I guess the title should have been "How much do you pay for cashing FOREIGN checks in your area?"
For a while I had a deal with my bank where I could deposit 4 cheques for a total fee of $AUD20 (about $USD13) and have the funds cleared immediately, but they decided to withdraw it.
At HSBC I pay a per-cheque fee of 0.25% of the value, with the minimum fee being $AUD10 (about $USD6.50). If the amount converts to over $AUD500 then it takes 4-6 weeks to process. (The last batch was about 2 days short of 6 weeks. )
I don't think there should ever be a percentage of the check amount being charged for cashing checks. I think my rate is about 10c/check for USA checks and 5c for domestic.
WG
I don't think there should ever be a percentage of the check amount being charged for cashing checks. I think my rate is about 10c/check for USA checks and 5c for domestic.
WG
Even if they don't explicitly charge you a percentage it will probably be hidden in the exchange rate. For example, Westpac Australia charges a flat rate to receive a wire, while HSBC charges a percentage... seems obvious which is the better deal, but if you look at the exchange rates offered by each bank HSBC's are a fair bit better. The actual amount you receive from a conversion is very similar even though one bank is (transparently) charging a percentage based commission.
Only checks that cost money to cash are ones in foreign currencies since I need to pay for conversion until I opened another account to deposit euros into and I'll just keep them sitting there until the time is right to convert.
I just got fucked cashing Canadian check the other day.
I was selling game worn jersey on ebay. Guy sends me check from Buffalo. I deposit it in my bank, send out jersey. Then I get statement 3 weeks later that CANADIAN check has cleared and they charged me 10 bucks for it. So not only he fucked me with exchange rate, I also had to pay 10 bucks. maple leaf asshole.
Well normally I cash my checks at the bank or deposit them and that's free :-)
However if I get a check and the bank is closed I go to Wal Mart and cash it. Laugh at me if you will but it's 3$ to cash it no matter how large the check is. That's a lot cheaper than most check cashing services! If it were any more expensive I would just wait until the bank is open but sometimes if I get a check on Saturday afternoon and the bank is closed I'll take the 3$ fee to cash it at wal mart so I don't have to wait until Monday
I just got fucked cashing Canadian check the other day.
I was selling game worn jersey on ebay. Guy sends me check from Buffalo. I deposit it in my bank, send out jersey. Then I get statement 3 weeks later that CANADIAN check has cleared and they charged me 10 bucks for it. So not only he fucked me with exchange rate, I also had to pay 10 bucks. maple leaf asshole.
Dude.Russia will always lose to Canada in gold medal hockey.fact of life
Even if they don't explicitly charge you a percentage it will probably be hidden in the exchange rate. For example, Westpac Australia charges a flat rate to receive a wire, while HSBC charges a percentage... seems obvious which is the better deal, but if you look at the exchange rates offered by each bank HSBC's are a fair bit better. The actual amount you receive from a conversion is very similar even though one bank is (transparently) charging a percentage based commission.
That's why I have multiple currency accounts, only convert the currency when needed. Keep it in the original currency otherwise.
WG
The banks I checked won't even let me cash checks unless I have a high risk investment with them for over a year or something of the sort plus all the fees... HAH
Only way to cash them are currency exchange places and they don't charge a fee, they just give you sucky exchange rates. There's times it equals around 5-10% fee even >_<
The banks I checked won't even let me cash checks unless I have a high risk investment with them for over a year or something of the sort plus all the fees... HAH
Only way to cash them are currency exchange places and they don't charge a fee, they just give you sucky exchange rates. There's times it equals around 5-10% fee even >_<
Mexico - lol, our banks SUCK ass. Credit card interest is somewhere around 50% per year... really fucked up.
It might also be because I live in an area that is not used to deal with foreign currencies much. And when people receive money from the US, it's usually Western Union or direct deposits.
Last time I exchanged a CCBill check they paid me 12.50 per USD, and exchange rate was 13.50 *shrug* only use them in emergencies.
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