open.

[snowfrostedlashes 0]

If you don't want to keep a UK bank account open you could do something along the lines of what I'm planning to do - which is get my employer to pay the money into my Uncle's bank account and then have him do an international money transfer via the bank (costs about £16) whereby they change the money into dollars at this end and the dollar amount will be deposited in my future hubby's US account.