Lodegment and International Transfer OR ForiEgn Currnecy Lodgement?

Nobrow

Okay business heads, need advice quick.

I have a cheque for a couple of thousand euros. I am about to move to the UK. Should I:

a) Lodge it to my Irish account and do an international transfer to my UK account (when I open one) at a cost of 50c (but presumably with a crappy exchange rate)

or

b) Do a foreign currency lodgement to my UK account (when I open one)?

Which is going to cost me the least?

A or B answers please. Majority rules, cos I am at a loss to decide.

Hitchhiker's Guide to...

mehh, having just moved to UK from Ireland i did option A because of the convenience.

Didn't look into it in much detail though.

One thing in favour of option A is that you will have continuous access to your bank account funds while waiting to open your UK bank account.

re opening a bank account in the UK, remember to bring over a recent bank statement from your Irish bank. You will still have problems opening an account over here in any case, but that makes it easier.

I first went into Lloyds when i got here, and they said 'come back in three months'!! Barclays, after a bit of hesitance, eventually opened the account after only a few days (and gave me a Visa debit card). Didn't check with any of the other banks. But based on my limited experience Barclays were the easiest to deal with.

Nobrow

Thanks. Yeah Im expecting opening an account to be a bit of a mare. Im thinking Birth Cert, Passport, bank records, and my lease to prove my UK address should be enough? That and patience.

Do you get a really crappy exchange rate when you do an international transfer, and are there any charges at the receiving end? I know it will cost just 50c to send the money from here to there if I do it in Euros, but this is banks we are talking about, and value for money aint their thing so Im expecting to have to pay more somewhere.

Rashers72

Do it electronically.
IMO the processing of a EURO cheque drawn on an Irish bank by a UK bank will cost you a lot, and take a long time to clear. (Not sure about a EURO draft, or a GBP ceque/draft)
You have 2 options:
Use an electronic international transfer - rate will be the same or better then cheque option. Charges by receiving bank will be minimal.
That 50c charge seems extremely small - there is no way any UK bank would charge that for doing the reverse. That type of transfer used to cost EUR20 a few years ago.
If you send in Euro's, the rate of exchange will be determined by the receiving bank - i.e. you new UK bank.
Would you think about talking to your Irish bank about setting up an account with their UK branch network (if it's AIB, RBOS/Ulster or BOI). With the advances in internet banking, you don't necessarily need to be close to your branch. This way you might have your account open in advance, and the transfer should be quicker. You could always close it later, if you are not happy with their service.

Nobrow

Im with PTSB, and I dont think they have an English partner.

Youd be surprised. They dont allow you to make international transfers over the Internet or telephone. You have to do it in person. I have made an arrangement whereby I wrote them a mandate to make the transfer upon my request via telephone from England, once I have an account set up.

And as for setting up an account before traveling, well its too late now anyway, but that was never likely to work. Its hard enough to open one when youre there Im told. One of them, I think Barclays, have a process available to do just that, but I dont think the terms of the account are at all favourable and theres a fee - paying for banking is not something that I think we should ever have to do.

Thanks for your reply. Ill lodge the cheque over here before I travel.