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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11129
Experience:  30 years as a practising solicitor.
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I have a few thousand dollars in a bank savings account in

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I have a few thousand dollars in a bank savings account in the American mid-west, a "hangover" from my time there as a student. I have kept the account "active" with occasional modest deposits on the grounds that if I returned to the U.S.A. it would be helpful to have a little money already there. However, it seems unlikely that I shall return to the U.S.A. except for a short break. If I decide to close the account should I walk into an American bank and withdraw the amount in cash (and hope I'm not "mugged" outside in the street) or ask for a dollar cheque to be cashed in the U.K.? I wonder if I would lose some of the money in the form of a charge by the American bank for issuing the cheque plus another charge by a U.K. bank for accepting the cheque. The situation at present is that the account only earns a tiny amount of interest and has to be "topped up" every couple of years to keep it "active", otherwise the bank can "freeze" the ac count. What do you advise?
Submitted: 1 year ago.
Category: Scots Law
Expert:  JGM replied 1 year ago.
Thank you for your question.
I advise instructing the US bank to transfer the funds to your UK account by electronic transfer. Ask your bank in Scotland whether the transfer should be in dollars or sterling as there may be a difference depending on the exchange rate.
I hope this helps. Please leave a positive response so that I am credited for my time.
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