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Cheque/Bank Draft/Postal Order

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  • 23-11-2011 9:40pm
    #1
    Monife
    Registered Users Posts: 3,014 ✭✭✭


    Hi

    Just wondering which of the above methods would be the cheapest if using it once a month?

    We (my husband and I) have to make a small payment every month for the next year or 2 and were wondering which would be the cheapest method?

    Thanks


Comments

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    #2
    ravima
    Registered Users Posts: 848 ✭✭✭ravima


    If you have free banking, then cheque is cheapest. If you have a UFirst a/c with Ulster, then bank draft is also free. There is a fee for postal order.


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


    Iirc a u first account does not get you free bank drafts.

    Also a chq costs €0.50 each government stamp duty.

    Why not just set up a standing order?


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    #4
    Monife
    Registered Users Posts: 3,014 ✭✭✭Monife


    unclebill98 wrote: »
    Iirc a u first account does not get you free bank drafts.

    Also a chq costs €0.50 each government stamp duty.

    Why not just set up a standing order?

    That is what I want to do, but the person in question does not want that. Very annoying and archaic!


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    #5
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Oh, wonder why....

    Cheapest option is chq. However if you insist on crossing the chq "account payee only" it will have to be lodged thus they'd be better off with a standing order.

    Chqs can be held for up to six months before lodging or cashing them and this can cause you hassle.


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