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Lodging non-Irish Euro Cheque

  • 11-04-2008 12:24pm
    #1
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭


    Can anyone advise if its possible to lodge a euro denominated personal cheque from outside Ireland to an Irish bank account and if so, how long does it take to clear and what sort of charges are likely to be incurred? Will the originator of the cheque incur any additional charges?

    Thanks


Comments

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


    homer911 wrote: »
    Can anyone advise if its possible to lodge a euro denominated personal cheque from outside Ireland to an Irish bank account and if so, how long does it take to clear and what sort of charges are likely to be incurred? Will the originator of the cheque incur any additional charges?

    Thanks
    TBH if I were u i would try and get the payment made electronically as the charges are very little for these sort of payments. You can never be sure of non-Irish cheques


  • #3
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Yes its possible. Depends on where its coming from. Normally it would be six weeks. Some US banks have no time frame to bounce a chq, so 2 years later it could come back to you! Charges would not be much, less than a fiver. There is no charges for ldg it for the issuer, but they could be charge for getting it.


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Depends on how much it's for. Some banks have threshold for charging comission ie: where I work if it's less than 250 it can be lodged comission free. We usually advise customers it can take up to one month for a foreign cheque to clear but it may be longer. If it's a very large cheque, there's a chance they may send it for collection which is where they send it back to the drawing bank and ask them to wire the funds to your bank and they will apply the funds to your account. This is in case the cheque comes back unpaid three weeks later and the customer has spent the funds. There are also charges for this which may be quite hefty. If possible ask them to wire the funds, it's cheaper and the funds are cleared as soon as they are in your account, so there's much less hassle.


  • #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Toots85 wrote: »
    Depends on how much it's for. Some banks have threshold for charging comission ie: where I work if it's less than 250 it can be lodged comission free. We usually advise customers it can take up to one month for a foreign cheque to clear but it may be longer. If it's a very large cheque, there's a chance they may send it for collection which is where they send it back to the drawing bank and ask them to wire the funds to your bank and they will apply the funds to your account. This is in case the cheque comes back unpaid three weeks later and the customer has spent the funds. There are also charges for this which may be quite hefty. If possible ask them to wire the funds, it's cheaper and the funds are cleared as soon as they are in your account, so there's much less hassle.

    +1 to that. Good advise.


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