Euro cheque paid into UK bank account

April2013

Hi,
I paid in a cheque to my account two weeks ago for just under 1000 euro. The amount payable was in Euros so obviously has to be changed over. the clerk told me this would take longer than usual as they need to money first and they would call when through but they never advised how long. Can anyone help/advise?
It was paid into qthe Clydesdale (Yorkshire/Northern) bank.
Thanks

jonesMUFCforever

If it has been sent on a collection basis it could take 4 to 6 weeks.

April2013

Can you advise why so long?

Goldiegirl

Because your branch has to send it to their foreign exchange department, who will post it to the bank who it's drawn on, who will do what they need to do to make sure the cheque is ok to pay, then they'll send the money to your banks foreign exchange department, who will credit your account.

Cheques are a relic of the past - it can take a week for a cheque to clear when you pay a UK cheque in to a UK bank branch. In a situation where you are paying a foreign cheque in, there's no standard mechanism in place to clear the cheques. It's all done on a manual basis, and can take a long time

catokelly

Euro cheques are very difficult to cash in the UK, also the bank will usually offer poor rates and charge hefty admin fees and the cheque takes several weeks to clear because the bank has to physically post it to the issuing bank as GoldieGirl mentionede.

To get the best return for the Euros, in future you are better off to encourage the person who issued the cheque to transfer the Euros to you instead... and if you use an international money transfer specialist, they can convert the Euros to Pounds at much better rates than banks and the whole process can be done in as little as 48 hours compared to several weeks waiting for the cheque to clear!

April2013

Thanks. I didn't realise it would take so long. It's a business that's paying the money so I'd imagine getting the money will be no problem. I suppose it's just the sending if the cheque in the first place!

PaulW922

I don't think it will take that long - I did this recently with Lloyds and it took about a week. But the obvious thing to do is ask the bank isn't it?

tommytiger1985

It depends which way the cheque has been credited. From memory there are two ways to bank the cheque, collection and negotiation. I can't recall which is which, but one (usually for lesser amounts) will make the funds available on the 6th working day, give or take - however if the cheque is returned unpaid from the foreign bank you will be liable. The other, which I'm sure is "collection" is when the the bank simply waits for the foreign bank to give the ok… this can take weeks.

msallen

I have occasionally had to pay a US$ cheque into my account (Santander, ex A&L), and they always credited my account instantly but verbally warned me that it would be debited back out again if there is any problem with the cheque. I then got confirmation of clearance somewhere around 3 or 4 weeks later I think.

jonesMUFCforever

PaulW922 wrote: »

I don't think it will take that long - I did this recently with Lloyds and it took about a week. But the obvious thing to do is ask the bank isn't it?

There are 2 ways a bank will deal with a foreign cheque.
1 They will negotiate the cheque for you ie giving you the money now as they think you are a trusted customer but with a proviso that should it bounce they will take the money back off you.
2 Where the bank do not negotiate the cheque is sent on a collection basis as seems probable with OP's post here.
This is the way it can take 4-6 weeks.

PeacefulWaters

April2013 wrote: »

Thanks. I didn't realise it would take so long. It's a business that's paying the money so I'd imagine getting the money will be no problem.

Business cheques bounce more than you'd imagine.