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Q: Cashing US Dollar cheques in Australia with no fees?? ( No Answer,   4 Comments )
Subject: Cashing US Dollar cheques in Australia with no fees??
Category: Business and Money > Accounting
Asked by: zulu500-ga
List Price: $10.00
Posted: 04 Apr 2005 23:19 PDT
Expires: 04 May 2005 23:19 PDT
Question ID: 505084
I get paid by clickbank for some US based websites I own. The cheques
they send are in US dollars. I live in Australia and every bank I know
of charges $10 per cheque. Some of my cheques are only like $13 US so
after the fee and then the banks nasty exchange rate I get virtually
nothing. Clickbank can hold my cheque untill it reaches a certain
amount but that is very bad cashflow for my business.

My question is how can I cash my US Dollar cheques and get the money
in Australian dollars with no fees? I'm open to creative ideas and no
clickbank do not offer TTs.

Clarification of Question by zulu500-ga on 05 Apr 2005 00:36 PDT
If No fees is not an option then what about a flat rate ie a bank or
place where I am charged once per time and I can cash more than 1
cheque at the smae time (and only get charged the fee once not per

I prefer clcikbank over paypal as (and correct me if I'm wrong) but
with paypal a buyer has to first register with paypal etc where as
with clickbank they just enter their credit card details.
There is no answer at this time.

Subject: Re: Cashing US Dollar cheques in Australia with no fees??
From: probonopublico-ga on 04 Apr 2005 23:26 PDT
I don't believe that you can!

However, if you use PayPal (if it's available in Oz) then this could
prove more cost effective.

Worth investigating.
Subject: Re: Cashing US Dollar cheques in Australia with no fees??
From: probonopublico-ga on 05 Apr 2005 01:24 PDT
I don't know of any bank that makes any concession on its exchange deals.

You are right, every PayPal user does have to register first but then
nothing's perfect.

In my view, PayPal is the wave of the future for small transactions
because it is more cost effective.

So Wave Clickbank G'bye!
Subject: Re: Cashing US Dollar cheques in Australia with no fees??
From: frde-ga on 05 Apr 2005 01:58 PDT
For some years now, I have been associated with a company that is UK
based and sets its prices in USD or GBP

It simply maintains two bank accounts (with different banks)
- one in USD and the other in GBP

See whether you can open a USD bank A/C with a US Bank in Australia
Subject: Re: Cashing US Dollar cheques in Australia with no fees??
From: myoarin-ga on 05 Apr 2005 09:18 PDT
I very seriously doubt you can make an arrangement with an Aussie bank
that will reduce its fees, even if they are willing to open a US
dollar account for you.
They still have to handle the checks and probably do not tie into an
electronic clearing network for US checks.  If they did open an US$
account, at least you might save by not have exchange commissions on
so many small deposits.

My suggestion would be to try to open a bank account in the States,
maybe with clickbank's own bank (on which they draw the checks sent to
you) so that maybe you could arrange with them to have your US$
receipts credited immediately to the account.  IF you have any US
expenses, then this would also be convenient.
If you don't, and also are dependent short term on that cashflow, well
that isn't so advantageous.
If this is interesting, you should talk to your Aussie Bank about
whether they have an office in the States (probably, ANZ does), since
this will make it easier for you to open an account, and for you to
deal with them, allowing transfer of funds from the US account more
easily and faster than by check.
And see if clickbank can send the checks directly to that bank.
If the solution should be an account with a bank that had to send you
a check, the US bank should handle the exchanged to AUS $ and send you
a check in them that you can deposit like any local check (it would be
drawn on an Aussie bank, something to insist on).
I hope that is of some help to you.

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