Chashing A Check In Foreign Currency In The US?

[esteban 0]

Hi,

Does anyone know the best option for cashing a check in a foreign currency (in this case UK pounds) while in the US? I've searched and seen threads about transferring money via XE or CustomHouse, but couldn't find anything about cashing a check in the US.

Despite WAMU telling me over the phone that there would be no problem or fee with just going into a branch and cashing it, both branches I tried said that there definitely was a fee and that it would take around 6-8 weeks to clear.

From peoples' experience, are there any US banks that are best for this type of transaction?

Any help would be greatly appreciated as I've got a couple of checks literally just sitting here at the moment!

Thanks!

Edited November 9, 2008 by esteban

[MrsCat 6]

I don't know if its different because my money is CAD, but mine took 6 business days to clear a foreign check. There was a $3.50 charge to cash a foreign amount over $500.00 USD, and the exchange rate was two cents lower than market.

I brought the check in to my branch in person (First Hawaiian Bank), and the teller gave me the exchange rate and what my check would come to in USD, asked if that was okay and cashed the check. It was on hold for 6 days and then fully released.

Not sure if this is what you wanted to know. But I think most banks charge some sort of fee (usually nominal) and also keep a few cents from the exchange rate for themselves.

[esteban 0]

I don't know if its different because my money is CAD, but mine took 6 business days to clear a foreign check. There was a $3.50 charge to cash a foreign amount over $500.00 USD, and the exchange rate was two cents lower than market.

I brought the check in to my branch in person (First Hawaiian Bank), and the teller gave me the exchange rate and what my check would come to in USD, asked if that was okay and cashed the check. It was on hold for 6 days and then fully released.

Not sure if this is what you wanted to know. But I think most banks charge some sort of fee (usually nominal) and also keep a few cents from the exchange rate for themselves.

Thanks - that sounds reasonable, but it seems that most US banks charge much more than that (more in the region of $30 per check) and take longer (I was quoted six to eight weeks!).

[MrsCat 6]

Thanks - that sounds reasonable, but it seems that most US banks charge much more than that (more in the region of $30 per check) and take longer (I was quoted six to eight weeks!).

Yikes! that really stinks if that's the case.

[Flames9_RN 358]

The amount of fee or exchange rate givenvaries from bank to bank, sometimes even the same bank!! Wachovia was a night mare at first, until I talked to the bank manager and we told me to ONLY see this one teller,lol They would not charge me any fee, but the exchange rate was only so-so! If I went to another Wachovia branch, it was worse. 1 lady wanted to charge me a $75 fee on a $100 check!! and another time they mailed me the cheques back (and of course took the $$ out of my account) their reason was that for an International check (Was Canadian) it had to be over $200! So eventually I smartened up and went with Customhouse.com its a currency exchange broker. NO fees, and a better exchange rate than the banks gave me. One does require a Canadian bank account (or an account back in your home country) stil lto be open! I left my Canadian bank card with my folks, so they would deposit any Cdn checks for me!

[Penguin_ie 5,993]

I used to get UK and Irish cheques, but my US bank charges 25 dollars per non-$ cheque deposited I(though the cash is available next business day), so I am now having everything sent via bank transfer.

Edited November 10, 2008 by Penguin_ie

[esteban 0]

I used to get UK and Irish cheques, but my US bank charges 25 dollars per non-$ cheque deposited I(though the cash is available next business day), so I am now having everything sent via bank transfer.

Which bank is that, if you don't mind me asking?

[Penguin_ie 5,993]

ARVest in Arkansas.

[naviomelo 0]

Wow. WaMu does Canadian checks for free, and the money's available right away. The exchange rate is about 3-4 cents lower than fair market value.

[MrsCat 6]

Just got bank from First Hawaiian, I had to cash a Canadian cheque. Exchange today was 1 cent lower than market and no fee to cash the cheque. Not like last time. $$$ will be off hold in 6 business days.

[Flames9_RN 358]

Once my Wachovia branch knew me,the funds were instantly made available to me. If your cashing in small amounts, it may not be a big deal with the exchange rate,but if you are transferring large amounts of $$$, customhouse.com was worth it

[*julez* 124]

I work at a bank and its policy has always been 6 - 8 weeks procesing for a foreign check, with the exception for checks from Canada. Most banks fee the heck out of you for this "convenience" and offer the worst exchange rate possible.

To the OP, if you still have an account in the UK, I'd send them back to someone who could depsoit them for you, then wire the funds to the US. In the end it will be quicker and cheaper.

[DeadPoolX 9]

I don't know if this is possible where some of you come from, but there are some banks that offer a "U.S. Money Account." The advantage to this is that you can put money (from your native currency) into that account and it will be converted into U.S. dollars. From there, you could effectively write a check and have it accepted in American banks.

[Corbin 0]

Can the person that sent the check, send you money through Western Union? That way there is the one fee and the money can be sent in the currency of the person receiving it.

[Corbin 0]

Can the person that sent the check, send you money through Western Union? That way there is the one fee and the money can be sent in the currency of the person receiving it.

Can the person that sent the check, send you money through Western Union? That way there is the one fee and the money can be sent in the currency of the person receiving it.