[Jon-and-Lou]

Following on from my UK bank account thread, In the event that A&L close my account, and post my cheque here, what do I do with a sterling cheque?

TIA,

Lou

[IanW99]

Following on from my UK bank account thread, In the event that A&L close my account, and post my cheque here, what do I do with a sterling cheque?

TIA,

Lou

You can just pay it into your NZ bank who will exchange it for NZ dollars.

IIRC it takes 20 days to clear (or at least it did at our bank).

Ian

[Jon-and-Lou]

Hmmm .. now if I add it should be about 20k (UKP), you'll understand that I want a reasonable exchange rate. Guessing not, just by paying it into my National bank A/C?

[James 1077]

Can you not arrange for the money to be transferred, pre-closure, to your parents' account or a trustworthy friend and then ask for them to send the money over with HiFX?

Another option would be to open a Pound Sterling account with one of the banks here (I know that Westpac offer a multi-currency account with a 4,000 pound minimum balance). EDITED TO ADD THAT NATIONAL BANK OFFER THE SAME SORT OF THING. (http://www.nationalbank.co.nz/personal/product/index/foreigncurrencyaccounts.aspx)

Alternatively you could open an account with a UK bank from New Zealand (some money exchangers in Auckland seem to give this option so assume it would be the same elsewhere) - although I don't know how this would work!

[IanW99]

Hmmm .. now if I add it should be about 20k (UKP), you'll understand that I want a reasonable exchange rate. Guessing not, just by paying it into my National bank A/C?

That does make a difference, but I would still talk with your bank and see if you can arrange a better deal. They should be able to offer you business rates on that amount of money (not tried it though).

Otherwise I'm with James suggestions.

Ian

[nickydwuk]

Not sure but I think money exchange companies like Hifx will accept a cheque to transfer funds. It may be worth arranging with one of them to tranfer your money and either get the cheque sent directly to them or send it yourselves. At least you would get a better exchange rate than a bank.

[JandL]

I have cashed US$ cheques in the UK and the bank charged me about £40 for the privledge, anyone know if the NZ banks also do this?

[James 1077]

I have cashed US$ cheques in the UK and the bank charged me about £40 for the privledge, anyone know if the NZ banks also do this?

Yes, although there is a charge and it will take a long time for the money to get into your account. The exchange rate will also be at risk as you don't know when it will clear so can't work out how much you'll be getting.

If the cheque is large and/or you get them frequently, then your best bet is a multi-currency account which will hold the money in US$. You can then decide when to change the money into NZ$ or can keep it as US$ for use in the USA.