I am just started to make sales in the USA and receiving US dollar cheques.
Is paying these cheques into my high street business bank account the best way to handle the exchange?
We are a specialist FX execution company based in London.
Your biggest problem is going to come when you deposit the cheque and your Bank automatically converts your USD’s into GBP. The rate you will get will probably be between 5-10% away from the interbank spot market, meaning you will lose that amount purely from the exchange rate.
Here is what I suggest. Open a USD bank account (if you have not already done so). Deposit the USD into the account and then you can by all means make contact with me and i will give you the rate where you can sell the USD and buy GBP. The rate we will give you will show you just how bad the bank’s rate is.
What ever you do, do not deposit the usd cheque into a gbp account. make sure you have the usd account open and deposit the cheque into that account. Let it clear and then you are in a strong position to get the best rate possible to sell usd buy gbp (as opposed to be at the mercy of your bank)
The rates my company offer speak for themselves. Simply put, our customers use us because when they compared our rates to our competitors (banks included), no one could beat us. We are authorised by both the FCA and HMRC and therefore you money is 100% safeguarded. This gives you peace of mind in the knowledge that your money is safe.
Have a look at my website, www.parityfx.com where you will find more info about me and my business. If you have any questions, drop me a mail by replying to this post, or if you look on the "contact us" section of our website.
Hope that helps