Ulster Bank and how they treat Sterling cheques over £10k.

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SoylentGreen

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I have a largish Sterling cheque to lodge to my Ulster Bank account. The cashier told me that they have to send all cheques over £10k for collection. The Sterling rate is hopping all over the place at the moment.
Does anyone know how long it takes for the branch to send this to their FX department, how long it takes the dealers to deal with this and how long it takes for the funds to be credited to my account.
It seems that the rate I get will depend on how the various handlers process the cheque and pass it along the line. Seems I am at their mercy?
 
Can you open a Sterling account with them and lodge the cheque to it? Once the funds clear you can decide when to convert.
 
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