I live in the United States and I need to get a cashier’s check made out in British Pounds that can be cashed in the United Kingdom (ie. drawn on a bank in the UK). How can I get such a check in the United States? I have tried Bank of America and several other banks but all they can do is to get me the foreign currency; I need the foreign check.
It is not possible to get a bank draft, cashier check in a foreign currency in any country in the world, i.e. you can only get one in the local currency. You should get a US$ bank draft in an amount equivalent to that in British Pounds, e.g. today its about US1.54 for 1 pound sterling. Not knowing what you need to pay for, maybe you can also confirm with the beneficiary first what exchange rate should be used so you don’t owe any balance.
The other alternative is to make a wire transfer or TT (telegraphic transfer), this way you can arrange to remit the exact amount in British Pounds from a US bank. You just pay the US$ and the beneficiary will get the amount in his bank account in BP.
HI,
I am returning to India after 3 years in UK.
I would like to know if i have to pay tax if i exchange my foreign currency in India after 1 year.
Thanks,
Mahendra
Hi Mahendra, I strongly suggest you transfer GBP into your NRI account which ICICI bank provides and you can keep GBP as the currency saving in ICICI - check with them - so that you can sell off at a higher rate, and if you are in a hurry then please transfer from UK to India so that atleast you will get a better rate here - but when you sell in India, you will be at a loss - as the buyer will not give you a good rate…..
Note: No tax implications
Does this apply to me as a person in the US trading forex online through a UK forex dealer?
The leverage cap applies to accounts with US based brokers regulated by the CFTC. If you have an account with a US broker, then leverage will be capped at 50:1.
A broker based in the United Kingdom is regulated by the FSA and the FSA has not capped leverage. Therefore the UK brokers are unaffected. I
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who is offering good rates against UAE dirhams——-which currency you think is good ,long lasting and if sent via bank transfer ,will that will be more cheaper——–thanks
The difference in ex-change rate is not that much. look around get the best rate today, next time you may find better. I assume you are talking about few thousand Dirhams not millions