Clearing USD cheques through UK current account
Discussion
Sold some US shares and paid the cheque into my bank (Lloyds)
Three weeks later it's still not cleared!
Did get a letter from Lloyds suggesting clearance may take 6 to 8 weeks. Really?
What do they do? Wait for The Mayflower to dock and give it to one of the Pilgrim fathers hoping they might be passing a bank when they reach the US?
Banks. Pah! Shysters.
It's the 21st century for God's sake.
Also, had a letter this morning informing me that the interest rates on my savings account is being cut by 50%
Still, I expect they'll be cutting loan and mortgage rates by 50% too.......
Three weeks later it's still not cleared!
Did get a letter from Lloyds suggesting clearance may take 6 to 8 weeks. Really?
What do they do? Wait for The Mayflower to dock and give it to one of the Pilgrim fathers hoping they might be passing a bank when they reach the US?
Banks. Pah! Shysters.
It's the 21st century for God's sake.
Also, had a letter this morning informing me that the interest rates on my savings account is being cut by 50%
Still, I expect they'll be cutting loan and mortgage rates by 50% too.......
No one in their right mind clears a foreign currency, foreign bank cheque through a different countries banking system. 6-8 weeks is quick. Have you asked about the cost because that is usually eye watering too!
There never have been any sensible systems set up to enable it to be done easily and now cheques are used less and less there never will be.
A swift payment would have taken about a day and cost a few quid.
There never have been any sensible systems set up to enable it to be done easily and now cheques are used less and less there never will be.
A swift payment would have taken about a day and cost a few quid.
Ean218 said:
No one in their right mind clears a foreign currency, foreign bank cheque through a different countries banking system. 6-8 weeks is quick. Have you asked about the cost because that is usually eye watering too!
There never have been any sensible systems set up to enable it to be done easily and now cheques are used less and less there never will be.
A swift payment would have taken about a day and cost a few quid.
I have no option but to pay the cheque into my bank. They have never floated swift payment as an option.There never have been any sensible systems set up to enable it to be done easily and now cheques are used less and less there never will be.
A swift payment would have taken about a day and cost a few quid.
I have asked the US stockbroker to make a GBP payment into my bank but they won't
What route do you suggest? There will be more cheques.
To rub salt into the wound, since depositing the cheque Sterling has strengthened considerably too.....
I recently had a cheque for the princely sum of 99 Eurocents. I called First Direct who said it might incur a £7 fee. When I pointed out that would render the exercise pointless, they kindly cashed it for free - and 0.99p appeared in my account. Woot!
From small victories little acorns grow. Or summink.
From small victories little acorns grow. Or summink.
Having done this a couple of times recently through Barclays, it seems the cheque is physically sent to a correspondent bank in the US hence the delay. No issues with an IRS refund cheque which was deposited in 2-3 weeks. Anything over 50k seems to require extra processing. A Deutsche US cheque from Fidelity took nearly 6 months to finally clear and from the stamps on it, must have crossed the Atlantic half a dozen times, being returned twice with queries
As said, see if the broker will do a transfer rather then cut a USD cheque (Fidelity refused)
As said, see if the broker will do a transfer rather then cut a USD cheque (Fidelity refused)
55palfers said:
Sold some US shares and paid the cheque into my bank (Lloyds)
Three weeks later it's still not cleared!
Did get a letter from Lloyds suggesting clearance may take 6 to 8 weeks. Really?
What do they do? Wait for The Mayflower to dock and give it to one of the Pilgrim fathers hoping they might be passing a bank when they reach the US?
Banks. Pah! Shysters.
It's the 21st century for God's sake.
Also, had a letter this morning informing me that the interest rates on my savings account is being cut by 50%
Still, I expect they'll be cutting loan and mortgage rates by 50% too.......
I wouldn't be blaming Lloyds, but instead ask why your broker won't settle electronically? Currency conversion then electronic payment is now a mass market service. Cheques are very last century.Three weeks later it's still not cleared!
Did get a letter from Lloyds suggesting clearance may take 6 to 8 weeks. Really?
What do they do? Wait for The Mayflower to dock and give it to one of the Pilgrim fathers hoping they might be passing a bank when they reach the US?
Banks. Pah! Shysters.
It's the 21st century for God's sake.
Also, had a letter this morning informing me that the interest rates on my savings account is being cut by 50%
Still, I expect they'll be cutting loan and mortgage rates by 50% too.......
Helicopter123 said:
I wouldn't be blaming Lloyds, but instead ask why your broker won't settle electronically? Currency conversion then electronic payment is now a mass market service. Cheques are very last century.
I've asked them twice if they can do this but they are not very forthcoming.I will however, ask them yet again.
What reasons could they have for not doing so please?
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