Hi all
I have a cheque for a substantial amount of UK pounds. I was just wondering what the best way to deposit it is in order to get the best exchange rate possible. Is there anything better than just going to a bank?
Thanks very much!
Best way to deposit cheque in foreign currency?
Xytech on 05/07/2014 - 17:22
Comments
I would love to know a cheap & convenient way as well. Currently whenever someone sends me a foreign currency cheque, I'll deposit it into my bank (St. George), which
- Takes 10 minutes for the teller to do it (assuming I don't need to queue up)
- Charges $10.50 processing fee
- Fund only available 28 days later
- Exchange rate is not even good
Maybe open a foreign currecy bank account?
Large foreign cheques sometimes have to be sent on a collection basis which means that you don't get the funds for a long time (around a month from memory), and there are higher fees applicable and less control over rates. That's how it used to be a few years ago when I worked at ANZ - may have changed by now. Not sure of any way to beat the system either beyond having the other side do a bank draft in AUD or a telegraphic transfer so you at least know what you are getting.