Best way to accept Sterling Payments to ROI

[Alistair]

Hi, I receive sterling cheques a few times per year up to the value of two to three thousand pounds. I would very much appreciate any advice on the most cost effective and efficient way to deposit these to my ROI Euro account.
Are there any banks offering the ability to hold a sterling bank account while being resident in the ROI ?

PTSB place an automatic 30 day clearing hold when lodging such STL cheques and its quite costly in terms of charges. Appreciate advice on the best way to handle these in future ?

Thanks

 

[Brendan Burgess]

Do you have payments in sterling?

I think that the easiest is probably to open a bank account with Ulster Bank in Newry and just lodge them that way

You can make payments in sterling or you can just use one of the currency exchange services to convert it into euro.

Brendan

 

[Lightning]

Are there any banks offering the ability to hold a sterling bank account while being resident in the ROI ?

BoI, AIB, Ulster (RoI), PTSB, Investec, KBC, Nationwide UK (Ireland) and others offer GBP accounts to RoI residents from their RoI branches. Not all accept cheques. Some do.

PTSB place an automatic 30 day clearing hold when lodging such STL cheques and its quite costly in terms of charges. Appreciate advice on the best way to handle these in future ?

Can you get the payments electronically rather than by cheque?

Best way if you have to use cheques:
- Lodge cheque into GBP account.
- Use an online broker to convert to GBP to EUR.
- Move EUR to your account.

I think that the easiest is probably to open a bank account with Ulster Bank in Newry and just lodge them that way

No need to go up north to open a GBP account. These days, plenty of options for opening GBP accounts in the RoI.

 

[ardmacha]

Pay with Fire offer a Sterling and Euro account and decent rates for exchange.
https://www.paywithfire.com/

But this would involve electronic transfers rather than cheques.