Cashing a UK check in US Bank?I am an indie author and I received my first check from amazonUK the check says £138.27 and the thing is on the top page before you detach the check it says TOTAL: 92.32 I had an argument with my friend who said I'd be get getting 200 dollars but my other friend said I'd get less than a... |
You are going to deposit the check in your bank, not cash it. You won't have a problem depositing it at Chase. Regarding the fees, you just need to call Chase, or go visit your branch, and ask what the fee is for processing a foreign bank check. I can't answer that, because it will depend on a lot of factors, e.g. what kind of account you have with Chase (whether it is checking or savings); if checking, what sort of checking, as that will determine the fees for special services like depositing foreign checks. Also, bank fees can vary from state to state in the USA.
Next, the amount on the check is £138.27 or British Pounds Sterling. Ignore all the other numbers. That is the only value that is important, because that is the only value that the bank cares about. The spot exchange rate for pounds sterling to U.S. dollars varies throughout the day. You will get an amount based on whatever rate Chase uses for foreign checks. It might be an end of day or midday rate. It won't make much difference though. Right now, the interbank rate for U.K. to U.S. is 1.50. That means that you would receive the equivalent in US dollars of
138.27 * 1.5 minus whatever fees you are charged by Chase. Your friend's guess of $200 is probably close to correct.
It could take one to two weeks for the check to clear. The check was issued by Amazon UK, a big well-known company, but more important is what U.K. bank it was drawn on. That will be what Chase uses for processing your check, you don't need to be concerned about that part.
