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checks don’t cross international borders cheaply. If I remember correctly from the last time I tried Barclays in the UK charged about £50 to deposit a USD check
by dnh44 8y ago
checks don’t cross international borders cheaply. If I remember correctly from the last time I tried Barclays in the UK charged about £50 to deposit a USD check from a US bank.
- brudgers 8y ago£50 a month is £600/year. Rounding error on a going concern. Rounding error on a developer's rate. And worth less than the time an entrepreneur would probably spend trying to save half of it. Moving money internationally will always cost something. Exchange rates might eat more of a developer's salary.
- dnh44 8y agoIt’s £50 a month in addition to getting ripped off on the exchange by the bank. Using a service like CurrencyFair or Transferwise would save someone thousands a year. There is also the hassle of having to physically deposit the check. Also checks in general have gone the way of the fax here. I’ve seen only one in the last fifteen years. I would be surprised if people in their 20’s have never seen one.
- stephenr 8y agoTheir website (much like the ones I checked here in Thailand and back home in Australia) mention up to 7 weeks clearing time.
- planetburgess 8y agoThe foreign bank generally had to do a fairly manual process to get a U.S. cheque cleared. This can take weeks. 7 weeks is a bit excessive, probably they are giving worst case scenario.