Cashing US Cheques..?

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Phaethon

Phaethon

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Whilst in Cuba recently I encountered a US citizen who had not realized that a US credit card was about as useful as a chocolate cam shaft out there. I subbed him a few hundred dollars and he now wants to repay it. I suggested, rather than pay an exorbitant fee for a bank or Western Union transfer, he post me a cheque (US translation: check) that I could take to a bank and cash when I'm next over in Florida (April).

Can anyone advise how this is done, do I simply sign the back of the cheque at the bank and get a wad of cash handed back to me? Any special procedures (uncrossing?) required?

Many thanks for any advice - this will pay for my BCD 8^D

Cheers,

K.
 
you will not be able to cash the check unless you have an account with that bank, as far as i know.

may i suggest he send you a traveler's check, in dollars, which you can then cash in Europe?

or you can just cash the check at your usual bank...

hmmm... i think i see.. this is a currency conversion issue,
isn't?
 
It may be a bit more complicated than that.

Many banks will only cash a check (1) if the check is drawn on one of their accounts; or (2) if you have an account with them that has enough funds in it to cover the check.

Would it be possible for you to deposit the check in your account in Europe? If you can, remember that the exchange rate will determine how much you get since the check will probably be drawn in Dollars. It will also take some time (probably 2 weeks) to clear.

If not, I would request a Bank Check. In this case, the bank issues the check. It is far easier to cash them.

In order to cash the check, you sign the back and present it to the teller with a photo ID.

Don't sign the back until you are in the bank. Otherwise, anyone who finds the check can cash it by signing their name under your name.
 
Northeastwrecks:
If not, I would request a Bank Check. In this case, the bank issues the check. It is far easier to cash them.
Click to expand...

this is a very good idea. other names for a bank check
are "official check" or "casheer's check." then all
you have to do is show up at a branch of that bank
and cash the check.

make sure he picks a bank that has a branch where you are
going in Florida.
 
Thanks guys, that sounds like what we call a banker's draught.

K.
 
I send checks back to my mum all the time, she cashes them for me at Lloyds TSB for me, the exchange rate is ok, and there is only an 8 quid fee for this. I guess you could get a check made out to cash, although that doesnt really help. I havent tried cashing a check over here, i just put it in my account. They are really funny in the banks over here about checks, with such things as signing the back, making sure that you are the legal person able to put money (inc cash) into your own account, security gone mad!!
 
He can also transfer the money simply to your bank account (from his bank accout) by using the so - called swift - but you would have to give him your bank swift number. Then the charge for this is only local fee as for any other bank transaction. You can also open a bank account in US $ so then you would not loose on the exchange rate. This is how I was getting money from my previous US employer.
Mania
 
I get royalty checks each month from Great Britain written on a Llyod's TSB account. Cashing them is not an option as, being a foreign check, they need to be sent out for "collection" before the funds are made availble to me.

Consequently, I deposit them in my checking account here but it then takes about four weeks for them to clear. The record was 3 weeks and the longest was 6 weeks.
The same thing works just as well in reverse but be aware your bank may charge a fee for cashing a foreign check. (I had to search to find a bank without a fee for this service.)

Sending the money directly from his bank account to yours electronically is much faster and the fee to send the money from most banks here is about the same as the fee for depositing and collecting a foreign check. Another British company I did contract work payed me directly in this fashion and it was a same day procedure although it cost me $11 in fees on my end.

Cashing a personal check from him at HIS bank would not be a problem as long as the funds are in the account. Cashing it at any other bank will be a problem as the bank can hold an out of state check for up to 10 days to allow the check to clear.

In practice, this means the bank will only cash checks if you have an active account from which they could withdraw the funds if the check ultimately "bounces". So you would most likely be out of luck.
 
Northeastwrecks:
Stupid question time. What about Paypal? They advertise that you can send money electronically.
Click to expand...
I would look into Paypal... quick, easy, cheap! :)
 
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https://www.shearwater.com/products/swift/

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