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What to do with a Sterling cheque?

  • 31-12-2020 5:36am
    #1
    quokula
    Registered Users, Registered Users 2 Posts: 3,646 ✭✭✭


    I received a cheque this week from the UK, a tax refund from when I previously lived there.

    However, I bank with KBC and they do not accept cheques in sterling. Is there anything else I can do with it? I'll contact HMRC to see if they could do an electronic transfer to my Revolut account or anything like that instead of the cheque but I'm assuming they won't be accommodating.

    It's a reasonably substantial amount so if I need to open an account with another bank or whatever is required I can do that.


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    Firstly, as you said, ask HMRC if they will do an electronic transfer. They might.

    BoI and AIB let you lodge international cheques but you will have to pay current account fees, sometimes international cheque fees, unfavourable FX rates apply and these days it can take a month (seriously) for settlement.


  • #3
    itrip
    Registered Users Posts: 19 ✭itrip


    Received sterling cheque earlier this year from HMRC too for about £1500 sterling and lodged to bank account AIB, fee was small, something like €20, think it took 2 weeks to clear..


  • #4
    Darc19
    Registered Users, Registered Users 2 Posts: 3,817 ✭✭✭Darc19


    JTMan wrote: »
    Firstly, as you said, ask HMRC if they will do an electronic transfer. They might.

    BoI and AIB let you lodge international cheques but you will have to pay current account fees, sometimes international cheque fees, unfavourable FX rates apply and these days it can take a month (seriously) for settlement.

    Exchange rate is not that unfavorable - its in between the note rate (worst) and the electronic transfer rate.

    Intl chq fee would not apply to a UK cheque which the op is asking about. But yes it can take 2-4 weeks for clearance as the system is archaic and as very few cheques are used these days, investment in a new system would be a waste.

    Some credit unions will take them too, but in reality it's Boi, aib or ulster.

    Maybe open a savings account (generally free)


  • #5
    Purgative
    Registered Users, Registered Users 2 Posts: 2,511 ✭✭✭Purgative


    I got one for about £80 a while back. Didn't fancy the fees taking a bite from it, so sent it to a relative with same initials to pay and give the cash whenever they were over.


  • #6
    beggars_bush
    Registered Users, Registered Users 2 Posts: 4,611 ✭✭✭beggars_bush


    Credit union

    Open account, lodge €5.
    Lodge sterling cheque.
    Close account if you want.


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  • #7
    Saudades
    Registered Users Posts: 380 ✭✭Saudades


    quokula wrote: »
    I received a cheque this week from the UK, a tax refund from when I previously lived there.

    If you previously lived in the UK, presumably you had a UK bank account. If that account is still open, you may be able to lodge the cheque through the bank's app via cheque imaging - taking a photo of the cheque and uploading via the app.
    Not all banks offer this service. The one's that do usually have a limit of £1,000 per cheque.

    This is the idea - https://www.barclays.co.uk/ways-to-bank/mobile-banking-services/paying-in-a-cheque/


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