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US dollar cheques in the UK
Thread poster: Libero_Lang_Lab

Libero_Lang_Lab  Identity Verified
United Kingdom
Local time: 01:11
Member (2006)
Russian to English
+ ...
Mar 20, 2003

Anyone in the UK got any idea what the charge is going to be for banking a US dollar denominated cheque? the bank in question is HSBC.

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DGK T-I  Identity Verified
United Kingdom
Local time: 01:11
Member (2003)
Georgian to English
+ ...
Some charges but....... Mar 24, 2003

If it\'s not too late too be any use(!). I don\'t know for HSBC but for LLoydsTsb I believe it\'s a minimimun fee £8 worked out at 25p per £100 and their %rate of exchange (which may depend on the amount of the cheque). For NatWest I believe it\'s free under £100 and £7.50 above it, using their rate of exchange (depending on the amount). I hope I haven\'t mixed up bits of the two banks deals, but it\'s possible that I might have done slightly......

I hope this is some use as a guide at least

LLoydsTSB has since told me under £100 attracts a £2 charge.

One of the problems I have with UK banks is that their staff often don\'t agree on what the charge is for thimgs like this or turn out to be wide of the mark.

[ This Message was edited by: giulik on 2003-03-26 18:29]

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Narasimhan Raghavan  Identity Verified
Local time: 05:41
English to Tamil
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How about a demand draft? May 5, 2003

I have been going through a lot of exchanges of views on the question of bank transfers, cheque encashment charges etc. Here in India there is a thing called demand draft. The payer takes this DD from his banker and makes it payable in the payee\'s city as a local cheque. This arrangement is definitely in vogue for any part of India. Thus my client at New Delhi will take a demand draft on his bank and send the same to me by courier or registered post to my address at Madras. I am free to present it to my bank, not necessarily the same bank on which the DD has been taken. It is collected by my bank free of cost. While taking the DD the payer has to pay a commission, which is varying with the amount. It is to be decided between the payer and the payee as to who will ultimately bear it.

Having said this, I wonder, whether this arrangement can work internationally. Let us take the example of the Standard and Chartered Bank. They must be having branches in New York, London and other cities all over the world. They are definitely having a branch in Madras. It should be simple to take a demand draft in pounds in New York and make it payable in London. Or am I assuming too much? Surely such an arrangement should exist. But then how is that nobody is suggesting that? Or have I missed something? Personally I prefer this mode of payment to all the other ones. If it is in vogue, what will be the DD commissions and what are the parameters affecting them?

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US dollar cheques in the UK

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