How to cash US dollar cheques in the UK

May 29, 2009 by Make Passive Income
Filed under Making Money Journey

I have had some cheques sent to me in US dollars and asked if I could bank it in directly without a charge. It seems Halifax will charge £14 and Barclays is free except they will use a very unfavourable exchange rate.

Another option is to open a USD account at Citibank who will bank in your US dollar cheques for free. They offer both current account or savings account and you can have both sterling or USD accounts.

If you have signed up to any US affiliate programmes like Clickbank, they pay you by cheque until you qualify for direct payments into your bank account. So if you are planning this as one of your sources of passive income, be prepared and look for a way of dealing with the deluge of cheques without wasting too much of your hard earned money on fees.

Another alternative I found is Auctionchex which will swap your USD cheque for a Sterling one for a small fee. This company grew up on the back of ebay but have now turned into a great resource for UK affiliate marketers.

Am still looking for some alternatives to these options so if you know any, do add a comment below. Thanks.

Technorati Tags: passive income, cashing US dollar cheques