# Getting my inheritance checks cashed



## ChrisDeex

Hello everyone, I just inherited several different life insurances from the US and am receiving separate checks from each one. I’m having a hard time finding a bank which is not only knowledgeable in such matters, but also willing to cash them. Anybody know where I could turn to, who I could ask? Thank you very much for your help.


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## Bevdeforges

These days quite a few banks will deposit US$ checks for their customers. And at nominal fees. But you have to have an account in the bank, which is where the money will be deposited. You then take it from there.

Quite a few folks here on the forum found this a handy option when they received their US "Covid checks."


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## Peasant

Perhaps you could sign them over to someone you trust in the US and then have them transfer the money to your French bank in one lump sum.


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## ChrisDeex

Peasant said:


> Perhaps you could sign them over to someone you trust in the US and then have them transfer the money to your French bank in one lump sum.


Thanks for the suggestion, but I’m not sure I can trust anyone with that amount of money. It’s quite a large sum.


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## rynd2it

ChrisDeex said:


> Hello everyone, I just inherited several different life insurances from the US and am receiving separate checks from each one. I’m having a hard time finding a bank which is not only knowledgeable in such matters, but also willing to cash them. Anybody know where I could turn to, who I could ask? Thank you very much for your help.


Credit Agricole will do it but their fees are quite high and based on a %age of the value. 

This one has been suggested a few times:




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Monabanq : la banque en ligne qui fait passer les gens avant l'argent


Monabanq, banque en ligne du groupe Crédit Mutuel CIC, propose des comptes courants sans condition de revenus avec carte Visa Classic, Premier ou Platinum !




www.monabanq.com


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## ChrisDeex

rynd2it said:


> Credit Agricole will do it but their fees are quite high and based on a %age of the value.
> 
> This one has been suggested a few times:
> 
> 
> 
> 
> __
> 
> 
> 
> 
> 
> Monabanq : la banque en ligne qui fait passer les gens avant l'argent
> 
> 
> Monabanq, banque en ligne du groupe Crédit Mutuel CIC, propose des comptes courants sans condition de revenus avec carte Visa Classic, Premier ou Platinum !
> 
> 
> 
> 
> www.monabanq.com


I tried Monabanq, because they said they’d do it, no problem. But you can’t deposit it at the teller and the check can’t be older than 15 days. Which makes it almost impossible to cash, as the American life insurance refuses to send it anything but regular mail and it takes about two weeks for the check to get here.


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## rynd2it

ChrisDeex said:


> I tried Monabanq, because they said they’d do it, no problem. But you can’t deposit it at the teller and the check can’t be older than 15 days. Which makes it almost impossible to cash, as the American life insurance refuses to send it anything but regular mail and it takes about two weeks for the check to get here.


Would the insurance send a direct deposit? If so use Wise.


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## Bevdeforges

rynd2it said:


> Credit Agricole will do it but their fees are quite high and based on a %age of the value.
> 
> This one has been suggested a few times:
> 
> 
> 
> 
> __
> 
> 
> 
> 
> 
> Monabanq : la banque en ligne qui fait passer les gens avant l'argent
> 
> 
> Monabanq, banque en ligne du groupe Crédit Mutuel CIC, propose des comptes courants sans condition de revenus avec carte Visa Classic, Premier ou Platinum !
> 
> 
> 
> 
> www.monabanq.com


For the most part, I've found that the banks here that will handle a foreign (or at least US) check only do so for their existing customers. And they will only deposit the check into your account (converted into Euros).


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## ChrisDeex

rynd2it said:


> Would the insurance send a direct deposit? If so use Wise.


That would have been wise, indeed, but they refuse to do so, saying it’s company policy and that checks are safer.


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## rynd2it

ChrisDeex said:


> That would have been wise, indeed, but they refuse to do so, saying it’s company policy and that checks are safer.


Hmmm - well my last cheque from the US went missing and was cashed by someone else so their argument is nonsense. However, all I can suggest is that you contact a few of the French banks (CA, BNP etc) and ask for their rates for depositing US $ checks. Or, is there any way you can open an account in the US? Then you could use Wise to transfer the money into a French account.


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## ChrisDeex

rynd2it said:


> Hmmm - well my last cheque from the US went missing and was cashed by someone else so their argument is nonsense. However, all I can suggest is that you contact a few of the French banks (CA, BNP etc) and ask for their rates for depositing US $ checks. Or, is there any way you can open an account in the US? Then you could use Wise to transfer the money into a French account.


I totally agree. One of the cheques already went missing and I had to ask them to cancel it and reissue and send a new one. Interesting suggestion, but seems I'd have to physically go there to open an account.


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## rynd2it

ChrisDeex said:


> I totally agree. One of the cheques already went missing and I had to ask them to cancel it and reissue and send a new one. Interesting suggestion, but seems I'd have to physically go there to open an account.


I did some searching - seems HSBC France will handle "foreign" (i.e. non-Euro) checks, so I contacted them. Deposit fee is 0.12% of the transaction minimum 16 Euros, maximum 100 Euros. Definitely worth a look.


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## ChrisDeex

rynd2it said:


> I did some searching - seems HSBC France will handle "foreign" (i.e. non-Euro) checks, so I contacted them. Deposit fee is 0.12% of the transaction minimum 16 Euros, maximum 100 Euros. Definitely worth a look.


Thank you, I got an appointment with them for tomorrow. I think part of the problem is that I live in a very provincial city in southern France and they are just not used to dealing with an international clientele. So it's always blank stares and uneven answers. Perhaps if I lived in Paris or Lyon it'd be easier. The other thing is I've been with an online bank for years, but they refuse to handle foreign cheques. In Luxembourg, where I used to live, they don't even do cheques any longer.


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## rynd2it

Francei


ChrisDeex said:


> Thank you, I got an appointment with them for tomorrow. I think part of the problem is that I live in a very provincial city in southern France and they are just not used to dealing with an international clientele. So it's always blank stares and uneven answers. Perhaps if I lived in Paris or Lyon it'd be easier. The other thing is I've been with an online bank for years, but they refuse to handle foreign cheques. In Luxembourg, where I used to live, they don't even do cheques any longer.


France is very parochial regarding checks, I've used two complete check books since living here for 30 months ,more than I ever did in the UK


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## ChrisDeex

rynd2it said:


> I did some searching - seems HSBC France will handle "foreign" (i.e. non-Euro) checks, so I contacted them. Deposit fee is 0.12% of the transaction minimum 16 Euros, maximum 100 Euros. Definitely worth a look.


Well, HSBC just answered saying they refuse to open a bank account for me.


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## rynd2it

ChrisDeex said:


> Well, HSBC just answered saying they refuse to open a bank account for me.


Did they say why?


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## ChrisDeex

rynd2it said:


> Did they say why?


No, there was no reason given. But from what I understand, French banks are hesitant to open accounts for dual nationals.


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## rynd2it

ChrisDeex said:


> No, there was no reason given. But from what I understand, French banks are hesitant to open accounts for dual nationals.


That can't be true - their website actively encourages people moving to France to open accounts with them. I've never had any problems opening a bank account in France and I hold dual nationality (UK & USA)


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## Bevdeforges

It can be the branch nature of banks here in France. If your local branch (of any brand of bank) has a jerk as the branch manager, he, she or it can do all sorts of stupid stuff just because they can't be bothered to work with you. Are you resident in France or just here "temporarily" for some reason? Do you have some "financial resources" (i.e. income source) that you can offer to have deposited regularly into the account? That is often the type of thing that fouls up new account applications.


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## rynd2it

Bevdeforges said:


> It can be the branch nature of banks here in France. If your local branch (of any brand of bank) has a jerk as the branch manager, he, she or it can do all sorts of stupid stuff just because they can't be bothered to work with you. Are you resident in France or just here "temporarily" for some reason? Do you have some "financial resources" (i.e. income source) that you can offer to have deposited regularly into the account? That is often the type of thing that fouls up new account applications.


True but in this case it's HSBC International and the application is made on-line, followed by a call-back in person with someone who speaks English.


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## Bevdeforges

Doesn't HSBC International have some sort of minimum balance requirement to open an "international" account? Or maybe they used to but the requirements have changed.


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## rynd2it

Bevdeforges said:


> Doesn't HSBC International have some sort of minimum balance requirement to open an "international" account? Or maybe they used to but the requirements have changed.


I didn't see that on the website


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## Chrissippus

ChrisDeex said:


> Hello everyone, I just inherited several different life insurances from the US and am receiving separate checks from each one. I’m having a hard time finding a bank which is not only knowledgeable in such matters, but also willing to cash them. Anybody know where I could turn to, who I could ask? Thank you very much for your help.


Don't you still have a US bank with a smartphone app? Most of them will process a check that you scan with their app. I use State Department Federal Credit Union. They have processed the occasional US check after I have scanned it without any problem.

In my opinion it is essential for expat Americans to maintain bank accounts in the US. SDFCU will even open an account for an expat, which most banks/credit unions would refuse to do.


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## ChrisDeex

Chrissippus said:


> Don't you still have a US bank with a smartphone app? Most of them will process a check that you scan with their app. I use State Department Federal Credit Union. They have processed the occasional US check after I have scanned it without any problem.
> 
> In my opinion it is essential for expat Americans to maintain bank accounts in the US. SDFCU will even open an account for an expat, which most banks/credit unions would refuse to do.


It seems they require proof of residency which I don't have. But I do agree that it would have been a good idea to maintain an account in the US.


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## ChrisDeex

Bevdeforges said:


> Doesn't HSBC International have some sort of minimum balance requirement to open an "international" account? Or maybe they used to but the requirements have changed.





Bevdeforges said:


> It can be the branch nature of banks here in France. If your local branch (of any brand of bank) has a jerk as the branch manager, he, she or it can do all sorts of stupid stuff just because they can't be bothered to work with you. Are you resident in France or just here "temporarily" for some reason? Do you have some "financial resources" (i.e. income source) that you can offer to have deposited regularly into the account? That is often the type of thing that fouls up new account applications.


I think you're right. Seems a branch manager doesn't have to justify his or her decision not to take on a new client to anyone. My unusual profile is probably a headache to most of them and they won't be bothered with it. I've now been rejected by HSBC and CIC and Monabanq won't touch my checks unless they're less than two weeks old. Caisse d'épargne and Crédit du Nord have been "working on my case" for almost a week now and haven't given a definite answer as of yet. Just asking me for tons of documents. Yes, I have a permanent contract, a regular salary I could deposit into my account. But I thought all bankers care about is money anyway and that's what I'm trying to do, deposit my inheritance checks into an account.


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## Chrissippus

ChrisDeex said:


> It seems they require proof of residency which I don't have. But I do agree that it would have been a good idea to maintain an account in the US.


I assumed that you are a US citizen, which is a requirement. If that is the case then proof of residence wherever you are now living is all they need. If you don't have such proof, presumably you will at some point in the future, although perhaps not in time for this batch of checks.


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## ChrisDeex

Chrissippus said:


> I assumed that you are a US citizen, which is a requirement. If that is the case then proof of residence wherever you are now living is all they need. If you don't have such proof, presumably you will at some point in the future, although perhaps not in time for this batch of checks.


I am a US person, yes, but have been living in France for 25 some years.


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## Chrissippus

ChrisDeex said:


> I am a US person, yes, but have been living in France for 25 some years.


You have to be a US citizen, which is not exactly the same as a "US person." If you are a US citizen you are eligible to open an account at SDFCU. When I applied they never asked me how long I had been living abroad. They just wanted my current physical address with proof. If your only need is to cash the occasional check opening an account at SDFCU may not be worth the trouble. How do you pay your US income tax? Do you still have US credit cards that you have to pay off monthly?


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## Bevdeforges

ChrisDeex said:


> Yes, I have a permanent contract, a regular salary I could deposit into my account. But I thought all bankers care about is money anyway and that's what I'm trying to do, deposit my inheritance checks into an account.


What bank do you use for your salary? If it's not being deposited into a French bank you probably are going to have problems cashing those checks. I've got a Monabanq account and was surprised to see you mention the "two week" limitation - but I suspect that is because you are looking to open the account with the US$ checks. The banks here generally want proof of residence in France (because that affects their reporting obligations regarding taxes) and some assurance of a regular deposit of some sort (salary, pension, business income).


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## rynd2it

Many US banks have been closing accounts that do not have US residence, TIAA closed mine without any notice as did Citibank. It's impossible to open an account now unless you have proof of residence.


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## ChrisDeex

Bevdeforges said:


> What bank do you use for your salary? If it's not being deposited into a French bank you probably are going to have problems cashing those checks. I've got a Monabanq account and was surprised to see you mention the "two week" limitation - but I suspect that is because you are looking to open the account with the US$ checks. The banks here generally want proof of residence in France (because that affects their reporting obligations regarding taxes) and some assurance of a regular deposit of some sort (salary, pension, business income).


I use Boursorama, but they won't even go anywhere near foreign checks. I didn't specifically open Monabanq for that reason or at least didn't tell them so. It was already open when I wanted to cash my checks.


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## Bevdeforges

ChrisDeex said:


> I use Boursorama, but they won't even go anywhere near foreign checks. I didn't specifically open Monabanq for that reason or at least didn't tell them so. It was already open when I wanted to cash my checks.


Hm, I wonder if the flurry of folks trying to cash those Economic Incentive Payment checks (i.e. the Covid checks) may have put some of the French banks off US checks. LCL handled my DH's EIP check when my bank back in the US refused to take the check endorsed over to my US account. But DH has had a couple of accounts in LCL for years.


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## ChrisDeex

I just talked to a bank manager who said it was up to the financial securities division to make the call. Basically, they're afraid they'll have the financial inspectors breathing down their necks if they accept me as a client, just because I'm American.


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## rynd2it

ChrisDeex said:


> I just talked to a bank manager who said it was up to the financial securities division to make the call. Basically, they're afraid they'll have the financial inspectors breathing down their necks if they accept me as a client, just because I'm American.


Weird, I'm American as well, never had any issues with banks (apart from the charges).
I'd go back to HSBC, make sure you speak to the international division. They are actively seeking expats moving to France


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## GirlDownunder

Maybe join the Isaac Brock Society .ca (they have a wealth of info, it's not just for Canadians) regarding US duals and the banking issues they face. Also, About American Expat Financial News Journal & post this question there. Good luck to you.


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## Bevdeforges

You could also take a look at the AARO website. AARO - Association of Americans Resident Overseas They are an association for US expats, and they handle lots of tax, financial and other "legal" types of issues. I'm sure many of their members turned to them for help in cashing those EIP checks and might have some ideas.


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## ChrisDeex

I was finally approved at Crédit du Nord, can't believe it. They say they'd take my checks, but that it'd take about six to eight weeks to process. Thank you all for so many great tips, support and advice!


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## rynd2it

ChrisDeex said:


> I was finally approved at Crédit du Nord, can't believe it. They say they'd take my checks, but that it'd take about six to eight weeks to process. Thank you all for so many great tips, support and advice!


YAY! Congratulations 👍


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## Bevdeforges

Way to go! Yeah, it always seems to be the last bank you try. (Well, logically, I suppose.) But the point is to just keep trying. Someone will eventually open an account for you.


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