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Topic: Inheiritance check  (Read 1042 times)

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Inheiritance check
« on: August 12, 2006, 03:26:11 PM »
I just received an advanced disbursement check from my uncle's estate.  It was mailed to me, written on a US bank.  I don't have a US account anymore and was wondering what the best way (ie: cheapest) for me to cash this check.  My understanding is that if my bank here were to cash it, they would take a hefty amount and hold it for some time.  XE doesn't do any sort of cash transactions. I just got it Friday, so haven't really had much time to call around and get information from anyone, but was wondering if anyone else has been in this sort of situation and what they would recommend.

Thanks


Re: Inheiritance check
« Reply #1 on: August 13, 2006, 10:24:43 AM »
Do you have parent's in the states who you could send the check to and then they could put the check into their account if you write "For deposit only" on it and then they could wire transfer the money into your UK account?  International wire transfers cost around $60 or so at most US banks, at least the last time I sent one which was about a year ago.


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Re: Inheiritance check
« Reply #2 on: August 13, 2006, 11:44:18 AM »
Do you have parent's in the states who you could send the check to and then they could put the check into their account if you write "For deposit only" on it and then they could wire transfer the money into your UK account?  International wire transfers cost around $60 or so at most US banks, at least the last time I sent one which was about a year ago.

With a wire, the UK bank would still charge a fee for converting $ to £.


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Re: Inheiritance check
« Reply #3 on: August 13, 2006, 04:05:33 PM »
Your best bet is to lodge it in your UK account.  It may take a while, unless you have someone in the states to put it in their account and then transfer it to you via wire or XE Trade, then you will have a hard time all together.

I used to make lodgements for rent into my landlords bank account with US cheques, and though I got a couple strange looks, they did it and gave me a very favourable exchange rate.  I would recommend going to the branch you have your account.  Holds on large cheques are common period.  Even depositing it into a US account would likely incur a 9 day hold as well.
WARNING My thoughts and comments are entirely my own.  Especially when it comes to immigration and tax advice, I am not a professional.  My advice is to seek out professional advice.  Your mileage may vary!
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