In order to exercise a stock option, I find myself needing a USD cheque. Annoyingly, it has to be a cheque and it has to be in USD, neither a GBP cheque nor a USD wire transfer are acceptable. (I've triple checked, but they won't budge)
I've read through some of the past questions on the best way to turn GBP into USD, but they don't seem to help that much as I don't have an account that would let me deposit a USD denominated wire transfer and turn it into a cheque.
One option might be to open a USD denominated account with a UK bank, which I think I'd have to pay some fees for, get a cheque book with that, follow the advice on the best way to turn GBP into USD, deposit the USD into that and write a cheque. This would seem to allow for a good exchange rate, but it would seem a lot of fees in the process.
Asking a UK bank to issue a USD cheque looks to be out, as they all seem to offer very poor exchange rates (large commission/spread), and then want a large fee for issueing the cheque.
Is there another way to do this that I'm missing? Or are there banks that offer low/no fees for either a USD account or for doing the transfer+cheque?