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UK Banks, US Clickbank Cheques?

by WhamSoft
29 replies
Hi,

I've just received my first Clickbank cheque, Woot!

I'm in the UK and have a UK bank, I think that the bank will charge extra to bank a foreign cheque or is there an alternative way of banking these without losing any money in fee's or other charges.
#bankers #cheques #clickbank
  • Profile picture of the author Ruth P
    Congrats on your cheque! I am from the UK too and just recently dealt with this. Banks will charge you and will also give certain exchange rates. Natwest, for example, was going to charge £10 then a percentage of everything I paid in, AND take 28 days to give me the cash! So I searched for alternatives and found a service called Auctionchex.

    I have sent my cheque to them and they've received it, but they've not yet paid me yet (think I will be paid on Friday). The only fee I had to pay was a one off for them setting up the bank details. Of course, though, their exchange rates are similar to banks as they do need to make some money.

    Anyway, seems like a great service but just wanted to be upfront with you that I haven't been paid yet so can't recommend them, only suggest you look into them for yourself.
    ~Ruth
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    • Profile picture of the author Hamida Harland
      Originally Posted by Ruth P View Post

      So I searched for alternatives and found a service called Auctionchex.

      I have sent my cheque to them and they've received it, but they've not yet paid me yet (think I will be paid on Friday). The only fee I had to pay was a one off for them setting up the bank details. Of course, though, their exchange rates are similar to banks as they do need to make some money.
      I researched Auctionchex a few weeks ago and found their exchange rate to be pretty poor compared to the bank. On a $1700 cheque I was going to get £130 less than the bank was going to give me. I suppose if you need the money straight away they're a useful option (I've heard they're reliable), but I have no intention of giving away such a large portion of each cheque just for convenience.

      I pay £3 per transaction at my bank (Ulster Bank in Northern Ireland) so I can pay in as many cheques as I want for £3 and don't pay anything extra.

      For Clickbank though I'd go with direct deposit - it's completely hassle free.
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  • Profile picture of the author Ruth P
    Yeah I think that's true, Article-Excellence. It's such a shame Clickbank can't just allow it right from the off! Same with Amazon. Fortunately Adsense is great at paying in my money via direct deposit. I wonder how much money we end up losing through exchange rates though? Guess it's best not to think about it!
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  • Profile picture of the author GoGetta
    Depends on your bank,

    I use 2 HSBC and Barclays in the UK and both charge a fee of around £10! It depends on the amount you pay in, the higher the amount the more they charge as they will take a percentage for higher amounts.

    GoGetta
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    • Profile picture of the author keyaziz
      Originally Posted by GoGetta View Post

      Depends on your bank,

      I use 2 HSBC and Barclays in the UK and both charge a fee of around £10! It depends on the amount you pay in, the higher the amount the more they charge as they will take a percentage for higher amounts.

      GoGetta
      Really? Barclays charge a lot less for me and they tend to be the cheapest I have found.

      However I just set up a business account with HSBC because Barclay p****d me off too much.
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  • Profile picture of the author whateverpedia
    Depending on what country you live in Clickbank will deposit the money directly into your bank account.

    Canada, Australia (where I am), NZ, the Euro zone, UK can all have this done. And of course US residents can have it as well.

    The money goes in like clockwork every week/fortnight.

    No fees, no waiting in a queue, no reams of paperwork to fill out.

    You can set this up in the Accounts Setting section.

    They've had this in place for about 2 years from memory.
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  • Profile picture of the author Ruth P
    The problem is they only do it after you've had a certain number of cheques paid to you.
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    • Profile picture of the author whateverpedia
      Originally Posted by Ruth P View Post

      The problem is they only do it after you've had a certain number of cheques paid to you.
      Yep. I fogot to add that. Reading some of the back posts, Article Excellence also mentioned this.

      Side note: Back in the days I was still getting cheques, my local bank branch used to charge me $15 per cheque! One day I deposited some cheques at a different branch. They charged me $10 per cheque. Needless to say I made all my deposits at the other branch from then on.

      The first cheque I deposited took about 5 weeks for the funds to clear, however from then on the funds were available in a day or so.

      With direct deposists there's no waiting period for funds to clear.
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      • Profile picture of the author Paul Clifford
        Just for info Lloyds don't charge. They just treat as a normal cheque.
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        • Profile picture of the author Richard Tunnah
          I recently got a cheque from a US administrator from a legal case. I paid it in to my halifax. It cost me £18 without any other charges and was cleared within 2 weeks but with the premise that if it bounced they'd debit my account at a later date...upto 3 months later!
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          • Profile picture of the author Antony103
            Theres normally a £5-10 charge from HSBC in the UK
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  • Profile picture of the author Kevin Birch
    Abbey (Heck, Santander) cash foreign cheques for £10 and the money is transferred in 10 days.

    You can set your withdrawal limit at Clickbank to a higher rate to save on the % loss.
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    • Profile picture of the author n7 Studios
      Any of the Santender banks (Abbey, A&L etc) charge a flat £10 fee for processing foreign cheques.

      If you set your payment threshold fairly low, you can collect the cheques and then pay them in at the same time - and you'll only be charged the single £10 fee (although don't hold onto the cheques for too long - I think they have to be paid in within 6 months of the date of issue).

      It's also worth getting to know the staff at your local branch - some may well take pity and batch your cheques with another deposit / run, so you might save a bit more. This is the less official method, however

      This should also mean you've received enough cheques to switch to Clickbank's direct deposit method, which saves all of the above hassle.
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  • Profile picture of the author Nicola Lane
    What you can do is set your payout to the lowest limit - then save your first two cheques. As soon as you have your two cheques set your account to direct deposit. Then send the cheques back to clickbank and ask that they re-issue them as a direct deposit. Remind them that as you are sending the cheques back they don't need to charge you to cancel them.

    I asked clickbank if this procedure was OK - they said yes - then I did it with no problems.

    I hope that helps.

    Nicola
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    • Profile picture of the author Richard Tunnah
      Originally Posted by Nicola Lane View Post

      What you can do is set your payout to the lowest limit - then save your first two cheques. As soon as you have your two cheques set your account to direct deposit. Then send the cheques back to clickbank and ask that they re-issue them as a direct deposit. Remind them that as you are sending the cheques back they don't need to charge you to cancel them.

      I asked clickbank if this procedure was OK - they said yes - then I did it with no problems.

      I hope that helps.

      Nicola
      That's a really good post and something I didn't know Nicola. If I need to open another clickbank account I'll do as you suggest. Saves time especially as I'm not in the UK much at mo to sort cheques out.

      Rich
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  • Profile picture of the author troy23
    I've got many Clickbank cheques in the UK and have never been charged by the bank.
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    • Profile picture of the author Riz
      What bank to you use?

      Do they charge a %age fee instead of an upfront fee or NO fee at all?

      Riz

      Originally Posted by troy23 View Post

      I've got many Clickbank cheques in the UK and have never been charged by the bank.
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      • Profile picture of the author Richard Tunnah
        Originally Posted by Riz View Post

        What bank to you use?

        Do they charge a %age fee instead of an upfront fee or NO fee at all?

        Riz
        Yes you've got to be careful of this. I believe nationwide offered me to charge me a few quid upfront then a fee on the amount of cheque paid in but it was going to work out at about £32 charge!

        Rich
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      • Profile picture of the author troy23
        I use Barclays.
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  • Profile picture of the author pink sapphire
    I'm with Smile - I think they charged £4, although that was a while ago now.
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    • Profile picture of the author pace
      I'm in the UK and bank with Barclays

      Some time ago they set me up with a free Barclay's $ account, linked to my Barclay's GBP account

      All I did was ring up and specify how many $s I wanted transferring to my GBP account, and it was generally done same day or next

      If I remember, there was no charge - they made their money on the exchange rate - which was quite reasonable
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  • Profile picture of the author ASM Marketing
    Hi Whamsoft,

    I suggest you open up a dollar account. My one from HSBC is £3 pcm, I saved the annual fee of £36 in no time at all AND I can claim it back as a business expense.

    Alex
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    • Profile picture of the author SledgeHammer
      Originally Posted by ASM Marketing View Post

      Hi Whamsoft,

      I suggest you open up a dollar account. My one from HSBC is £3 pcm, I saved the annual fee of £36 in no time at all AND I can claim it back as a business expense.

      Alex
      What is a Dollar A/C ?
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  • Profile picture of the author Ruth P
    There are so many great ideas here, sounds like we need to find the best banks to go with!

    Hamida - thanks for the info on Auctionchex. For me, I found it similar because I was paying in a lot less and minus the fee/ time delay worked out better. I will definitely not use them for large payments like that, thanks for the tip.
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  • Profile picture of the author JohnTimb
    You can send your cheques to Islandresponse.com. They send me the money in its own currency after 5 days, less a small fee and have always sent me my money. Dont need to wait 3 weeks at the bank anymore!
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    • Profile picture of the author Alex Barboza
      Originally Posted by JohnTimb View Post

      You can send your cheques to Islandresponse.com. They send me the money in its own currency after 5 days, less a small fee and have always sent me my money. Dont need to wait 3 weeks at the bank anymore!
      Are you part of the islandresponse company?
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