Lodging a US dollar cheque into Irish bank account

Yonge Street

I have a cheque in US dollars for a significant amount. Can I lodge it directly into my Irish bank account? If so, are there any charges?

My bank account is with AIB, if it matters. Maybe other banks have lesser charges?

baords dyslexic

I always lodge any foreign currancy cheque into my credit union account and I don't think there is any charge? You'd need to check the exchange rates and compare them to see who as the best rate at any given time.

Yonge Street

Well, this forum has been a big help...NOT.

For future reference for anybody looking for an answer to the question: I went to the bank today and there was no problem lodging the cheque. Queue up for the bureau du change counter and they will lodge it at today's exchange rate. I wasn’t charged any fees or commission as mine is a student account. Normally fees do apply though.

Xavi6

Yonge Street wrote: »

Well, this forum has been a big help...NOT.

:rolleyes:

For future reference, just pick up the phone and call the bank directly instead of looking for answers on an internet forum where you're not a priority.

ongarboy

Sorry for resurrecting this thread but I have a similar query today.

I'm after coming from the bank and been advised that it will take 4 to 6 weeks to clear a US dollar cheque and that I could incur a significant charge (1% is typical for other euro zone banks) but could be more. As my lodgement amount was significant, 1% would equate to more than 100 euro charge.

I don't recall this being so complicated or expensive in the past. I went to a BOI bank that wasn't the BOI branch I had my account in. It's a branch that doesn't handle cash either. Should I have gone to a bureau de change counter in a regular bank like above poster and would it have been lodged straight away?

Nervous Wreck

Afaik, one of the 3rd party banks that used to clear most foreign cheques has pulled out of doing business with irish banks so BOI will now have to send the cheque directly to the bank it was drawn on for clearing. That bank will likely charge a significant fee but will not inform BOI of the amount of the fee until it is charged, which is why they were only able to give you a guess at 1%. My details there may not be completely accurate but that's the jist.

ongarboy

Nervous Wreck wrote: »

Afaik, one of the 3rd party banks that used to clear most foreign cheques has pulled out of doing business with irish banks so BOI will now have to send the cheque directly to the bank it was drawn on for clearing. That bank will likely charge a significant fee but will not inform BOI of the amount of the fee until it is charged, which is why they were only able to give you a guess at 1%. My details there may not be completely accurate but that's the jist.

Thanks - that sounds about right. I had to sign a disclaimer acknowledging this potential charge which the teller was not able to predict what it was. I hope I'm not hit with a crazy %. BOI were charging me €16 set fee...it's the foreign bank fee I'm concerned about. I wondered was it because I didn't use my local branch that I have the account in but it seems from your gist that everyone gets penalised irrespective.

whomitconcerns

ongarboy wrote: »

Sorry for resurrecting this thread but I have a similar query today.

I'm after coming from the bank and been advised that it will take 4 to 6 weeks to clear a US dollar cheque and that I could incur a significant charge (1% is typical for other euro zone banks) but could be more. As my lodgement amount was significant, 1% would equate to more than 100 euro charge.

I don't recall this being so complicated or expensive in the past. I went to a BOI bank that wasn't the BOI branch I had my account in. It's a branch that doesn't handle cash either. Should I have gone to a bureau de change counter in a regular bank like above poster and would it have been lodged straight away?

can you not get the other party to send you the money on paypal...then you can just withdraw to your bank ac? Much cheaper

nice_guy80

Permanent TSB no longer offer this service to lodge a cheque in dollars...

ridiculous!!!

The teller actually told me to go to AIB or BOI!

The J Stands for Jay

whomitconcerns wrote: »

can you not get the other party to send you the money on paypal...then you can just withdraw to your bank ac? Much cheaper

Who's sending cheques these days?

Mrs OBumble

McGaggs wrote: »

Who's sending cheques these days?

Ironically, I'm in the same situation now, and the cheque sender is Amazon, who don't offer Paypal or similar.

I've been holding out hoping they'd start using moneybookers or someone but no dice.

Any updates re the fees and delays involved?

romukief

I am in the same situation, cheque sender in Amazon.
PTSB charged 85 euro on my last cheque of 254$.
Called BOI and they told me there would be no such charges, just the exchange rate to pay.
Anybody in the same situation?