Lodging of American Dollar Cheques

ride-the-spiral

Hi, 

I'm awaiting reimbursement from an American university, and I've been given the option of being reimbursed in either dollars or euros. I'm just wondering what the extra complications are with lodging a foreign currency cheque into an Irish account? I'm aware it takes longer to clear, but are there extra charges involved etc.? 

Bank of Ireland: Tara

Hi ride-the-spiral,

Thanks for contacting us here on Boards.ie.

A foreign cheque takes a minimum of four weeks to clear on your account. For information on related charges to send a foreign cheque for clearance, please see our Schedule of International Transaction Charges here. There may also be charges from the issuing bank to clear the cheque. The branch would advise of exact charges when you are lodging the cheque.

A faster option to receive the payment would be to have the funds transferred to you. The charge to receive funds in a foreign currency from outside the EU is €5 per payment, for amounts of €65 and over, and there is no charge for amounts below this. You would need to provide the payer with your IBAN and BIC which you can find on your bank statements.

Thanks
Tara

mister gullible

Bank of Ireland: Tara wrote: »

Hi ride-the-spiral,

Thanks for contacting us here on Boards.ie.

A foreign cheque takes a minimum of four weeks to clear on your account. For information on related charges to send a foreign cheque for clearance, please see our Schedule of International Transaction Charges here. There may also be charges from the issuing bank to clear the cheque. The branch would advise of exact charges when you are lodging the cheque.

A faster option to receive the payment would be to have the funds transferred to you. The charge to receive funds in a foreign currency from outside the EU is €5 per payment, for amounts of €65 and over, and there is no charge for amounts below this. You would need to provide the payer with your IBAN and BIC which you can find on your bank statements.

Thanks
Tara

On a number of occasions my son was told that it takes 50 days to clear a dollar cheque. All I know is he waited an awfully long time for the money to get into his account. I thought that the use of messenger pigeons and steam travel had ended some time ago and that we were now in an electronic age. Obviously this doesn't apply in Irish Banking. 

Bank of Ireland: Tara

Hi mister gullible,

Thanks for your post.

When a foreign cheque is lodged, the item must be sent back to the issuing bank for clearance. As this can take some time for the cheque to be returned, we would always suggest making an electronic transfer. International transfers take 3-5 working days, if coming from outside the EU, and one working day from within the EU. The funds are then applied as cleared and available when they credit a customer's account.

Thanks
Tara

ride-the-spiral

Hi Tara, 

Thank you very much for your help. Unfortunately the reimbursement has to be done through cheque, so I will just request that they give me the cheque in euros then.

Thanks, 
Eamonn

Jayisplay

Hi me and my 4 sisters received a check each today from our uncle in America of $400 each, unfortunately I’m not in bank of Ireland and last year my sister lodged mine in mullingar into her account as she knew one of the workers there, she doesn’t live there anymore she is back in Dublin do you think they would let her lodge mine into her account up here as my bank don’t change them.

Bank of Ireland: Kathryne

Hi Jayisplay,

Thanks for reaching out to us here, we hope you’re keeping well.

Your sister should be able to lodge this cheque to her account on your behalf. You’ll need to endorse the cheque by signing the back of it. Please be aware that foreign currency cheques can take up to 5-10 weeks to clear, depending on the type of cheque and issuing bank timeframes.

If the cheque is crossed or says “account payee only” then I’m afraid it can only be lodged to an account in your name as it appears on the cheque.

We hope this information helps and please let us know if you have any further queries.

Many thanks,
Kat

Bank of Ireland: Aisling

Hi There,

Thanks for getting back to us here.

Yes, it should be ok for the cheque to be lodged in to your sisters account.

I would also ask, just for the security of the cheque that the above image is removed.

Thanks, Aisling.