Irish Cheque

[Northender]

I have just received a booking for this June  from a family in Eire.They obviously do not have a sterling account and have offered to send  a bankers draft or postal order in sterling to cover the deposit.

Am I right in assuming that if they sent me a cheque in Euros I would be able to pay that into my French Euro account(CA).

Ps. I'm pretty certain this isn't a scam!

Thanks in anticipation.

[Anton Redman]

You will be able to pay it in OK but will charged a fair amount probably € 15 or so in bank charges,

[Gardian]

Anton is correct.

However, just a thought: why not ask for a Euro cheque and explain that you will hold it as a deposit and return it to them on payment in full (cash) at the beginning or end of their stay (according to when you expect payment)? 

[Pierre ZFP]

Why not just give them the IBAN of your Euro account and they transfer the money for free.

[Chancer]

Surely you cant be charged by a French bank  for crediting a cheque written in Euros drawn from a Eurozone bank?

If so what is the point of the single currency?

[Pickles]

[quote user="J.Rs gone native"]Surely you cant be charged by a French bank  for crediting a cheque written in Euros drawn from a Eurozone bank?

If so what is the point of the single currency?[/quote]

The Irish banks do not belong to the French inter-bank payment clearing service. European law requires them to charge no more for an international bank-to-bank electronic payment than for an intra-France bank-to-bank electronic payment, but cheques require different handling. Hence we are charged the same for sending Euros to a bank account in a Eurozone country as we are for sending Euros to a bank account in a different French bank to the one which holds our account.

Regards

Pickles

[Northender]

Thankyou for your informed replies.

I have asked them for a Euro cheque deposit which I will hold until the time for full payment ( thanks Gardian ) and then ask them to do an electronic transfer for the full amount 8 weeks before the start of their holiday ( thanks Pierre ZFP ).

Just one query though ( Pickles? ) will this electronic transfer be free of charges for both sender and receiver?

Regards

[Pickles]

[quote user="Northender"]I have asked them for a Euro cheque deposit which I will hold until the time for full payment ( thanks Gardian ) and then ask them to do an electronic transfer for the full amount 8 weeks before the start of their holiday ( thanks Pierre ZFP ).

Just one query though ( Pickles? ) will this electronic transfer be free of charges for both sender and receiver?[/quote]

It will probably NOT be free of charge for the sender: the charge is likely to be of the order of 3€. It should be free for the receiving account.

Regards

Pickles

[Northender]

Thanks for that Pickles

[andyh4]

[quote user="Pickles"][quote user="Northender"]I have asked them for a Euro cheque deposit which I will hold until the time for full payment ( thanks Gardian ) and then ask them to do an electronic transfer for the full amount 8 weeks before the start of their holiday ( thanks Pierre ZFP ).

Just one query though ( Pickles? ) will this electronic transfer be free of charges for both sender and receiver?[/quote]

It will probably NOT be free of charge for the sender: the charge is likely to be of the order of 3€. It should be free for the receiving account.

Regards

Pickles

[/quote]

Careful pickles.  Do Irish banks traditionally do interbank transfers?  If not then expect them to charge whatever they like (for the sender).

The 3€ would be the right figure for banks in France - but Ireland?  I have no idea.  I can only say that if you do this from the UK expect the interbank transfer to be around 15-25 pounds! Plus the exchnage rate fees!!  Simply becuase such transfers are not the common mode for the UK and the *ankers (insert whichever letter you feel appropriate) can charge pretty much what they like.

[Pickles]

[quote user="andyh4"]Careful pickles.  Do Irish banks traditionally do interbank transfers?  If not then expect them to charge whatever they like (for the sender). The 3€ would be the right figure for banks in France - but Ireland?  I have no idea.  I can only say that if you do this from the UK expect the interbank transfer to be around 15-25 pounds! Plus the exchnage rate fees!!  Simply becuase such transfers are not the common mode for the UK and the *ankers (insert whichever letter you feel appropriate) can charge pretty much what they like.[/quote]

I know what you mean (I was surprised when I first checked), however I did check up with AIB, who actually charge 75 cent for a non-urgent Euro-denominated paper-originated payment in the Euro zone of up to 50K€ (it's free for an electronic-originated payment). This is a 3-day service. Of course, if it is a same-day service that you need, then yes, you are instantly up in the 25-30€ range. And Ireland is (currently at least, can't say anything about next month!) still in the Euro zone, so there are no exchange rate spreads....

IIRC, Euro account interbank fees in the Eurozone are governed by an EU requirement that they can charge no more than they charge for an intra-country, inter-bank transfer.

Regards

Pickles

[andyh4]

[quote user="Pickles"]

IIRC, Euro account interbank fees in the Eurozone are governed by an EU requirement that they can charge no more than they charge for an intra-country, inter-bank transfer.

Regards

Pickles

[/quote]

 

That is absolutely correct.  I pay 55c between germany and France.  I had feared however that the Irish banks might however be modelled on the UK ones and not use interbank transfer as a standard procedure - which then leaves them open to charge very high prices.