cashing a euro cheque

yogiberr

hiya,

I have an account in Ireland and they've told me that theycan issue me with a euro cheque...I want to know the simplest, cheapest way to cash this cheque in the UK.I'm happy to have it in sterling or euros..whichever way avoids me having to pay a conversion.

Can anyone who's been in a similar situation advise?

ta,

yogi

jonesMUFCforever

There is no way you can exchange a Euro or sterling cheque drawn on an Eire without paying a charge in one form or another.

Without knowing what sum is involved it is difficult to advise further.

Even if it is a relatively small amount you may be able to withdraw funds using an ATM machine - not sure what rate and charges will apply though.

benjus

Can't you transfer the money using a service like https://www.skrill.com/app/ or http://www.xe.com/xetrade/ (or something like http://www.thefxfirm.com/ for larger amounts)? You'll get the money over in a couple of days at a known (and pretty good) exchange rate.

If you get a cheque you will have to have it converted into Sterling, unless you have a Euro account here. This will be converted at the bank's exchange rate, which probably won't be great. The cheque will take ages to clear, and you'll probably get the exchange rate when it clears, which obviously you won't know in advance.

yogiberr

hiya benjus,

You're right enough..in the year 2012 it'll take weeks.

Thanks

NFH

Get the sender to send a SEPA payment. An Irish bank will charge the same for a cross-border payment within the Single European Payments Area as it does for a domestic payment within Ireland, i.e. usually free of charge. Most UK banks make an unreasonable charge (often £6 or £7) to receive a SEPA payment though, often waived if it's below £100.

jonesMUFCforever

NFH wrote: »

Get the sender to send a SEPA payment. An Irish bank will charge the same for a cross-border payment within the Single European Payments Area as it does for a domestic payment within Ireland, i.e. usually free of charge. Most UK banks make an unreasonable charge (often £6 or £7) to receive a SEPA payment though, often waived if it's below £100.

Sounds like it is the bank which might have a rule about closing an account by cheque if funds are to be sent abroad (don't ask!).
Another solution might be for OP to register for online banking with the Irish bank (if offered)and send a payment in sterling from the account - he will be able to see the exchange rate when he sends the money.
Leave a Euro in the account.

yogiberr

Thanks folks, but I had already sent it away to be processed.My "bank" was a credit union, and they suddenly stopped offering the foreign transfer service..no idea why.
ta,

yogi