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Transferring a British cheque into a US Account?

Transferring a British cheque into a US Account?

Old Jan 8th 2008, 6:16 pm
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Default Transferring a British cheque into a US Account?

Hi guys

A couple of weeks ago I received a nice cheque (although not under nice circumstances) from my late fathers estate. (He passed away a week before we came out here... ) So anyway, it was in British pounds made out to me, and we took it to our US bank (Chase) and asked if we could pay it in. They said there would be a fee but otherwise, fine. Well yesterday we received the cheque back with stamped writing all over it... my hubbie is ringing the bank to find out why - but my question to you is...

Was it wise to pay a GBP cheque into a US account? Or should we have had it paid into our English account and transferred? I don't fully understand all this transferring money lark... I know I've read on previous posts something about bringing money into the States but I'm not sure if that only applies to huge sums of money? (This isn't a huge sum, BTW.)

Any advice appreciated.
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Old Jan 8th 2008, 6:45 pm
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Default Re: Transferring a British cheque into a US Account?

Originally Posted by keira-2007 View Post
Hi guys

A couple of weeks ago I received a nice cheque (although not under nice circumstances) from my late fathers estate. (He passed away a week before we came out here... ) So anyway, it was in British pounds made out to me, and we took it to our US bank (Chase) and asked if we could pay it in. They said there would be a fee but otherwise, fine. Well yesterday we received the cheque back with stamped writing all over it... my hubbie is ringing the bank to find out why - but my question to you is...

Was it wise to pay a GBP cheque into a US account? Or should we have had it paid into our English account and transferred? I don't fully understand all this transferring money lark... I know I've read on previous posts something about bringing money into the States but I'm not sure if that only applies to huge sums of money? (This isn't a huge sum, BTW.)

Any advice appreciated.
Huh?? We have received checks from my OH family, in GBP, and deposited them directly into our checking account with no problem. This is while we were with a smaller bank (well at least smaller than Chase). It took about 10 days to deposit because they had to send it out to collections. Of course, our checks were not for that much (maybe £100 max).

I would have thought that Chase, being the size that it is, wouldn't have an issue. Definitely call them & find out why they didn't deposit it. Wish I could be of more help!
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Old Jan 8th 2008, 6:50 pm
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Default Re: Transferring a British cheque into a US Account?

I was just in a similar situation. I ended up sticking it in my UK account and then transferring it to the US one. It was easier all round and even I did the transfers directly through HSBC online, I got a decent rate for the days I did it and the wire fees weren't that bad. Took about 48 hours from initiation to the money showing up in the US account.
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Old Jan 8th 2008, 6:56 pm
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Default Re: Transferring a British cheque into a US Account?

I had a similar problem a few weeks ago. Family wanted to send money for xmas presents.
My auntie works in Barclays at home, she used the pounds to buy a US Dollar check, which was made payable to me. She sent the check, I deposited it and went in straight away in the same way as cash.
The check was free to buy back in the UK and no fees when I deposited it here...
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Old Jan 8th 2008, 6:57 pm
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Default Re: Transferring a British cheque into a US Account?

Originally Posted by sunflwrgrl13 View Post
Huh?? We have received checks from my OH family, in GBP, and deposited them directly into our checking account with no problem. This is while we were with a smaller bank (well at least smaller than Chase). It took about 10 days to deposit because they had to send it out to collections. Of course, our checks were not for that much (maybe £100 max).

I would have thought that Chase, being the size that it is, wouldn't have an issue. Definitely call them & find out why they didn't deposit it. Wish I could be of more help!
Well it may still be paid in to the Chase account. I can't remember exactly what the cheque had printed on it when it came back (hubbie has taken it to work with him today) but it may have said something about collections... but why would they return the cheque back to us? I don't understand that bit?

Originally Posted by Duncan Roberts View Post
I was just in a similar situation. I ended up sticking it in my UK account and then transferring it to the US one. It was easier all round and even I did the transfers directly through HSBC online, I got a decent rate for the days I did it and the wire fees weren't that bad. Took about 48 hours from initiation to the money showing up in the US account.
We had considered doing that, and it definitely may have been easier (and quicker.) We'll just have to wait and see.

Thanks for your help.
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Old Jan 8th 2008, 7:45 pm
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Default Re: Transferring a British cheque into a US Account?

I do not have any problems tranferring GBP cheques into my National City bank account PROVIDING - it is under an equivalent $5000 value.

New regs came in about a year ago to prevent money laundering thru the US banking system - anything over $5000 can take up to 45 days to clear because of the necessary checks they now make.
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Old Jan 8th 2008, 7:47 pm
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Default Re: Transferring a British cheque into a US Account?

Originally Posted by rbtuk View Post
I do not have any problems tranferring GBP cheques into my National City bank account PROVIDING - it is under an equivalent $5000 value.

New regs came in about a year ago to prevent money laundering thru the US banking system - anything over $5000 can take up to 45 days to clear because of the necessary checks they now make.
Ah right.. well it was over $5000, so maybe it will take a while.. but why would they return the cheque. Don't they need it at the bank for something?
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Old Jan 8th 2008, 7:57 pm
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Default Re: Transferring a British cheque into a US Account?

Traditionally cheques drawn on UK banks are cleared once they are received (physically) and confirmed by the drawing bank.
I think today they don't bother with the physical transfer of the cheque though the principal still holds AFAIK.
If the cheque has been declined for some reason 'Refer to Drawer' is often written on it so maybe something has gone wrong and the cheque has been stopped?? (Perhaps in error?)

Personally I'd ask the executors to send the money direct to a UK bank account if you have one and then move it at your leisure from there.
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Old Jan 8th 2008, 11:26 pm
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Default Re: Transferring a British cheque into a US Account?

Originally Posted by keira-2007 View Post
Ah right.. well it was over $5000, so maybe it will take a while.. but why would they return the cheque. Don't they need it at the bank for something?
Pay it into your UK account and transfer - you'll likely get a better rate that way too.
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Old Jan 8th 2008, 11:55 pm
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Default Re: Transferring a British cheque into a US Account?

IMO you should have kept it in the UK or electronically transferred it. A cheque takes too long...every day you are missing out on the interest.
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Old Jan 9th 2008, 12:53 pm
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Default Re: Transferring a British cheque into a US Account?

I've put many uk cheques into my us account. I too have had them returned on occasion with the writing/stamp all over them. The bank clerks often don't have a clue how to deal with the cheque and they try to pay it in just like a US cheque, ie. they put it down as a dollar amount. I know they should be filling in a rather lengthy form and point this out but they always insist that it's okay and will be converted later. It's not, and gets returned. When somebody does it right I make sure I remember their name and ask for them at the bank. There is a fee but I believe it is a flat fee per cheque regardless of amount. It's been a while but I remember paying something like $40 per cheque. The problem is that a fee is taken out at the UK end and in the US too.
These days I have my money wired in which is much less complicated.
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Old Jan 10th 2008, 9:32 am
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Default Re: Transferring a British cheque into a US Account?

Originally Posted by keira-2007 View Post
Hi guys

A couple of weeks ago I received a nice cheque (although not under nice circumstances) from my late fathers estate. (He passed away a week before we came out here... ) So anyway, it was in British pounds made out to me, and we took it to our US bank (Chase) and asked if we could pay it in. They said there would be a fee but otherwise, fine. Well yesterday we received the cheque back with stamped writing all over it... my hubbie is ringing the bank to find out why - but my question to you is...

Was it wise to pay a GBP cheque into a US account? Or should we have had it paid into our English account and transferred? I don't fully understand all this transferring money lark... I know I've read on previous posts something about bringing money into the States but I'm not sure if that only applies to huge sums of money? (This isn't a huge sum, BTW.)

Any advice appreciated.
While the only experience I have of US banks is as a customer I did work in the banking industry in the UK for many years, some of those spent on a foreign transactions desk. Having the cheque sent back to you sounds dodgy. A cheque in hand is proof that money is owed, so it sounds like your account will not have been credited. Call Chase and see what on earth they're up to.

I'd concur with the good advice already given - cleanest way is to pay it into your UK account and then transfer. If the sum's enough then you can do it through xe which will give you a better return than any UK bank.
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