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sterling cheque

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  • 02-09-2006 1:27am
    #1
    blooeyes
    Closed Accounts Posts: 59 ✭✭


    I went to BOI with a sterling cheque for £4500 and was told that it would take between 2wks and 2mnths for this cheque to clear and i would have no control over the exchange rate. I gave them my cheque but i am now starting to feel hard done by. Do you thing i should take my cheque back ( or is it too late?) and find a better deal elsewhere? I bank with the BOI.


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    #2
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    Probably too late to get it back now as it is probably in their system and I doubt you will get much of a better rate with a different bank. The time they gave you is probably estimated but I'm not sure with a cheque of that size and sterling what difference that might make. This is from a cheque from a UK bank or is it a sterling draft?


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    #3
    blooeyes
    Closed Accounts Posts: 59 ✭✭blooeyes


    it's a sterling cheque issued by a solicitor. I just hate not having control over the exchange rate. hope the rate is good when the except.:D


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    #4
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    :) Understood, I don't think the euro v sterling rate is going to change too much right now so you should be safe enough.


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    #5
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    blooeyes wrote:
    I went to BOI with a sterling cheque for £45000 and was told that it would take between 2wks and 2mnths for this cheque to clear and i would have no control over the exchange rate. I gave them my cheque but i am now starting to feel hard done by. Do you thing i should take my cheque back ( or is it too late?) and find a better deal elsewhere? I bank with the BOI.

    between 2wks and 2mnths : that is crap. 2 weeks maybe at the outside but not 2 months

    I would go back in there and get a more specific answer or else take it up with the regulator see consumer topics at www.ifsra.ie

    Re the exchange rate u should not worry about that as u cant control it, however did u ask about fees.

    The other point is that
    45,0000* 4.5% for 2 months is 337 in interest, which in this case will go mostly to the solicitor as the cheque will not hit his account for a while.
    Smart move. Get a draft the next time because your credit risk is now the solicitor until the cheque clears


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    #6
    wyndham
    Registered Users Posts: 2,284 ✭✭✭wyndham


    2 Months?

    I think they were pulling your leg? I have lodged sterling cheques before with BOI (Business Account) and it's generally 4-5 working days. God help all cross border trade if 2 months was the norm.


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