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Stuart and Katie

Fees US Banks charge to deposit a foreign currency (in this case GBP) check

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I was wondering if anyone knew a website where I could compare the fees that banks in the US charge to deposit a check in a foreign currency (in this case GBP).

I know I can just have the check deposited in my UK bank account and then use an international money transfer, as I have done before, but I just wanted to compare that option against paying in a GBP check to a US bank account directly.

If anyone knows an easy way to discover this information without trawling the internet (bank websites rarely advertise this information and if they do it is very difficult to find) I'd appreciate a heads up.

Thanks


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Filed: K-1 Visa Country: United Kingdom
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Use Transferwise.com and get it deposited it into your UK account. Not only are the fees from banks a lot higher, but the exchange rates they give you will be a lot less.

I have used Transferwise for about two years and they are absolutely exceptional. Best rates and lowest fees, compared to everyone.


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It varies between banks, and it also varies between the different accounts that are available at a single bank. However, how much you receive will depend just as much on the exchange rate your bank give you. Usually this is significantly worse than the online transfer agents, be that xe.com, usforex.com or a peer-to-peer service like transferwise.com. If you still have a UK bank account, I recommend you pay money in there and then transfer it. Last time I had a UKP cheque, I mailed it to UK Barclays main postal address to pay in, without problems.

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Thanks but I am aware of these services as I have used them before and that wasn't what I was actually asking. For additional context, I am considering PAYING IN a GBP check to a different US bank account as my current bank here charges a fee and am hoping to find a better option elsewhere - hence why I am looking for a comparison of bank fees here in the US.


11/01/12 - I-129F sent
11/14/12 - NOA1 (email/text)
11/19/12 - NOA1 (paper)
05/17/13 - NOA2 (email/text)
05/22/13 - NOA2 (paper)
05/29/13 - Case forwarded to NVC
06/04/13 - Case forwarded to US Embassy, London
06/06/13 - Medical
06/12/13 - Packet 3 received
06/13/13 - Packet 3 sent
06/25/13 - Packet 4 received
07/19/13 - Interview
07/26/13 - Visa received
08/09/13 - POE (IAD)
08/31/13 - Wedding heart.gif
10/03/13 - I-485 & I-765 sent
10/10/13 - NOA1 (email/text)
10/15/13 - NOA1 (paper)
11/12/13 - I-485 & I-765 Biometrics

12/03/13 - EAD approval

12/10/13 - EAD received

02/22/14 - Green Card approval
03/01/14 - Green Card received

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Thanks but I am aware of these services as I have used them before and that wasn't what I was actually asking. For additional context, I am considering PAYING IN a GBP check to a different US bank account as my current bank here charges a fee and am hoping to find a better option elsewhere - hence why I am looking for a comparison of bank fees here in the US.

I understand that, and no I don't know of such a list. However, my point was that even if you found a list, and so found a bank that charged nothing for the service, their exchange rate would still be poor, and you'd have no way of knowing how poor ahead of time. On that basis, I doubt the search is unlikely to be worth pursuing unless you lack a better option.

To address your question, though, I looked into this a few months ago, with my checking account bank, Chase. My experience there is that only their top-level checking account allows free cashing of foreign cheques. However, that account is a bad choice, since it requires you to either pay a large annual fee, or maintain a balance with them that cannot be justified by the very low interest rates they pay on savings accounts.

Edited by Owen_London

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Thanks, yeah I'm sure there are not many banks with favorable exchange rates but I think it would be a good tool for us expats to have a real-time bank exchange rate website including additional fees for deposits. Any website developers out there interested? :)


11/01/12 - I-129F sent
11/14/12 - NOA1 (email/text)
11/19/12 - NOA1 (paper)
05/17/13 - NOA2 (email/text)
05/22/13 - NOA2 (paper)
05/29/13 - Case forwarded to NVC
06/04/13 - Case forwarded to US Embassy, London
06/06/13 - Medical
06/12/13 - Packet 3 received
06/13/13 - Packet 3 sent
06/25/13 - Packet 4 received
07/19/13 - Interview
07/26/13 - Visa received
08/09/13 - POE (IAD)
08/31/13 - Wedding heart.gif
10/03/13 - I-485 & I-765 sent
10/10/13 - NOA1 (email/text)
10/15/13 - NOA1 (paper)
11/12/13 - I-485 & I-765 Biometrics

12/03/13 - EAD approval

12/10/13 - EAD received

02/22/14 - Green Card approval
03/01/14 - Green Card received

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Thanks, yeah I'm sure there are not many banks with favorable exchange rates but I think it would be a good tool for us expats to have a real-time bank exchange rate website including additional fees for deposits. Any website developers out there interested? :)

It's a nice idea, but the bank exchange rate for retail customers is controlled by several factors, mostly the amount of money being exchanged. That information is also understandably private. If you can get enough people to report their exchange rates and other background info it would work, but I suspect that would be difficult.

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