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Sterling Cheque

  • 18-11-2010 12:13pm
    #1
    Strongbow10
    Closed Accounts Posts: 2,758 ✭✭✭


    I received a Sterling cheque for a nice amount of money to the tune of around 30k in British pounds (share of a house sale in UK).

    Recently went to my Irish Bank and the exchange rate they were offering to lodge it was absolutely shocking. The claimed there was no commission however buying from me a 0.92 pence for the Euro (when its 0.86 to the €1) more than makes up for commission I felt.

    Anyway, I contacted an FX broker who offer you better guaranteed rates of exchange, however I need the money to be lodged as Sterling in the bank before they will give me that excellent Euro exchange rate.

    What are my options? He advised me to open a sterling account in Ireland but to allude to the fact it would be used for regular small transactions so they may open one for free (to avoid being charged by the bank if they see its a one off sterling lump sum). When opened, I was advised to lodge the cheque and then facilitate the transfer.

    Now I know theres a necessity to inform the Revenue of any interest claimed on a non ROI account, but does a sterling account in a ROI account constitute a non irish account??? Prob a very silly question but just looking for clarification. Also, I am not looking to earn interest on the sterling, just to avail of the best interest rate so am I breaking any laws?

    Some may advise me that its too much hassle to do what i'm asking advice on, but with all that has gone on I would be extremely reluctant to go the traditional route and lodge the sterling cheque in my irish account where their exchange rate is crazy.

    Any information people would have for me would be great,

    Thanks a million in advance guys


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