Euro cheque in UK account. Clearing question. Help!

[April2013]

Hi,

I paid in a cheque to my account two weeks ago (clydesdale bank) for large sum. The amount payable was in Euros so obviously has to be changed over. the clerk told me this would take longer than usual as they need to money first and they would call when through but they never advised how long. Can anyone help/advise?

Thanks

[BRIGADIER2JCS]

Depending on the foreign bank Greek cheques up to 3 weeks for example

[April2013]

It was bank of Ireland

Thanks

[BRIGADIER2JCS]

It was bank of Ireland

Thanks

 

 

14 days is not unusual but I cannot understand why!!

[April2013]

Thanks. So you think it should be soon? I wasn't sure if it was because it was euros, but thought 2 weeks would be ling enough?

[BRIGADIER2JCS]

Thanks. So you think it should be soon? I wasn't sure if it was because it was euros, but thought 2 weeks would be ling enough?

Yes, being of a suspicious mind one wonders if banks wait for a time to suit them in regards to exchange rates!

[April2013]

Thanks. I will phone the branch on Monday. I called the telephone banking customer services but they had no clue and advised would clear in 3-5 days even though I'd advised it had already be 14 days!

[topcat1802]

A quick google search will reveal it will take from 4 days to 6 weeks depending on the UK bank concerned. There is also a fee to pay which varies between £6 and £60 depending on the bank.

 

 

In future request electronic payments as its (a) cheaper and (b) quicker.

[Conniff]

I done a transfer from Nasty West to a bank in Hong Kong in the early 70s and it took 24 hours. No international computer links then, so if it could be done then, why does it take so long now.

I recon it's to make it look like a lot of work so as to justify the rip off fee.

[BRIGADIER2JCS]

I done a transfer from Nasty West to a bank in Hong Kong in the early 70s and it took 24 hours. No international computer links then, so if it could be done then, why does it take so long now.

I recon it's to make it look like a lot of work so as to justify the rip off fee.

How true when posted abroad 80'90s such payments were rapid and cheap.

[northernbloke]

Not exactly the same, but the same in essence, I pay a cheque drawn on a U.S. bank into Lloyds and they credit it the next day. If it turns out to be a rubber one they debit you.

[April2013]

Thanks. Don't know if it's worthwhile phoning. I don't understand why it would take so long I.e, 6 weeks like you suggest

[topcat1802]

The problem with all cheques is that the physical cheque has to be sent back to the branch that issued the cheque - that's why it can take so long. So you Euro check was paid into a branch of your bank, they send the cheque to your branch who send it to their clearing centre, who send it to the clearing centre of the issuing bank who send it to the branch that issued the cheque, all this is done by post, the branch that issued the cheque then debit the account and send the cleared funds to their clearing centre, who then send the cleared funds to your banks clearing centre, who credit your account. The problem is the physical cheque has to be sent on the first part of the journey and can take 2-3 days to travel between each location, even the electronic bit can take 2-3 days to make a transfer from EUR to GBP. Of course its in the banks interest to keep the money in their hands for as long as possible as they can use the money themselves until they let you have it. The company I work for recently had a payment form SE Asia of over 5 million US Dollars and it too nearly three weeks for the money to be credited to the company bank account and that was an electronic payment - the can get at least 25% interest per day, so you work it out during the 3 weeks the banks made 1.25 million per day over 21 days so that's about 26 million!