Clearing cheques from the UK [was "Do the banks want our money?"]

jamesbil

Just got off the phone with BOI, "did you lodge a cheque today?, sorry we cant lodge it"
its a sterling chq to value of £940, as its over 500 they have to send it back to originating bank in the uk who will then transfer it!!!!
it will take 3-8 weeks!!!:mad::mad:
told them most ridiculous thing i heard of and got "its not just us, its guidelines"
told them it will be a regular thing, they suggested transfer, but that wont suit everyone!

I have been trading under James Billings Furniture for some years now but with acc in my own name. The same acc for last 15 yrs. Recently they sent back chq made out to James Billings Furniture. They have sent some back because didnt have MY signature on the back!
And to top it off charge me a fortune in fees.

Anyone suggest a better bank? lower fees, co-operative etc?

drunkmonkey

Electronic Transfer would be the way forward.

jamesbil

True but not all are set up for it, i will still receive uk chq`s

unclebill98

Sending a fx chq on collection is common practice if it's not a regular thing that your do. It's the same with all the banks. If the first one goes through then you should not have to go through the same thing again.

As for sending the chq back, the account should be the same as what's on the chq. If not you must endorse it. If it's made out to the company name and crossed account payee only then the bank are with in there rights to refuse lodging the chq.

jamesbil

Ok, so any Ideas on recieving payments from uk in stg?

I will be regularly selling goods to the uk (3 times a month) and obviously I need to be paid for these!
Will be different customers each time, so no point asking them to set up bank transfer for just one transaction.
I could use paypal but it costs about €39 per £1000.
any info greatly appreciated.

James

Butch Cassidy

They don't want to deal with cheques and the industry has been trying to do away with them for years.

unclebill98

Eft is the easiest and cheapist option. Banks are set up to do one off payments easy enough.

As for chqs, the uk are doing away with them by 2018 iirc if not sooner. Ireland is following suit.

jamesbil

i have a customer in the uk trying to set up a transfer of £940, his bank wants to charge him about £30 for the pleasure!

unclebill98

That's sounds like a paper based transfer. Online is cheaper.

wmpdd3

IN work all share option payments and receipted expenses are made by sterling cheques. Absolute nightmare getting them cashed.

True EFT is much easier but in the mean time just cash the cheque like you used to 10 years ago. (I have no problem with them isolating the money until the cheque is really cleared.)

jamesbil

wmpdd3 wrote: »

True EFT is much easier but in the mean time just cash the cheque like you used to 10 years ago. (I have no problem with them isolating the money until the cheque is really cleared.)

how do you mean? just lodge?