I am not 100% sure this effects every bank but when i tried to put a cheque/check that was issued (not from p2s) in US ($) into my bank account the bank wanted to charge me a £8 fee for converting it to UK currency.
Just think it would be helpful to uk members to know this info when considering this option.
PS. I am basing this post on my personal experience in trying to put a cheque issued in dollars in my uk bank account. I am not 100% sure about every other bank etc so if i am wrong i apologise.