I've just received a sterling cheque for £100. Can I bring it into my branch, where I have banked for many years, and get £100 in sterling cash from them, which I will use in a few weeks when I go to the UK?
I have a feeling the answer to the above question is "No" so I wonder is it possible to open a sterling denominated sub account and lodge it there until it clears?
I'd be really surprised if you could. Any time I've had a foreign cheque they'll only let me lodge it and then not access the funds for a number of days. Even if the bank were going to give you the money straight away you won't get £100 as they'll charge you twice. Once for you to sell your sterling cheque to them and then for you to buy £100 off them. You will lose out on the exchange rates.
A few years ago I got a sterling cheque from Betfair which I lodged to my a/c. It took a couple of weeks to clear and when it did appear in my a/c a sizable amount (about €30-40) had been deducted from what I expected. My bank blamed the UK bank (I think it was Bank of Scotland) for this massive "bank charge".
I've just received a sterling cheque for £100. Can I bring it into my branch, where I have banked for many years, and get £100 in sterling cash from them, which I will use in a few weeks when I go to the UK?
Cant see how the bank will do that for you - you might be sound but how do they know the drawer of the cheque is? I used to lodge sterling cheques in to my regular current a/c but they take a lot longer to clear than regular cheques. I eventually opened a sterling a/c and do my sterling business through it - probably not worth the hassle for you if the cheque is a one off payment to you.
I lodge dollar cheques to my account on a relatively frequent basis without any additional charges. They usually take 2-3 days to clear, I've never experienced a major delay.