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Cashing/Depositing Euro cheques in the U.K
Thread poster: Mihailolja

Mihailolja
United Kingdom
Local time: 20:50
Ukrainian to English
+ ...
Aug 11, 2004

Hi

An Italian translation company has sent me a cheque in Euro's, I cant deposit it in my standard UK Bank Account. I can open a new one ( with pitifully low rates of interest, charges etc )and deposit it, however is there an easy solution for people living on this island that refuses to be part of Europe?

Surely somebody in the UK must have had the same problem?

Thanks in advance

Mihailo


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Gillian Searl  Identity Verified
United Kingdom
Local time: 20:50
Member (2004)
German to English
Of course you can cash it Aug 11, 2004

into your normal bank account - they'll simply charge you for it. Otherwise open a Euro bank account in another country.

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Mihailolja
United Kingdom
Local time: 20:50
Ukrainian to English
+ ...
TOPIC STARTER
Yes but...................! Aug 11, 2004

Gillian Noameshie wrote:

into your normal bank account - they'll simply charge you for it. Otherwise open a Euro bank account in another country.


Yes they will charge me for it, about half the value of the cheque though. ( I have looked into this and several UK banks have all told me the same thing, i.e. that I will have to pay prohibitive amounts of commission, charges etc etc )

How do I open a bank account from the UK in France for example?

Thanks..........


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LindaMcM  Identity Verified
Local time: 21:50
Swedish to German
+ ...
Maybe a netbank...? Aug 11, 2004

Hi,

I don't know how it works in France but in Germany I think you just have to go to e.g. www.postbank.de - and open an account.

Maybe also a netbank would be a solution...? There should be some in France, too. Just google...

Linda


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Annira Silver  Identity Verified
Local time: 22:50
Finnish to English
+ ...
Try UK Internet banks Aug 11, 2004

Hi,

I use www.smile.co.uk , the Internet bank, and they are happy to accept euro cheques, plus dollars & any other currency, provided they are drawn in the source country's own currency (i.e. not e.g. a US dollar cheque drawn on an Israeli bank). I think that their charge is inbuilt in a slightly lower exchange rate; at least no separate charge is made on smallish amounts. You can read their terms on their website.

There are others, too, e.g. egg and Cahoot.

HTH

Annira


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Mihailolja
United Kingdom
Local time: 20:50
Ukrainian to English
+ ...
TOPIC STARTER
good idea Aug 11, 2004

Annira Silver wrote:

Hi,

I use www.smile.co.uk , the Internet bank, and they are happy to accept euro cheques, plus dollars & any other currency, provided they are drawn in the source country's own currency (i.e. not e.g. a US dollar cheque drawn on an Israeli bank). I think that their charge is inbuilt in a slightly lower exchange rate; at least no separate charge is made on smallish amounts. You can read their terms on their website.

There are others, too, e.g. egg and Cahoot.

HTH

Annira


Hello Annira

I haven't tried those, but will now.

Thanks everybody for the advice

Regards

Mihailo


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Graciela Carlyle  Identity Verified
United Kingdom
Local time: 20:50
English to Spanish
+ ...
£4 for under £100 cheques Aug 12, 2004

Annira Silver wrote:
I use www.smile.co.uk , the Internet bank, ...
I think that their charge is inbuilt in a slightly lower exchange rate; at least no separate charge is made on smallish amounts. You can read their terms on their website.


I use www.smile.co.uk too; their fee for foreign cheques of under £100 (or equivalent in the currency they have been issued) is £4 and over £100, £6 (or eight). Their exchange rate is not brilliant, but no bank is. At least they don't charge an exchange commission on top of the fee, like NatWest.
And, the interest rate for a current account is quite good too.

HTH,
Grace.

[Edited at 2004-08-12 10:00]


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Mihailolja
United Kingdom
Local time: 20:50
Ukrainian to English
+ ...
TOPIC STARTER
thinking..thinking.. Aug 12, 2004

Graciela Carlyle wrote:

Annira Silver wrote:
I use www.smile.co.uk , the Internet bank, ...
I think that their charge is inbuilt in a slightly lower exchange rate; at least no separate charge is made on smallish amounts. You can read their terms on their website.


I use www.smile.co.uk too; their fee for foreign cheques of under £100 (or equivalent in the currency they have been issued) is £4 and over £100, £6 (or eight). Their exchange rate is not brilliant, but no bank is. At least they don\'t charge an exchange commission on top of the fee, like NatWest.
And, the interest rate for a current account is quite good too.

HTH,
Grace.

[Edited at 2004-08-12 10:00]


Thanks Graciela

Frankly I dont like paying any commission/charges whatsoever, Banks make enough money as it is! I dont see why I have to pay charges simply because its a cheque in Euro\'s. My options as I see them are thus:

1.Go to Greece where I have a Greek bank account left over from the time I lived there and deposit my cheques. ( Enjoy a holiday at the same time and probably spend all the money! What an irony! )

2.Wait until this island of ours joins Europe, hahaha. ( Sorry to be sarcastic but I really feel annoyed living here sometimes )

Best Regards

Mihailo


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Graciela Carlyle  Identity Verified
United Kingdom
Local time: 20:50
English to Spanish
+ ...
I understand your feeling ... Aug 12, 2004

Mihailolja wrote:
Frankly I dont like paying any commission/charges whatsoever, Banks make enough money as it is! I dont see why I have to pay charges simply because its a cheque in Euro's.


I felt exactly the same when I tried to cash a foreign cheque in euros in NatWest (of course I didn't go ahead).
My smile account is free (I don't pay a single penny for maintenance/cheques/deposits etc.) So a small processing fee for a *foreign* cheque is not that bad. They are not charging because it's in euros, they don't charge anything for the currency exchange. It's only the processing fee because it's a cheque from a different country. The same charge applies if it's from the US or from Thailand. Think that they have to collect the money from a foreign bank, sometimes even send the cheque for collection. And they are crediting my account with their own funds within a week while they collect the money from the foreign bank (which sometimes takes a lot longer).
I know they are not saints and they make money from me just by keeping my money in their accounts, but £4 is not that terrible

On the other hand, the possibility of some holidays in Greece every now and then is quite tempting!!

Anyway, good luck with whatever decision you make.
Best regards,
Grace.


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Jesús Marín Mateos  Identity Verified
Local time: 20:50
English to Spanish
+ ...
News Aug 16, 2004

Dear Mihailolja,
I have refused a couple of small jobs from the States because I thought it was not while the effort because of bank charges.
Your posting made me pick up the phone and ring my bank which is Nationwide Building Society. I asked them about paying in cheques in another currency and they said there was no charge at all but it would take 6 weeks to clear.
To be honest it sounds too good to be true. So if you want to have a go give them a ring (08457 302010) and make sure they confirm this information before you make up your mind.
Good luck.


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Mihailolja
United Kingdom
Local time: 20:50
Ukrainian to English
+ ...
TOPIC STARTER
still trying Oct 13, 2004

Hello Jesus

Thanks for your note about the Nationwide, yes it is too good to be true unfortunately because I called them and there is a charge of about £6 per each Euro cheque. They do not however charge for SWIFT transfers which is quite impressive and I will be opening an account with them just for this.

However this still leaves me with the problem of what to do with my Euro cheques. My account with the National Bank of Greece is no good , I rang then in London and they told me I couldnt even deposit any kind of cheques with them here in the UK because my account is actually held in Greece and they are not ONLINE with Greece. So I basically have to go there and deposit them, they were unable to tell me would I incurr any charges because they are Euro cheques drawn on foreign banks.

My next step?

I will try and open up a French online bank account, does anyone know any big French banks?!

Merci!


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