Possible cheaper way to cash US Checks

[marcjacob]

Well as it turned out yesterday that my bank are greedy ass wipes, I set about looking for a cheaper way to do checks. I am still looking for a new bank but for smaller checks, or if I cant get a currency account, this one keeps coming up.

http://www.auctionpix.co.uk/misc/money.html

You post them US $ checks, they post you a UK £ check (they claimed in an email to me to do it the next day!). They charge £1.20 per batch of however many you send, but make their money of the exchange rate. I think Nationwides was $1.90 to the £ yesterday and this company give $1.80. But, depending on what you pay in bank fees, it can work out cheaper for lower value checks. My maths is shit but I think its around the $80 - $100 mark.

They quoted this site as a web reference

http://www.getsafeonline.org/nqcontent.cfm?a_id=1136

And people on Ebay seem to have been using them for along time, so it seems legit.

Just thought that might save someone a few quid.

[marcjacob]

Also forgot to say, If anyone is interested post here or pm. Im sending them a $111 check so If anyone gives a shit, let me know and Ill post if the money clears in my bank ok.

[basschick]

did you ask if they accepted transactions from adult companies? i can't find any terms on the site.

[marcjacob]

I didnt actually. Maybe I should... good point!

[marcjacob]

Yes Adult is fine. He said hes even been to beer and bollocks to promote himself and does alot of adult commision checks.

[q1sites]

charge £1.20 per batch of however many you send, but make their money of the exchange rate. I think Nationwides was $1.90 to the £ yesterday and this company give $1.80.


check the exchange rates
"To sell United States Dollars for Sterling= 2.3 (to exchange $'s to £'s)
To buy United States Dollars with Sterling = 1.80 (to exchange £'s to $'s) "
Your check is in dollars so you are selling dollars. You'll pay 2.30 dollars for every pound, not 1.80
Exchange rate of 2.3$ to the £1 - very poor but might work out cheaper for v small checks, worth doing the sums first.

[marcjacob]

He has a calcualator on there. Ive worked out on lower value checks I will indeed save money. But Im still looking at us dollar account.

[nickbaer]

Talk them into ePassporte or Payoneer or PayPal.

I have one Bank that will accept paper checks on my behalf, and deposit them into my account. Smaller US Banks do that routinely, and you use your Bank card to withdraw from any ATM (or swipe at POS or pay bills online).

[q1sites]

BTW, $111 is a tidy sum - wasn't implying you have a small one there ;-)

[marcjacob]

This one is simply because I want the money and Im fucked if Im giving the theiveing bastards at Yorkshire Bank $28. So as Im waiting for a new account to be opened I figured Id do it. Besides Im not certian Im welcome in Yorkshire Bank anymore. I guess most people know what im like by now, and lets just say I lost my temper a bit...

I actually need to speak to my Mum who is great at maths, she can work out what value of checks will be better going to a bank and which value is better going to this firm. Mums have their uses LOL

[gaydemon]

I know the feeling. The whole check issue here in the UK is getting worse and worse. For each batch of checks I often end up paying around $200-$300 just in fees. No matter what I try, more checks at the same time, less bigger checks etc etc.. It still costs a great deal here.

Then of course when I get a bounced check, like the one from Crave Media this week, they charge me $30!

[nickbaer]

Who still writes paper checks?

[marcjacob]

Who still writes paper checks?

I was under the impression that Americans still had a love affair with checks. I know in the UK many stores are now refusing to take them. They cant die quick enough for me, but for many sponsors who dont offer epass, its still the only viable option.

[nickbaer]

If you guys earn enough that the check cashing fees alone are $300, I hope you'll start driving traffic to my studios on AEBN :) and my titles on Amazon.com . (And my pay sites around the bend).

I'd get to London in a heartbeat with that extra cash from that horsepower!

[gaydemon_jr]

Surely printing and mailing cheques is expensive for any business.

[marcjacob]

I think the problem is that many webmasters spread sales across multiple sposnors (not keeping all their eggs in one basket) and so they wont spend $30 on a wire. If the sponsor doesnt do epass, or the affiliate doesnt use epass/trust epass, then check is the only option left.

Also for Americans who still love checks, its a nice easy way to get your money. I remember Intense Cash Mark saying he couldnt understand why some sponsors dont do checks, as he would much prefer to recieve a check and bank it. I also heard that Federal Law requires US banks to pay the money straight in and not keep our money like thieving British banks do. If that was the case here, probably we would all like checks too.

[gaydemon_jr]

Yeah, rip off Britain yet again.

Though $30 for a wire transfer seems a bit steep. Especially when you have to pay to receive a wire transfer from abroad here (even on the currency account).

[nickbaer]

No, US Banks typically hold checks for 3-10 business days.

Some Banks have MICR readers at the Teller windows. (MICR readers are like Credit Card POS swipe boxes, that read the magnetic ink routing and account numbers on the bottom of a check, to see if the Maker is on their black list of known rubber writers.)

Of the check passes the MICR lookup, funds can become available dame day or next day, if you otherwise have a good standing with your Bank.



I also heard that Federal Law requires US banks to pay the money straight in and not keep our money like thieving British banks do. If that was the case here, probably we would all like checks too.

[nickbaer]

UK/European webmasters should get to be pals with one or more American webmasters, or maybe an Atty like Chad, to Bank your checks in an account here with your name on it, so you can then use the debit card at your ATM, POS, or to pay bills online.

I'd volunteer, but I am headed your way.

[marcjacob]

UK/European webmasters should get to be pals with one or more American webmasters, or maybe an Atty like Chad, to Bank your checks in an account here with your name on it, so you can then use the debit card at your ATM, POS, or to pay bills online.

I'd volunteer, but I am headed your way.

You could probably get them mailed direct to the bank.

[nickbaer]

Bank Of America offers lock box services. It's a business banking service for larger customers, which it sounds like you might already be.

http://www.bankofamerica.com/smallbusiness/treasurymanagement/index.cfm?template=tm_lockbox.cfm&state=IT#top

The live Chat robot said: "For details regarding the fees associated with lockboxes, it would be necessary to contact 1.800.775.6526 8:30 a.m. - 5:00 p.m., Monday - Friday. Or 1.888.287.4637 and request to be connected to our Treasury Management experts."

So I don't know if those 800 numbers work outside of the US, or if you're smarter than Live Chat and already know it!

[gaydemon]

Unfortunately that would be what you call Tax evasion.. Everything has to go through the company.

It ends up being such a large amount for me, because each time I send in about 30-40 checks in one go. And the amounts go from only a few dollars to much more. No matter it still ends up being a hefty $200+ in fees alone. More often $300+.

It doesnt really matter here, if its huge checks or not. They still charge a big amount for the "service".




UK/European webmasters should get to be pals with one or more American webmasters, or maybe an Atty like Chad, to Bank your checks in an account here with your name on it, so you can then use the debit card at your ATM, POS, or to pay bills online.

I'd volunteer, but I am headed your way.

[nickbaer]

Depositing checks into a Bank account with your name on it is hardly tax evasion.

It's called "Banking".

[gaydemon]

Sorry I missed the part with bank account in my name.

Would that be possible? Can a non US citizen just walk into a bank and open an account?


Depositing checks into a Bank account with your name on it is hardly tax evasion.

It's called "Banking".

[nickbaer]

You can start on-line.

Many Banks with US branches have UK/Europe/Asia branches.

I have a US Bank, which helped me open an account in their France branch, so that I have an account presence where Euros is the currency.

SImilarly, they are at present helping me open my London account, so that I have an account presence where Pounds Sterling is the base currency.

There's forms to sign declaring where my residency in the US is, but no other residency requirement.

I gave BOA as an example, only because they're big, and I found the Lockbox service quickly on their Search page. The service isn't free, but if it is cheaper than $300/month, say $100/month, you're money ahead.

There might be smaller cheaper, or bigger cheaper, alternatives. Thanks to the Internet.