Sterling cheque to Euro account

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Seantheman1

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Hi all,
I will have a £ cheque coming to me for a mid 5 figure sum. I don't have a stg account anywhere. I have accounts with Boi, Aib, Ptsb, Ebs. Is it a matter of ringing around to see who gives best transfer rate less fees, or does anyone have better suggestion. Cheque is already written so bank transfer not possible. Tia.Sean.
 
Seantheman1 said:
Cheque is already written so bank transfer not possible.
Click to expand...
It might be. With permission of payer you can return cheque and they can do EFT. As an Irish resident you can get a Euro account with a sterling wallet and receive payment that way. FX fees will likely be cheaper too.
 

Features & Benefits - Currency Accounts - Bank of Ireland

Bank of Ireland offers a comprehensive range of foreign exchange services, including the operation of foreign currency account.
personalbanking.bankofireland.com personalbanking.bankofireland.com

BoI, PTSB and AIB all offer sterling accounts. Not certain if you can lodge a cheque but worth enquiring. If you can, would lodge cheque first and then transfer to euro after.
 
Thanks all,
Clubman, a lot of the older threads were pre brexit when things were simpler. But I got interesting snippets from more recent ones.
Dr, I'll check with the issuer but I'm wary that possible 'administration' fees to cancel cheque and issue bank transfer could cancel out any benefits.
IIgon, I'll contact my banks that provide stg accounts and see if they'll accept £ cheque. Grma fellas. Open to other ideas
 
Most banks will accept a sterling cheque for an account holder. They clear it on a "collection" basis so it's likely going to take a couple of weeks to clear. That's because they have to send it to the issuing bank in the UK, via post/courier, for them to process it at their end and then confirm back that it is cleared. It's a manual process as it is not worth the banks time these days to optimise it since volumes are so low.

Note you will be asked as to where the funds are coming from as part of AML processes
 
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