Euro (ROI) bankers draft

I’ve got a small business which has entirely been UK based until now. I’ve just done a bit of work for a client in the Republic of Ireland and they have very kindly paid my invoice- not through bank transfer as requested- but as a bankers draft issued by AIB in Euros. This arrived in the post this morning. 

I’ve got a business bank account with both Tide and NatWest. The NatWest one definitely accepts payments in Euros. AIB does have a UK subsidiary but not sure if it’s technically the same bank. 

Looking up on google it does seem like it’s going to be a pain and it’s not clear that I’ll be able to pay it in easily (I haven’t tried yet as my local branch is shut until Monday). The draft is for a decent chunk of money and there might be more ROI work in the future. 

Does anyone have any ideas of how I can process this payment if at all?  

Comments

  • bt42
    bt42 Posts: 20 Forumite
    First Anniversary Combo Breaker First Post
    If it’s relevant, business is a limited company and I am a director
  • bt42
    bt42 Posts: 20 Forumite
    First Anniversary Combo Breaker First Post
    Also business is remote/ consultancy and I’m unlikely to need to actually purchase anything in Euros 
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    I would think that from what you have posted that Nat West would be the best option (assuming you do not want to go to a forex dealer).
    You would need to pay it in using one of their foreign cheques form. They will either negotiate it (money for you 3-5 days) or collect (could take 4 weeks) and there will be a charge of approx 0.25% with a min and max of about £10 -£80.
    I will not make any comment about the exchange rate you will get. If the cheque is for a substantial amount (over 50k euros) it might be worth having a word with Nat West about a forward exchange contract - again whether you can get through to somebody to discuss is another matter.

    OR
    Ask them politely to pay you in sterling (you will need to send back the draft) - did your invoice have your IBAN and BIC number for them to pay you?
  • bt42
    bt42 Posts: 20 Forumite
    First Anniversary Combo Breaker First Post
    Thanks Jones.  It's a decent amount but not to the >50 extent!
    Was expecting bank transfer with IBAN/ BIC on invoice.  But will try to be a bit more clear next time!!!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    So have they paid you the correct amount ie £1000 would be around Euro 1100?
  • bt42
    bt42 Posts: 20 Forumite
    First Anniversary Combo Breaker First Post
    Payment is correct (I invoiced in Euros)
  • martindow
    martindow Posts: 10,205 Forumite
    Name Dropper First Post First Anniversary
    Have you made it clear you will cover their costs in sending a bank transfer?  If they need to pay 30 Euros, say, for the transfer they may have decided to cut costs to buy a stamp to post a cheque instead.  Is a card payment another possibility, maybe?
    I would chat to the company to discuss how to proceed in the future.  Really, however it is done you should bear the costs and perhaps factor this into your pricing.
Meet your Ambassadors

Categories

  • All Categories
  • 342.9K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235K Work, Benefits & Business
  • 607.6K Mortgages, Homes & Bills
  • 172.9K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards