Where to put sterling cheque?

B

Bernie Daly

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I am due to receive a sterling cheque from an investment in London that didnt go ahead. But i will lose a lot of money if i change the sterling cheque back to Euro. i dont know what to do. any ideas???
 
What not to do ? - If the cheque is from a business get it lodged, in case the business closes down. Without knowing the amount and the frequency you migh have to enter into sterling transactions, you might want to open a sterling account.

An option could be would be to ask your Bank to negotiate the cheque and ask them to hold the funds on your behalf.

I'm not sure what your desired rate is for exchanging same, but you will be faced making a decision sooner rater than later,
 
It was a deposit on an appartment. But they didnt go ahead. im due to get it in the next couple of weeks. The deposit was 15,820.00 sterling. at the time when i changed it to sterling i had to pay 23740.00 euro! now if i change it back to euro i will not even be getting 19,000.00 euro! a difference of 5,000! i emailed National Irish bank and they said they could set up a sterling account. its all i can do. and just hope that sterling is worth more in the future.
 
Bernie, your post is noted. However, what you intend to do is a form of gambling. Sure sterling may strenghten but it could equally go the other way as well.
 
is there a meaning in that your post is noted?? im new to this. are you just letting me know that you have seen my post? i just dont know what to do. thanks for your advice anyway.
 
Hi ,
You mentioned National Irish Bank! I am a customer of theirs, who has a sterling account. I received a cheque for £14,000 stg. I wanted to convert it to Euro. Their rate was outrageous. I went around the corner to a bureau Exchange and they offered me .02 cent to the pound better with no charges. So, guess what I did? It was only a difference of €280 but that diff. was in my pocket and no charges to pay.
 
yes they do make a charge for taking it .. usually 7 or 8 euros ...
however, if I make a transfer from my Nationwide bank account in UK, I pay Nationwide £25 for doing the transfer plus the 7 euros at the other end to Banco de Valencia for a credit to our account... so for me it always works out much cheaper!
savingpoint(dot)com
 
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