OT - Cashing a US check (Cheque)

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Dec 2, 2004 | 8:14 am

Benjurs

Original Poster

Join Date: May 2003

Location: Royston, Herts UK

Programs: BA Exec, BMI DC

Posts: 62

OT - Cashing a US check (Cheque)

Hi All

Thanks to the recent US/UK double tax treaty I have finally managed to get my filthy mitts on my 401k and retirement money at the ripe old age of 31!

Anyways the problem (and what a nice problem to have) is what's the best way of cashing $22,000?

I have checked with Lloyds/TSB and they will charge me £80 for this, but I was wondering if any of you seasoned 'vets' know of cheaper solution.

To keep it slightly on topic I suppose I could fly BA to PHL and pick up the cash and bring it back........

Cheers

Ben

Dec 2, 2004 | 8:18 am

Frequentflyer99

Join Date: Jan 2003

Location: UK (currently)

Programs: BA zilch (and many other greater and lesser distinctions)

Posts: 7,370

Quote:

Originally Posted by Benjurs

Open a Citibank current a/c (for which they will probably pay you £30) and also open a US$ current a/c. They will let you pay the cheque into your US$ a/c fr free and you will then be able to convert the US$ to GBP at a time of your choosing (online) at as close to a commercial rate as you can get.

Dec 2, 2004 | 8:21 am

Dave_C

Join Date: Jan 2003

Location: London, UK

Posts: 6,037

But do it soon before the US Lira, er, Dollar, loses any more of its value!

Dec 2, 2004 | 8:25 am

pauldb

Join Date: Jun 2003

Programs: BA, IHG, 5C

Posts: 4,416

NatWest will give you 25k miles if you open an Advantage International account. I assume this will let you do what you want, but there's a account opening fee.

Dec 2, 2004 | 8:28 am

CT-UK

Join Date: Feb 2003

Programs: Sir CT-UK - Streaker pour les autres.

Posts: 6,126

Well my bank (RBS) doesn't charge me at all for € or $ cheque cashing

Anyway why worry about £80 on $22k? just make sure you get a good rate.

Dec 2, 2004 | 8:35 am

Benjurs

Original Poster

Join Date: May 2003

Location: Royston, Herts UK

Programs: BA Exec, BMI DC

Posts: 62

Thanks Chaps/esses

Bloody hell that was quick!

I know it's only £80 but what with old monkey brains in charge of the house I can see my money losing it's value day by day!

CT-UK as you mentioned get a good rate, being a complete novice at X rates, is there any specific brokerage houses that I could approach? I only advise people how to save US tax, so I've never thought about what to do with the cash when my client get it. I know it's not a real problem but I'm buying a house soon so want to get the best deal I can.

Thanks all for your prompt responses.......