Posted by
Linece
19 yrs ago
Hi,
What is the cheapest/easiest way to cash cheques from the US (in US dol) and the UK (in pounds) as i am neither American or Brit and have no bank accounts in neither of these countries.
I am with Standard chartered and they are charging HK250 per cheque, hardly worth it compared to the value of each cheque.
Thank you
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seal
19 yrs ago
Linece,
I have a powervantage acccount with HSBC that has forign currency accounts as part of it and the charges are significantly lower. I presented a cheque last week for £2,160.00 and they charged $107 HKD. Also, they 'bought' the cheque as opposed to sending it for collection and the funds were credited the next day.
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TC
19 yrs ago
It's certainly easy with Powervantage (HSBC) as mentioned above. You can hold funds in many different currencies within subaccounts, and can then convert/transfer within the account at a time to suit yourself (no fee, but of course the exchange rate takes care of that - can't expect anything fopr free after all) or can use the foreign funds as a pool to be drawn on in future when travelling overseas and that currency is appropriate to take. The interest rate paid on each subaccount corresponds to the rate applicable to that particular currency. Maybe SCB has a similar account if it's a regular thing.
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