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Cheque from US

  • 18-07-2018 7:44pm
    #1
    JBhoy84
    Registered Users, Registered Users 2 Posts: 9 ✭


    Hi

    Has anyone any idea how long it takes for a cashiers cheque from the US to clear.

    BOI have told me 6-8 weeks surely this cannot be the case?????


Comments

  • #2
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    That's about right; there is no direct interconnectivity between US and European banking systems, so BOI have to literally ship the cheque off to the issuing bank and wait for them to come back to say "Yep it's valid..." before they can release the funds.


  • #3
    Rechuchote
    Registered Users, Registered Users 2 Posts: 1,171 ✭✭✭Rechuchote


    Ah, the wonders of our new interconnected globalised world of instant trades…


  • #4
    Quackster
    Moderators, Regional South Moderators Posts: 5,897 Mod ✭✭✭✭Quackster


    Rechuchote wrote: »
    Ah, the wonders of our new interconnected globalised world of instant trades…

    In fairness, cheques are practically antiques at this stage. You'd be mad to use them, unless for some reason there's no feasible alternative.


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


    JBhoy84 wrote: »
    Hi

    Has anyone any idea how long it takes for a cashiers cheque from the US to clear.

    BOI have told me 6-8 weeks surely this cannot be the case?????

    BoI now do extra fraud controls on international cheques which delays clearing further. BoI rightly, perform the extra checks due to the high level of fraud with international cheques.


  • #6
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,292 ✭✭✭✭Mrs OBumble


    Quackster wrote: »
    In fairness, cheques are practically antiques at this stage. You'd be mad to use them, unless for some reason there's no feasible alternative.

    If you do Amazon.com affiliates, its still the only way to get paid. Dunno why .... both kindle publishing and amazon.co.uk have figured out getting money to the the European banking system, but .com hasn't.


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  • #7
    Former Former
    Closed Accounts Posts: 7,728 ✭✭✭Former Former


    Rechuchote wrote: »
    Ah, the wonders of our new interconnected globalised world of instant trades…


    Yes, instant fund transfer is very possible and has been for many, many years.

    So if I was working in an Irish bank, and some guy arrives in with an American cheque, the first thing I'm going to think is, "why is this guy presenting an American cheque in 2018, no way am I taking any risks with this, he's not getting a penny until this clears".


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