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is the below statement correct? (Mod: Cost of cashing a foreign-currency cheque in Europe)
Thread poster: Vladimir Dubisskiy

Vladimir Dubisskiy  Identity Verified
United States
Local time: 14:49
English to Russian
+ ...
Apr 30, 2006

Dear Europe-based colleagues,
Please tell me whether the following statement made by my client is correct:

"In Europe, to cash a foreign cheque, it costs you around 30 GBP".

Thank you,
V.

[Subject edited by staff or moderator 2006-04-30 20:43]


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Ralf Lemster  Identity Verified
Germany
Local time: 21:49
English to German
+ ...
Possibly... Apr 30, 2006

...but impossible to tell unless you know at least some of the following factors:

- the currency the cheque is denominated in;
- the account currency;
- the amount (an approximate range, not exactly, of course);
- the bank involved.


Best regards,
Ralf


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Vladimir Dubisskiy  Identity Verified
United States
Local time: 14:49
English to Russian
+ ...
TOPIC STARTER
here are the possible factors Apr 30, 2006

the currency the cheque is denominated in;
- the account currency - say, GBP (or other).
- the amount - say 60 USD
- the bank involved - UK bank (in London, England)

I mean - a translator (based in Europe, say, in England) receives a cheque from an agency in the US.
Would the bank charge the translator 30.00 GBP (or equivalent) to cash the cheque (in the amount of approx. 60 USD)?

Thanks,
V.

Ralf Lemster wrote:

...but impossible to tell unless you know at least some of the following factors:

- the currency the cheque is denominated in;
- the account currency;
- the amount (an approximate range, not exactly, of course);
- the bank involved.


Best regards,
Ralf


[Edited at 2006-04-30 20:53]


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Ford Prefect  Identity Verified
Burkina Faso
Local time: 19:49
German to English
+ ...
... Apr 30, 2006

I once paid £8 to cash a US dollar cheque drawn on a US bank in the UK. I think the charges can vary wildly and you will have a tough time getting the bank to be specific about charges until the transaction has been finished. There are much more efficient ways of transferring money overseas.

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Natalie  Identity Verified
Poland
Local time: 21:49
Member (2002)
English to Russian
+ ...
Maybe yes, maybe no Apr 30, 2006

As Ralf said, it depends on many factors, including the banks involved in the transaction.

For example, here in Poland, while performing the incasso operation, the bank usually takes from you Eur25 as an 'transaction insurance' (or 'guarantee' - sorry, I don't know how exactly this is called in English); but if everything is OK with the check and the other bank, then some 4 to 6 weeks later this sum returns to your account together with the cashed money from the check. Thus the real payment is about 7 euro or so.

P.S. I cashed checks from US, Canada, UK - it was always the same.



[Edited at 2006-04-30 21:12]


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Vladimir Dubisskiy  Identity Verified
United States
Local time: 14:49
English to Russian
+ ...
TOPIC STARTER
i got the picture Apr 30, 2006

Dear all,
Thank you very much for your input. I believe have got the picture.
Thanks again,
V.

Natalie wrote:

As Ralf said, it depends on many factors, including the banks involved in the transaction.

For example, here in Poland, while performing the incasso operation, the bank usually takes from you Eur25 as an 'transaction insurance' (or 'guarantee' - sorry, I don't know how exactly this is called in English); but if everything is OK with the check and the other bank, then some 4 to 6 weeks later this sum returns to your account together with the cashed money from the check. Thus the real payment is about 7 euro or so.

P.S. I cashed checks from US, Canada, UK - it was always the same.



[Edited at 2006-04-30 21:12]


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Ivana UK  Identity Verified
United Kingdom
Local time: 20:49
Member (2005)
Italian to English
Hi Vladimir Apr 30, 2006

It depends entirely on the bank, the type of current account that you have and whether you have a business or personal account.

My bank charges a flat £10.00 GBP per foreign cheque plus a currency conversion fee. Some banks have a stepped fee, depending on the amount of the individual cheque.

A far as I am aware, all UK banks charge a handling fee.

Hope this clarifies things for you!

Ivana


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Hepburn  Identity Verified
France
Local time: 21:49
English to French
+ ...
In France May 1, 2006

Vladimir,

My bank has a 15 EUR minimum charge to cash cheques from Canada or Spain or the US. I suppose it must go up for very large cheques. But so far, I have refused to accept even small cheques for that reason.


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Gillian Searl  Identity Verified
United Kingdom
Local time: 20:49
Member (2004)
German to English
It's highly possible in the UK May 1, 2006

where the banks make huge profits and love to apply massive charges to foreign cheques. I have noticed that for USD cheques in particular. I am with a "good" UK bank with flat rate charges for receiving foreign cheques but that sum would not surprise me for banks like Barclays or Lloyds.

[Edited at 2006-05-01 08:22]


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Heinrich Pesch  Identity Verified
Finland
Local time: 22:49
Member (2003)
Finnish to German
+ ...
don't use or accept checks May 1, 2006

Checks are completely outdated in Europe and the charges reflect the costs of such transactions for the bank. Human labour is expensive.

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Cetacea  Identity Verified
Switzerland
Local time: 21:49
English to German
+ ...
Surprised May 1, 2006

I'm really surprised at the figures that are being quoted here. My bank in Switzerland charges me 9 Swiss francs per check (usually from the U.S.), that's roughly 7 dollars or 5.75 euros. That's all. No additional fees for currency conversion.

But it seems that the same is true for the cost of bank transfers. And I always thought Swiss banks were expensive...

Happy May 1st everyone!


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Vito Smolej
Germany
Local time: 21:49
Member (2004)
English to Slovenian
+ ...
I have a check for 10US$ hanging on my wall... May 1, 2006

that would cost me 25€ (yes, 25, and yes, euros, not dollars) to cash in.

That's no fees, that's penalties for the dummies, stupid enough to accept US checks. Or 10US$ orders;\

smo


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Katherine Mérignac  Identity Verified
France
Local time: 21:49
Member (2004)
French to English
Similar story May 1, 2006

Hi Vladimir,

My (French) bank charges 15 euros for currency conversion PLUS 15 euros handling fees for foreign cheques - it does put me off accepting work from foreign agencies, I have to admit!

If the cheque is foreign, but made out in euros, I still have to pay 15 euros handling fees - bank transfer is obviously cheaper.

K


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xxxEmmanuelleAn  Identity Verified
Local time: 21:49
English to French
+ ...
International Bank Draft May 1, 2006

I have been working with an Irish translation agency which used to send me cheques. My bank would charge about 15 euros as handling fees. I was not very happy with that so I asked the agency to pay me via bank transfer but they offered to send me international bank drafts instead. This works very well and there are no fees!
I recently worked for a Swiss agency. They paid me via a bank transfer and I was charged 30 euros for it! It's a complete rip off!
Have a nice week everyone!


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laura e. asturias / TransWiz
Guatemala
Local time: 13:49
English to Spanish
Question for Vladimir May 2, 2006

Hi Vladimir:

I'm curious... How much does your bank in Canada charge for foreign wire transfers? These are certainly more convenient for me, living in Guatemala and with a checking account in the U.S.A. My bank charges me US$10 for every wire transfer, regardless of the amount and the country of origin. And the good thing is, all my clients have agreed to pay the wire transfer fee charge by my bank, which I add in the invoices I send them.

(The amount your client mentioned sounds outrageous!)

Laura


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