Banking Foreign Cheques
Oct 29th 2023, 5:38 am
#1
Forum Regular
Thread Starter
Joined: Apr 2005
Posts: 196
Banking Foreign Cheques
I receive a yearly 401k payment by cheque as the US company will not pay directly to a foreign account.
Barclays have advised that they will not accept foreign cheques from next year, I assume other banks will be following the same path if they haven't already as they are all cutting services.
Does anyone know if there is an alternative method of negotiating a US$ cheque?
Barclays have advised that they will not accept foreign cheques from next year, I assume other banks will be following the same path if they haven't already as they are all cutting services.
Does anyone know if there is an alternative method of negotiating a US$ cheque?
Oct 29th 2023, 6:10 am
#2
BE Enthusiast
Joined: Jun 2015
Location: France
Posts: 864
Re: Banking Foreign Cheques
Why not open a Wise account with a pot in dollars?
Wise will provide you with US-style banking details, so the US company can pay the money into that.
You can then transfer the money to your UK bank whenever you like.
I’ve been using Wise for years now and am very happy with them.
Originally I opened the account for the purposes of foreign currency exchange. But more recently - with all the scams out there - I’ve been using my Wise card for any online purchases. I keep less than a thousand euros in the account so anyone hacking into it would never have access to our main bank account.
One point to remember: Wise is a fintech, not a bank. So personally I wouldn’t keep very large sums in it for long periods of time.
Wise will provide you with US-style banking details, so the US company can pay the money into that.
You can then transfer the money to your UK bank whenever you like.
I’ve been using Wise for years now and am very happy with them.
Originally I opened the account for the purposes of foreign currency exchange. But more recently - with all the scams out there - I’ve been using my Wise card for any online purchases. I keep less than a thousand euros in the account so anyone hacking into it would never have access to our main bank account.
One point to remember: Wise is a fintech, not a bank. So personally I wouldn’t keep very large sums in it for long periods of time.
Oct 29th 2023, 11:12 am
#3
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,136
Re: Banking Foreign Cheques
Why not open a Wise account with a pot in dollars?
Wise will provide you with US-style banking details, so the US company can pay the money into that.
You can then transfer the money to your UK bank whenever you like.
I’ve been using Wise for years now and am very happy with them.
Originally I opened the account for the purposes of foreign currency exchange. But more recently - with all the scams out there - I’ve been using my Wise card for any online purchases. I keep less than a thousand euros in the account so anyone hacking into it would never have access to our main bank account.
One point to remember: Wise is a fintech, not a bank. So personally I wouldn’t keep very large sums in it for long periods of time.
Wise will provide you with US-style banking details, so the US company can pay the money into that.
You can then transfer the money to your UK bank whenever you like.
I’ve been using Wise for years now and am very happy with them.
Originally I opened the account for the purposes of foreign currency exchange. But more recently - with all the scams out there - I’ve been using my Wise card for any online purchases. I keep less than a thousand euros in the account so anyone hacking into it would never have access to our main bank account.
One point to remember: Wise is a fintech, not a bank. So personally I wouldn’t keep very large sums in it for long periods of time.
However I am not sure what to advise the OP with their existing cheque in USD if they don't have a US bank account account into which to do a mobile cheque deposit. (I don't think Wise will accept mobile cheque deposits).
