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Sterling Cheque: What to do?

  • 23-04-2015 12:11pm
    #1
    Kettleson
    Closed Accounts Posts: 2,047 ✭✭✭


    I live in Ireland, but have a reasonable enough sized sterling cheque.

    I can't speak directly with my bank The Ulsterbank in ROI as it goes to a call centre in Belfast and they say "speak to your own branch"...which I was trying to do...:rolleyes:

    I also also have a sterling account in the north.

    Should I take advantage of the exchange rate, pay it into my sterling account and make an international payment back to my Ulsterbank Account?

    Or should I leave it in a sterling account?

    Or should I pay it in directly to my ROI Ulsterbank Account? I'm told by the Belfast call centre that it can take 6 weeks and they can take a % of the total amount, as well as transfer fee...

    Any advice appreciated...thanks

    Thanks...


Comments

  • #2
    tomfoolery60
    Registered Users, Registered Users 2 Posts: 295 ✭✭tomfoolery60


    You will pay substantial hidden and explicit fees if you lodge the GPB cheque to your EUR RoI account. Lodge to UK (incurring 0 fees) and then transfer using online broker (TransferWise/CurrencyFair).


  • #3
    Kettleson
    Closed Accounts Posts: 2,047 ✭✭✭Kettleson


    Thanks for that TF60. That piece of advice should save me €600+. Much obliged.


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