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Depositing HMRC refund cheque in US Bank

Depositing HMRC refund cheque in US Bank

Old Apr 9th 2018, 6:08 am
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Default Depositing HMRC refund cheque in US Bank

I will be receiving a HMRC refund cheque in the near future and now live in the USA with no accounts or connections in the UK. Has anyone deposited an HMRC cheque in their US bank account? My bank says they accept foreign checks, but I'm concerned about HMRC cheques. My bank says they submit the check back to the foreign bank for payment in US dollars. I'm assuming that the HMRC cheques will work the same.

Anyone deposited HMRC cheque's in their US bank? How did it go?
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Old Apr 9th 2018, 11:25 am
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Default Re: Depositing HMRC refund cheque in US Bank

Originally Posted by whciv View Post
I will be receiving a HMRC refund cheque in the near future and now live in the USA with no accounts or connections in the UK. Has anyone deposited an HMRC cheque in their US bank account? My bank says they accept foreign checks, but I'm concerned about HMRC cheques. My bank says they submit the check back to the foreign bank for payment in US dollars. I'm assuming that the HMRC cheques will work the same.

Anyone deposited HMRC cheque's in their US bank? How did it go?
You will lose out big time on fees and exchange rate. I would open a Transferwise Borderless Account, which gives you a UK account, you will then be able to exchange to USD at a favorable rate.

https://transferwise.com/us/borderle...e=publicNavbar
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Old Apr 9th 2018, 11:02 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Thanks. Since this is a one-time cheque I'm hoping to handle it with a check. No matter which way I go, I'm going to lose some on the exchange rate. The fee quoted from my bank is $20. My concern is how successful folks have been depositing HMRC cheques into US banks. I assume these cheques work exactly the same as a normal bank account cheque.
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Old Apr 11th 2018, 5:01 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Originally Posted by whciv View Post
I assume these cheques work exactly the same as a normal bank account cheque.
I can't see any reason why there would be a problem.

Expect the check to take weeks if not months to clear and for the proceeds to be made available by your bank.
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Old Apr 14th 2018, 6:08 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Contrary to one post here, you will not loose out in huge fee's, I have had a few tax rebate cheques from HMRC, there was no shortage except for the difference in the exchange rate. You will have to wait a few weeks before it is cleared unless the figure is bellow $200.00, then the funds become available within days. If however you want the money urgently you may have to pay an express clearing fee, personally it's worth the wait to get the full amount.
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Old Apr 16th 2018, 12:12 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Originally Posted by plasticbag_uk View Post
Contrary to one post here, you will not loose out in huge fee's, I have had a few tax rebate cheques from HMRC, there was no shortage except for the difference in the exchange rate. You will have to wait a few weeks before it is cleared unless the figure is bellow $200.00, then the funds become available within days. If however you want the money urgently you may have to pay an express clearing fee, personally it's worth the wait to get the full amount.
No but you will lose out big time in "fees and exchange rate" which is what I said. You always need to consider both. No fees means a bit hit on the exchange rate. Banks will get there slice on one or the other or both.
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Old Apr 26th 2018, 3:20 am
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Default Re: Depositing HMRC refund cheque in US Bank

I cashed an HMRC refund check with my local Credit Union. They obviously had no idea what HMRC was and it took a few of them huddled in the corner to figure out how to deal with it, but they accepted it, charged $20 for the privilege and it showed in my account in a couple of weeks.
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Old Apr 26th 2018, 11:23 am
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Default Re: Depositing HMRC refund cheque in US Bank

Originally Posted by gaviano View Post
I cashed an HMRC refund check with my local Credit Union. They obviously had no idea what HMRC was and it took a few of them huddled in the corner to figure out how to deal with it, but they accepted it, charged $20 for the privilege and it showed in my account in a couple of weeks.
Just out of interest, what was the exchange rate?
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Old Apr 26th 2018, 6:06 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Originally Posted by MidAtlantic View Post
Just out of interest, what was the exchange rate?
Jeez, this was about three years ago so I couldn't tell you exactly. I don't remember feeling like I'd been ripped off.
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Old Jun 11th 2018, 3:24 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Instead of this approach I asked HMRC to send my cheque to my mother-in-law who banked it into my UK account on my behalf. I then used TransferWise to transfer it over and paid very very little in fees.
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Old Jun 11th 2018, 4:16 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Originally Posted by whciv View Post
I'd like to bump this note again. My cheque from the HMRC should be here in a few days. Just wanted to know if anyone else has successfully deposited an HMRC refund into their US bank account.
I don't think there is any question that you can deposit it. The question is what exchange rate and charges you will incur and how long it will take.

Originally Posted by jammiie View Post
Instead of this approach I asked HMRC to send my cheque to my mother-in-law who banked it into my UK account on my behalf. I then used TransferWise to transfer it over and paid very very little in fees.
The OP doesn't have a UK account, so something like this is not an option for him.
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Old Jun 11th 2018, 10:25 pm
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Default Re: Depositing HMRC refund cheque in US Bank

Originally Posted by MidAtlantic View Post
The OP doesn't have a UK account, so something like this is not an option for him.
Unless HMRC would be willing to name another beneficiary on the cheque, a friend or family member in the UK, who could then cash it and transfer the money.
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