Cashing a foreign cheque in EUR on an Irish bank account

N

NatW

Guest
Hi everyone,

I have a small (but costly) problem.

I have a current account with Permanent TSB and, up until now, I could cash French cheques in EUR for free (despite a 25 business days-delay for the cheque to clear on it).

However, regulations have changed and TSB are now charging me 3% of the value of the cheque to cash it on my account (up to a maximum of 38 EUR fees per cheque).

I now find that paying 3% of the cheque's amount (or 38 EUR) AND still have to wait one calendar month before being able to use my money is more than slightly annoying. I mean, we're still talking EUR and the Euro Zone...

Would anyone know how to find a cheaper and quicker solution?

Unfortunately, the client who is sending me the French cheques in EUR (roughly one per month) is not really willing to try and find an alternative to help me...

Sometimes I think it would be easier if I was dealing with cheques in RSA or something because EUR>EUR seems to be such a hassle.

Thank you for your help,
NatW
 
IBAN transfer direct from French account to Irish account - your IBAN details will be on the top of your Permanent TSB account statement.
 
There is no pan european method for the clearance of cheques as the majority of European countries do not have cheques or are in the process of phasing them out.Hence any foreign cheque regardless of currency lodged at an Irish bank will be sent by that bank to the drawer bank on a collection basis and hence the delay. In this instance the fact that the cheque is drawn in € on a French bank is irrelvant, there is simply no existing simple quick mechanism for clearing such cheque, nor will there ever be as in a few years time, they simply won't exist

If you want to get paid faster, you'll need your client to do so electronically
 
You could try and offer different options for payment to your French client
By cheque: €10
By transfer: No charge
By credit card... etc.

Or the other way round, incentivise your client. E.g. offer a small discount if payment is done electronically (i.e save 2%) or get a free diary, free product etc.

OR change banks?
 
Thanks everyone for your valuable input, I will take all your comments into consideration and see what works best for me and my client.

Cheers,
NatW
 
if its approx same amount each month.. why not average the amount as a direct debit from client account to yours?
 
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