The Cheque Cashing Industry Explained

Cheque cashing is a service widely available in the UK where a bearer of a 3rd party cheque can get instant cash with ease without going through the hassle of conventional banking. In UK, this industry is regulated by Her Majesty’s Revenue and Customs (HMRC) as a Money service business and by the Office of fair trading (OFT) when money in advance services are provided along with the cheque cashing.

Benefits of a cheque cash service site

Many wonder what benefits are offered by cheque cashers in today’s day and age where high street banks are widely available throughout the country. There are some key reasons and benefits of this service.

Many don’t like to operate a bank account of their own, or in some cases one may find it difficult to open a conventional high street bank account due to their past credit history or for not meeting some other conditions. Cheque cashing service is the only alternative for such people to get their 3rd party cheques cashed.

Access to instant cash. Even people who are already having bank accounts do use this service if they need cash instantly, as typically a high street bank will take up to 5 working days to cash a 3rd party cheque. But a cheque cashing service will provide instant cash, to meet immediate financial needs.

Availability with flexible hours. Typically cheque cashing services are open for longer hours than high street banks. So one can pop into a Cheque cashing service after a working day, and walk home with hard cash.

Some cheque cashing services offer cash in advance for certain types of cheque. This is a convenient way to access money on an emergency.

service is available for anyone needing to encash a 3rd party cheque provided that they can prove their identity as per regulations. It is widely used among sole traders, SMEs, part time workers and those who undertake small odd jobs on a regular basis.