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Girly girl

Cashing An Australian Cheque ?

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Doesn't anyone know the cheapest, quickest way to do this, it would be for over £10,000 so I don't want to pay it into Barclays and hope for the best.

Your Bank will do it but it will take longer than normal. As for other options ? Not sure.

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Doesn't anyone know the cheapest, quickest way to do this, it would be for over £10,000 so I don't want to pay it into Barclays and hope for the best.

If its going to be a regular thing, open a GBP and an AUD account with Citi (I think its them that do multiple currency accounts). Then you can move money between them at a good rate, no human intervention required.

I guess it'll take you a week or so at least though with all the anti-terror legislation etc.

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6 weeks they say and cannot tell me what exchange rate I'd be offered.

:blink:

I got an Aussie one done years back and only took about 2 weeks max.

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Doesn't anyone know the cheapest, quickest way to do this, it would be for over £10,000 so I don't want to pay it into Barclays and hope for the best.

I don't know, but perhaps talk to the people at UKForex.com/Ozforex.com. Their account to account rates tend to be better than even the banks for large sums.

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Which bank if you don't mind me asking ?

Was RBS and was many moons ago. No idea why it would take 6 weeks to cash. They just have to do some sort of check with the Australian Bank. There are systems in place for all this sort of stuff.

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ask for a TT (telegraphic transfer) straight into your account. It'll cost £10-30 but for the amount you are talking about, it's not a big deal.

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Doesn't anyone know the cheapest, quickest way to do this, it would be for over £10,000 so I don't want to pay it into Barclays and hope for the best.

I've just remembered there are lots of ads in places like the Easyjet magazine for specialist currency transfer companies that in theory get a better rate for you (aimed at holiday home purchasers I suppose). Have a spin through Google.

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your bank are a bunch of donkey's or they dont trust you

If the cheque bounces it will take 6 weeks to come back unpaid

Options

1) They send the cheque on a collection to physcially arrive in the hands of the overseas bank and they pay it. Send the money over to your banks international division and they convert at spot rate and pay money into your account.

(this method is more expensive)

2) Your branch coverts the cheque at todays buying rate, exchanges it to sterling and pays the money into your account. The cheque then goes down to international divisions and they have some clearing mechanism to get paid to the bank within the next 4-6 weeks.

Before the bank are willing to do this you need to be a "good" customer because they are effectively creating a liability which might arise in the next 6 weeks if cheque comes back unpaid. ie Account not used often then definitely going on a collection basis and not exchanged

For both above situations cheque needs to be drawn on a Aussie Bank and issued in Aussie Dollars.

If its some situation for example Aussie Dollars issued against a NZ Bank then needs to go on a collection.

If they wont exchange it for you, I would just kick up hassle.

You need to do this at your own branch, because other offices will just play safe and palce on collection basis cos they dont know you.

10 years since i worked in bank but all same shyte - but bank staff are bunch of donkeys now so might not even be aware of above.

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