Sterling to Euro cheque!!

Marcshark77

Hi Guys,
So I lodged a sterling cheque into my AIB account on 11-3-21 and it still hasn’t cleared. When I lodged it I was told it could take up to six weeks!! It’s now been five weeks and still nothing so I went into branch were I lodged it and they are now saying it will be a minimum of eight weeks. Surely they can’t be serious!! Is this correct?
If I had of been told this at the start I wouldn’t have lodged it!! Any thoughts on this would be great!!

Jim2007

Marcshark77 wrote: »

Hi Guys,
So I lodged a sterling cheque into my AIB account on 11-3-21 and it still hasn’t cleared. When I lodged it I was told it could take up to six weeks!! It’s now been five weeks and still nothing so I went into branch were I lodged it and they are now saying it will be a minimum of eight weeks. Surely they can’t be serious!! Is this correct?
If I had of been told this at the start I wouldn’t have lodged it!! Any thoughts on this would be great!!

I'm guessing you don't understand how this actually works. To have your cheuqe paid, your bank must take your cheque and physically present it to the issuing bank in the UK or whereever, in order to have it paid out to them. Obviously they don't do this on an individual basis, they batch them up and when have a sufficient number of cheques they do the physical operation.


It could take a week, it could take eight weeks or longer... some banks in the mean time allow you a credit against it, some don't. In cases where they do, they normally have a right to reverse the credit, should the issuing bank refuse to cover the amount.


In future if at all possible try to get an electronic transfer rather than a cheque.

Saudades

Marcshark77 wrote: »

If I had of been told this at the start I wouldn’t have lodged it!! Any thoughts on this would be great!!

But if you hadn't of lodged it at the start, how would you have cashed it? I'm not sure there's too many options.

PTSB is 21 working days if that's any use to you for future reference.

Just curious - did they use the exchange rate at the date you lodged the cheque, or will they use the exchange rate 6/8 weeks later? Did they tell you at the start the exact amount of euros you will receive?

Marcshark77

Thanks for that.
They didn’t give me an exchange rate at the start.
The rate will be on the day the cheque clears apparently which I think gives them a big window to choose to give me the worst rate probably!

I was originally thinking of opening up an account in the north but with the current lockdown I couldn’t do that.

It’s just the fact that they are now saying it’s a minimum of 8 weeks now and the day I lodged they told me 4-6 weeks. So frustrating with the misinformation that they are giving me.
23 business so far.

silver2020

Marcshark77 wrote: »

Thanks for that.
They didn’t give me an exchange rate at the start.
The rate will be on the day the cheque clears apparently which I think gives them a big window to choose to give me the worst rate probably!

I was originally thinking of opening up an account in the north but with the current lockdown I couldn’t do that.

It’s just the fact that they are now saying it’s a minimum of 8 weeks now and the day I lodged they told me 4-6 weeks. So frustrating with the misinformation that they are giving me.
23 business so far.

The bank makes the exact same margin on exchange rate no matter what the exchange rate is. Matters not a jot to them whether the rate is €1.15 or €1.30.

Unfortunately cheques are an outdated mode of payment and due to so few being used the systems are not updated as it just would not be worthwhile.

They go though the postal system, so with some international postal delays and people working from home, it is just taking longer.

Wouldn't matter what bank you lodged into, they all follow the exact same procedure.