Best way to cash small foreign cheques e.g. dollars?

S

suzywong

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53
Hi,

I tried to lodge a Canadian cheque with my bank (I have been doing this for years) and was told that they don't take them any more and to get the sender to transfer the money electronically. For personal reasons, I don't want the person to have to do that (it was a generous birthday gift from an elderly technophobe). I am tempted to open a bank account with another bank just so I can lodge the cheque. Does anyone know if AIB, Bank of Ireland, or any other bank will accept personal Canadian cheques? Any advice greatly appreciated.

Thanks guys!
 
From pTSB site:
Notice of change in foreign exchange services

26th July 2013
From the 26th August 2013 all cheques drawn on Banks outside the Republic of Ireland (excluding Sterling, Euro and US Dollar cheques drawn on UK Banks) will be sent for Special Collection to the Bank on which are drawn.
An existing transaction charge will apply as follows: A charge of €8.50 per cheque payable on acceptance by the Bank of each cheque. In addition, there will be charges levied by the financial institution on which the respective cheque is drawn. The charges levied by the financial institution on which the cheque is drawn will be deducted from the funds on lodgement.
Cheques sent for special collection are not lodged to the payee’s account until cleared funds are received by permanent tsb and if not in Euro, an exchange rate will be applied to the transaction at the rate applicable on the day on which the cleared funds are lodged to the payee’s permanent tsb account.
From 26th August 2013, Traveller Cheques presented for payment will be processed for permanent tsb customers only.
 
Thanks Crugers,

Does anyone know if it just the PTSB has implemented this? Or will other banks still accept foreign cheques?
 
PTSB should still accept it (that above just means it will take longer than for non EUR, USD GBP cheques). Did you ask to speak to someone else about it? It may just be one staff member didn't quite understand.
 
PTSB recently told me that it would cost $85 to lodge a $125 cheque to my account. Given that I receive US dollar cheques on a regular basis in amounts of small monetary value I was wondering if anyone could advise of a bank that wants my business.
Most banks' websites are quite evasive on the issue of how much it would cost and I'd be grateful if anyone has found a bank that provides for customers who cannot force the other party in the transaction to use EFT.
 
StumbledOn said:
PTSB recently told me that it would cost $85 to lodge a $125 cheque to my account.
Click to expand...

Can you open a US dollar account in Ireland, lodge the cheque, when it is cleared you withdraw dollers in cash and convert them to Euro's. I know in the past I had a foreign currency account, before the Euro.

If this is not possible, I suggest you contact the US embassy as no doubt their staff have a way around this problem.
 
I have a dollar account with PTSB for a number of years, into which I was able to lodge dollar cheques of small amounts (dividend payments, ranging from $5 to $125 each). As with StumbledOn, I was informed of the $85 charge (not by PTSB but by bank issuing the cheque) and was advised to request electronic payment. I got the forms today but the charges for electronic euro or dollar transfer will also cost more than some of the cheque values.

Any ideas of how to lodge the cheques by any means or will i have to bin the cheques?

Thanks in advance.
 
Thanks for the reply Brendan. It mightn't be such a bad idea if possible. I will check it out.
 
suzywong said:
Hi,

I tried to lodge a Canadian cheque with my bank (I have been doing this for years) and was told that they don't take them any more and to get the sender to transfer the money electronically. For personal reasons, I don't want the person to have to do that (it was a generous birthday gift from an elderly technophobe). I am tempted to open a bank account with another bank just so I can lodge the cheque. Does anyone know if AIB, Bank of Ireland, or any other bank will accept personal Canadian cheques? Any advice greatly appreciated.

Thanks guys!
Click to expand...
Hi,
Just been to banks and post office to change dollar traveller cheques. Surprise, surprise, most cashiers never heard of t cheques. On further enquiry to management I was refused. Then went to Irish permanent where I originally bought the cheques and again "no sorry". Reason..... we do not exchange foreign currency nor do we accept traveller cheques. They even suggested I change them in America, how stupid can some people be. Anyone have any idea where to go from here. I also tried Nth. Ireland who would exchange if they were american express. HELP, HELP.
 
mullking said:
Hi,
Just been to banks and post office to change dollar traveller cheques. Surprise, surprise, most cashiers never heard of t cheques. On further enquiry to management I was refused. Then went to Irish permanent where I originally bought the cheques and again "no sorry". Reason..... we do not exchange foreign currency nor do we accept traveller cheques. They even suggested I change them in America, how stupid can some people be. Anyone have any idea where to go from here. I also tried Nth. Ireland who would exchange if they were american express. HELP, HELP.
Click to expand...
When did you get the traveller's cheques?

I was only joking with a client about how we used to have to use these things. I didn't think they were around anymore.
 
With regards to dividend cheques, the recipients should check to see if there's a DRIP programme offered, by the company that they've invested in. It may be better to reinvest the dividends in additional shares, rather than struggle to lodge the cheques, or lose a significant part of their value in bank charges.
 
mullking said:
Hi,
Just been to banks and post office to change dollar traveller cheques. Surprise, surprise, most cashiers never heard of t cheques. On further enquiry to management I was refused. Then went to Irish permanent where I originally bought the cheques and again "no sorry". Reason..... we do not exchange foreign currency nor do we accept traveller cheques. They even suggested I change them in America, how stupid can some people be. Anyone have any idea where to go from here. I also tried Nth. Ireland who would exchange if they were american express. HELP, HELP.
Click to expand...
have you tried one of the FX places such as currency exchange or possibly one of the banks at the airport? Failing that, if they are drawn on AMEX, might be worth contacting them direct
 
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