Which bank to lodge euro cheque

Jessiebelle

My five year old son has a 6k euro cheque from an investment his granny did for him in Ireland. As it was set up in his name the granny can't just get the cheque reissued in her name and then transfer him the money unfortunately. They also won't let her leave the money there.

His only account is a lloyds one. Although the cashier and people on the phone said no problem the cheque has been returned twice saying they don't have agreements for it? It is an An Post cheque (Irish post office) drawn on Bank of Ireland.

So I would appreciate suggestions of what account and with which bank I should open for him so that he can lodge this cheque.
Thanks for any help.

eDicky

Try to open an account in Ireland for him, Bank of Ireland first. Irish banks usually accept a British address. Then transfer the euros to pounds into the Lloyds account using a broker such as TransferWise. His age may limit the possibilities, of course.

xylophone

https://personalbanking.bankofireland.com/bank/current-accounts/junior-accounts/

I wonder would it be possible to open a child account with Bank of Ireland and pay the cheque into it?



I notice that a sterling child account is also offered.

https://boini.bankofireland.com/personal/savings/

Perhaps you could switch from one to the other?

Give Bank of Ireland a ring and see what can be arranged?

agrinnall

Forget the cheque, have BoI send the payment electronically to his Lloyds account.

Jessiebelle

Thanks for the replies. Irish banks require two forms of ID which he doesn't have so I can't open an account for him. This is the reason they gave for not just letting the money roll over. Apparently rules were different when his granny set up his investment for him.
Bank of Ireland don't have branches for personal banking in England.
I hadn't thought of asking for a transfer. I will try that as a last resort thanks.

xylophone

Irish banks require two forms of ID

For a five year old or for his parents?

Bank of Ireland don't have branches for personal banking in England.

It appears to be possible to open on line and operate by post?

Have you telephoned BoI to enquire as to what options may be open to you?

eDicky

Jessiebelle wrote: »

Bank of Ireland don't have branches for personal banking in England.

No, but UK residents can open accounts with branches of Irish banks in Ireland, probably including Bank of Ireland, without going there. The lack of ID at his age is of course an obstacle, but it may be worth calling Bank of Ireland to ask if something is possible in this situation, such as some kind of joint account with yourself, or a temporary way to process the cheque in his name.

Voyager2002

Several UK banks offer Euro accounts (I know that Citibank do, and I think that NatWest may also...). Any of these should accept the cheque, but do ask whether the money would be paid in as Euro, or whether the funds would be converted to pounds sterling and then back to Euro (with a hefty fee for each transfer).

agrinnall

Jessiebelle wrote: »

I hadn't thought of asking for a transfer. I will try that as a last resort thanks.

It should be a first resort rather than a last. Why waste time on an antiquated piece of paper that can get lost or stolen, be eaten by the dog, will take a minimum of several days (and probably longer) to clear, when you could have the money transferred and cleared in a matter of hours with no risk? It's a complete no-brainer.

SLZ

Jessiebelle wrote: »

Irish banks require two forms of ID which he doesn't have so I can't open an account for him. This is the reason they gave for not just letting the money roll over. Apparently rules were different when his granny set up his investment for him.
Bank of Ireland don't have branches for personal banking in England.
I hadn't thought of asking for a transfer. I will try that as a last resort thanks.

They won't need two forms of ID for him, just you, for him you can take his birth certificate and proof of address (current Lloyd's account). The difficult part is getting to Ireland in order to open it on his behalf.