euro cheque

catokelly

You would have been better off to instruct the Solicitors to transfer the Euros to a Euro account. Most international money transfer companies hold currency accounts and would then be able to convert the Euros into Sterling for you at much better rates than the banks and the whole process would have probably taken 24-48 hours!

Currency cheques are extremely difficult to cash not to mention the fees associated with them!

Kaleb

I recently had an incoming payment from Holland into my Natwest bank account. The converted to sterling amount was £102.44 and the bank deducted £7 leaving me with £95.44. This seemed a bit steep so I checked with the bank via the 'phone to see what this charge was for and what the structure was. They told me that all payments under £100 were charged at £1.00 and all payments over £100 were charged at £7.00. No sliding scale; take it or leave it. They could not explain why the charge was structured this way or indeed what costs they incurred on what was essentially an electronic transfer. Had I been sent £99.99 I would have been credited with £98.99, £3.55 more than I ended up with by being sent £102.44!!

So Money saving tip: Get your sender to send the payment as two separate payments if you possibly can ( they will have to establish the cost of doing this but I suspect Dutch banks are a little more used to cross border payments). Never get them to send just a little more than £100, ask them to put the extra in an envelope and post it; if it gets lost in the post- so what!

Miss_Havisham

finlander wrote: »

from the cheque clearing company


The euro cheque clearing process
The beneficiary pays the cheque into their bank account at their own bank which then passes it through the euro cheque clearing system to the drawer’s bank who, in turn, debits the funds from the drawer’s account. The 2-4-6 clearing timescales do not apply to euro cheques.

All euro cheques used in the British euro clearing must comply with the design, layout and print requirements of C&CCC Standard 3 - Automated Processing of Vouchers and must be printed by a CPAS accredited cheque printer.

Euro cheques are cleared in much the same way as sterling cheques, over a three-day period and they use the same processing equipment and the same exchange centres. However, as with bank giro credits, there is less automation – paper is exchanged, but digital files are not - and the volumes are very small, totalling fewer than a thousand per day.

The C&CCC is the Settlement Service Provider for the euro clearings and SWIFT messaging is used to transmit advice of the multilateral net settlement figures to members' treasury departments. An account at a commercial bank is used for the related settlement payments.


so it would appear that me getting 'arsey' has nothing to do with it and I am in fact being ripped off by think bank.... lovely..

thanks for the help...smug comments... bank defense league etc etc...

Blimey, you are making me arsey now. Your quotation applies to cheques drawn and payable in the UK. Your cheque is actually drawn and payable in a foreign country and I doubt that you are au fait with the irish cheque clearing cycle and regulations.

Basically foreign cheques can be processed in 2 ways:

1. Collection - your bank sends the cheque to the bank on which it is drawn. They will do the usual checks and pay it (i.e. take the money from the issuing customer's bank account) but won't pay your bank for a period of time laid down in their banking regs (to allow for fraud etc). Once your bank has been paid they should pay you within a couple of days.

2. Negotiation - your bank credits your account before they get the money from the other bank, but you will sign a form agreeing to them taking it back off your account if the cheque bounces for whatever reason. This is classified as a line of credit (by some banks/relationship mgrs) and could be offered to "good" customers.

The hold-up could be with the irish bank or their customer (or of course with your bank). Unfortunately it's unlikely that anyone in-branch would have enough knowledge and expertise to help you.

jonesMUFCforever

Agreed.
OP will get the money when the bank gets cleared funds from the Irish bank.