Lodging a cheque in USD

Ri_Nollaig

Hi,

I am wondering what is the best way to cash a large [$50,000+] cheque and convert it to euros with an AIB account. Would just directly lodging it be the best [...only?] way or can anything be done to limit the amount lost in the conversion rate.

Would they even allow it to be lodged in USD and converted by another means? i.e. Western Union?

Also would anyone have any idea how long it would take to clear? I checked some old threads and numbers like; "25 days to clear", pop up?

Thanks

Cian59

From my experience it can take up to 28 days to clear (really more when you consider how many working days are needed) and given the amount in question, I would expect longer. It will be cashed at today's exchange rate as offered by the bank and unless you've a competitive bank, you will be absolutely screwed with charges.

Unfortunately, I've never cashed a forex cheque for more than €1,000 so I can only imagine the difficulty you would have getting that cashed. I don't know if other avenues such as credit union or Western union will deal with checks for that amount. It may be worth calling your bank to see what they say.

Rashers72

Why not post to the ASK AIB on boards? They will give you a definite answer. Would imagine you would need evidence as to source of funds re money laundering etc. Fantastic time to be getting in US$, you'll be up 25% v's last year.
I don't think Western Union do US$ cheque conversions.

Ri_Nollaig

Thanks for the replies!

I have popped a question over at the ask AIB forum