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How long for incoming intl. usd payment to ptsb euro account

  • 20-05-2014 10:31am
    #1
    Call me Al
    Registered Users, Registered Users 2 Posts: 3,033 ✭✭✭


    I tried to lodge a usd cheque to my PTSB account last week only to be told it'd have to be sent for collection by them to the bank on which it was drawn in the US, could take weeks and weeks, and they couldnt tell me how much it would cost. It sounded to me like PTSB don't have a usd clearing bank anymore?

    Anyway I'm now in the process of cancelling the cheque and asking for the remitter to issue a funds transfer. They will be sending a USD amount and I have my bic and Iban. Is this sufficient information for a US based bank to send to an irish based bank considering they aren't in SEPA? Also who will do the fx? The remitting bank, or PTSB when the USD amount hits their account? Also does anyone Know how long these payments usually take?
    Thanks


Comments

  • #2
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    FX is generally done by an intermediary like CitiBank. Timeframe is usually about 5 working days from a US bank to an Irish bank afaik.


  • #3
    Call me Al
    Registered Users, Registered Users 2 Posts: 3,033 ✭✭✭Call me Al


    Thanks for that nervous wreck


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Call me Al wrote: »
    I tried to lodge a usd cheque to my PTSB account last week only to be told it'd have to be sent for collection by them to the bank on which it was drawn in the US, could take weeks and weeks, and they couldnt tell me how much it would cost. It sounded to me like PTSB don't have a usd clearing bank anymore?

    PTSB have a USD clearing bank for electronic payments.

    PTSB, like other banks, recently changed provider for clearing foreign cheques, which effects your situation.
    Call me Al wrote: »
    They will be sending a USD amount and I have my bic and Iban. Is this sufficient information for a US based bank to send to an irish based bank considering they aren't in SEPA?

    That should be fine. The might also insist on the address.
    Call me Al wrote: »
    Also who will do the fx?

    The US bank will send the funds to PTSB in USD. PTSB will then do the FX into EUR using an intermediary bank. They will not give you a favourable FX rate. You are better off using a currency broker like Currency Fair.
    Call me Al wrote: »
    Also does anyone Know how long these payments usually take?

    Anything from 1 business day to around 4 business days. It depends on how quick all the parties play their part.


  • #5
    Call me Al
    Registered Users, Registered Users 2 Posts: 3,033 ✭✭✭Call me Al


    That's great. Thanks for all that fungus.


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