Banking a Euro cheque

Lotttie · 14 June 2019 at 11:56AM

I hope you can help, I have trawled the site for previous similar queries and that has been very helpful.

I need to bank a specific type of Euro cheques - a Euro endorsed cross cheque, from Greece, proceeds from a house sale for me and my siblings. In the order of 150k

It cannot be done by bank transfer because of Greek capital control limits. I will receive the cheque from my lawyer via the Notar, so there is no risk (I hope) of cancelling or being zero funds available as this is the standard procedure in Greece.

So the question is - how/where to bank it? I have a Euros Transferwise account (thanks to previous threads) but that does not accept cheques, nor do the other similar ones like Monzo.Therefore I am happy with it being Euro to Euro transfer.

I checked the High Street banks - just for a quote and only Barclays will be suitable as I have a current account with them.

I am not sure about FineCo Italian bank or KBC Irish bank, both I can open from the UK, as I am worried, unless there is experience to the contrary. Also there is only a 5k transfer limit of funds (not the end of the world I suppose)
I have asked for quotes from FX such as Currencies Direct.
Obviously, I don't expect something for nothing, but I want to be savvy and we really have paid a ridiculous amount in all sorts of fees so far!

Any hints and tips, suggestions, experience please! I have the added pressure of all the decisions will affect the total inheritance pot for my siblings too! no pressure!
Thank you very much

eDicky · 14 June 2019 at 12:47PM

Try asking KBC Ireland if you could bank such a cheque with them.

Starling Bank might be a possibility, but I think there's still a waitlist for their euro account and its facilities are still being developed.

colsten · 14 June 2019 at 1:53PM

eDicky wrote: »

Starling Bank might be a possibility, but I think there's still a waitlist for their euro account and its facilities are still being developed.

I had an email from Starling the other day saying their Euro account is now available to all. They are going to charge conversion fees now, though.

Email received June 10th:

Thanks for testing out Starling’s euro account in beta over the past few months. We hope you’ve been enjoying it!

Today we’re making the account available to all customers with a personal account. Mostly it’s staying exactly the same, but we’ve made one small change to the currency conversion.

From 1st September 2019, we’ll be charging a 0.4% fee when you convert currency between your EUR and GBP accounts. We’re introducing this fee to make sure we can cover the costs that running a euro account demands, because it’s not really sustainable for us to keep offering the service without it – and we know that would disappoint a lot of people.

As you know, we don’t charge any fees for sending or receiving euros – and that’s definitely not going anywhere.

What I do not know, though, is whether they will process cheques in Euro - - their help is just talking about cheques in GBP. I would suggest call them and ask, and also ask whether they have a problem with the amount you are talking about.

Ben8282 · 14 June 2019 at 9:41PM

Lotttie wrote: »

It cannot be done by bank transfer because of Greek capital control limits.

I know nothing about Greek exchange control laws but if a bank transfer cannot be done for some legal reason, such as the need for special permission or a permit, would not the same regulations apply to a cheque?
Don't make yourself problems or expose yourself to potential problems for the sake of a slightly better exchange rate. Take your cheque along to Barclays where you have your current account and are known along with all documents that their money laundering regulations may require and have them process it.

jonesMUFCforever · 14 June 2019 at 10:44PM

What exactly is a Euro endorsed cross cheque, from Greece?
Is it payable to say ABC but then endorsed over to say DEF?
If so - good luck because no bank will touch it especially for the amount quoted.
I also agree with previous poster.

Lotttie · 17 June 2019 at 8:15AM

Thank you. I have no control over how they give me the money (my money!!!!!). The credit control laws mean I have to apply to the state to have the total amount removed from a Greek bank account where it must sit after the house sale and be withdrawn in a single cheque. I don’t understand why it has to be a signed cross cheque which, in theory, is payable by the bearer.

I am not trying to do anything underhand or in the cheap. I need to ensure it can be banked and I am not sure it can be. This scares me!

jonesMUFCforever · 17 June 2019 at 10:00PM

You need to find out from your government what exactly you need to do to withdraw the money.

tehone · 17 June 2019 at 10:29PM

So given Barclays will do it - what's wrong with paying it into your Barclays account?

colsten · 20 June 2019 at 7:26AM

Cynergy, formerly Bank of Cyprus UK, do a Euro account for UK residents https://www.cynergybank.co.uk/personal/current-accounts/personal-current-account-in-euros/

This may or may not be an option. They do accept Euro cheques but have all sorts of fees.

sillyhilly · 20 June 2019 at 11:07AM

Currencies Direct (as you have stated in your OP) is a good option. I've used them several times, and they're decent and, although I've not transferred the sums you're referring to, I wouldn't be worried if I had to.

Just remember to haggle.

colsten · 20 June 2019 at 12:29PM

sillyhilly wrote: »

Currencies Direct (as you have stated in your OP) is a good option. I've used them several times, and they're decent and, although I've not transferred the sums you're referring to, I wouldn't be worried if I had to.

Is that because no currency transfer firm ever folded? Yeah, right. You have no FSCS protection with those firms.

sillyhilly wrote: »

Just remember to haggle.

that sounds af if they have plenty of room for reducing their charges. Which bears the question what value for money they offer. Hopefully the OP will return and tell us which option they chose in the end.

Banking a Euro cheque

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