What to do with US dollar cheque?

[Pleasedontdothat]

I’ve been sent a cheque in US dollars as payment of one of dh’s pensions. I have two current accounts - my own one and the one which used to be our joint account (she died very suddenly last year) but neither of them will accept foreign currency cheques. It’s not a large amount (low 4 figures) and is a one-off payment so there’s no point in opening an account which can accept it. Any ideas what I do with it? I’d asked if the company could do an electronic transfer instead but apparently that was impossible..

Odd the banks won’t accept. Most usually do. You could try the post office. Or May be a pawn broker but they will likely charge a hefty fee.

I once did open an account that would accept foreign currency cheques for that very reason! And then transferred the money out. AFAIK I still have the account lol

Can you pay it in at to your current account at a bank counter? I can do this with HSBC.

I feel like you might have spoken to the wrong person at the bank! Admittedly it was years ago when cheques were more common, but I have paid a foreign currency cheque into my English account - I think I was with NatWest at the time. There was a charge, but that was mitigated slightly by being given the business rate of exchange, rather than the customer one, apparently.

If you can't pay it in to either of your accounts, I think it is worth opening another account, for £1000!

My FIL gets dollar cheques and pays them in with a special form he gets from the bank. It's an ordinary current account he pays them into. Speak to someone else at the bank.

I was able to do this at Lloyd’s Bank. It was about 4 years ago and involved some form filling and a fee. I think you need to go back to your bank and press them on it.

Not many banks accept foreign currency cheques now. HSBC does though, so it's probably worth opening an account with them specifically for this.

Thanks - arguing with the American pension provider got me nowhere - they refused to budge. The only concession I got was they reluctantly agreed to send a lump sum cheque rather than a ludicrously tiny dollar cheque every month 🤔. My accounts are with Barclays and the Co-op - Barclays stopped accepting foreign currency cheques in January and the Co-op have refused to take them for a few years. It looks like opening another account may be my only option ..

Same, but mine was only this year. The person I spoke to first had to get her manager, who then had to go and find out the process, but they were able to do it. It got sent off with a form and I got the money a few days later.

A quick Google suggests that some of the (former?) clearing banks offer the service albeit at a cost. Barclays website though is consistent with what you've been told.

Is the problem with the currency or because you are trying to pay a cheque in another persons name into your account? Most cheques these days are crossed cheques meaning that you can only pay them into an account with a matching name.

you may need to look into opening an executor account to get it paid into.

No it’s in my name

The bank can and should accept this. It takes a bloody age and lots of fees are taken but shouldn't be an issue at all.

Good luck, hope you can sort it. My mother had the next level up when she acquired some US shares through a company demerger. The paperwork didn't reach her in time - in Australia - to offload the shares straight away. She then received US$ dividend cheques which were already several months old before they arrived and she couldn't do a thing with them.

Quick update - both Barclays and the Co-op refused point blank to accept the cheque so I ended up opening an account with HSBC who were happy to help …

Lloyds will take a USD cheque in branch. Santander will via post.