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Cyprus Eastern Forum Index » Banking & Insurance » Sending a cheque to Bank of England for collection
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Sending a cheque to Bank of England for collection 
Post: #1   PostPosted: Sun Aug 13, 2017 4:15 am Reply with quote
jenny13
Joined: 26 Aug 2010
Posts: 350
Pictures: 0
Location: Deryneia

 
Has anybody had the experience of having to pay a large Sterling cheque into
a Cyprus Bank Account recently?

We have been told that it has to go to the Bank of England for collection and
that it will take a month for the funds to come through. We understand that
there are security measures being taken with large deposits in various countries,
but this seems like a long time especially in this day and electronic age.

The questions we have are:

Why so long?

Does this apply only to cheques over 10,000 of the currency, be it Sterling
or Euros?

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Re: Sending a cheque to Bank of England for collection 
Post: #2   PostPosted: Sun Aug 13, 2017 8:14 am Reply with quote
romatarot
Joined: 05 Mar 2011
Posts: 921
Pictures: 0
Location: UK and elsewhere

 
jenny13 wrote:
Has anybody had the experience of having to pay a large Sterling cheque into
a Cyprus Bank Account recently?

We have been told that it has to go to the Bank of England for collection and
that it will take a month for the funds to come through. We understand that
there are security measures being taken with large deposits in various countries,
but this seems like a long time especially in this day and electronic age.

The questions we have are:

Why so long?

Does this apply only to cheques over 10,000 of the currency, be it Sterling
or Euros?




When dealing with banks, currency exchange and cheques (whatever amount), I find that keeping things simple works well.

If possible, I would deposit cheque into a pounds sterling account in the UK. Then transrfer funds via a currency exchange intermediary you trust as and when funds are needed here.

Hope this helps.
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Post: #3   PostPosted: Sun Aug 13, 2017 10:27 am Reply with quote
dannymarks
Joined: 28 Oct 2014
Posts: 248
Pictures: 0
Location: United Kingdom & kiti

 
i transferred approx 40k straight from my bank to my cyprus bank no probs. but you may be better off as roma says going through a trusted money transfer firm as you will get a better rate.

so i dont think involving the boe is necessary. i might be wrong though.
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Post: #4   PostPosted: Sun Aug 13, 2017 10:59 am Reply with quote
jenny13
Joined: 26 Aug 2010
Posts: 350
Pictures: 0
Location: Deryneia

 
We no longer have a U.K. bank account and the Company which we are dealing
with insists on old fashioned Sterling cheques so we have no choice but to pay
them into a Cyprus Bank Account.

I just wondered if anyone else had experience this problem.

Our bank here has sent the cheque for collection already.

_________________
Maxims to live by: A little of what you fancy does you good. Everything in moderation and nothing to excess. Put can't in your pocket and pull try out.
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Post: #5   PostPosted: Sun Aug 13, 2017 11:42 am Reply with quote
SensibleBob
Joined: 07 Sep 2005
Posts: 1340
Pictures: 0
Location: Avgorou

 
Cypriot banks seldom 'negotiate' a sterling cheque meaning they give you a Euro equivalent with recourse if the cheque does not clear. By using the phrase 'collect' it probably means they wait for the UK bank to confirm the cheque is cleared before handing over the money. Worth asking if they are prepared to negotiate the cheque especially if its a trusted source such as solicitor or estate agent. To collect proceeds depends on post and subsequent remittance of funds but two weeks is reasonable. How much are they charging?
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Post: #6   PostPosted: Sun Aug 13, 2017 12:57 pm Reply with quote
jenny13
Joined: 26 Aug 2010
Posts: 350
Pictures: 0
Location: Deryneia

 
SensibleBob wrote:
Cypriot banks seldom 'negotiate' a sterling cheque meaning they give you a Euro equivalent with recourse if the cheque does not clear. By using the phrase 'collect' it probably means they wait for the UK bank to confirm the cheque is cleared before handing over the money. Worth asking if they are prepared to negotiate the cheque especially if its a trusted source such as solicitor or estate agent. To collect proceeds depends on post and subsequent remittance of funds but two weeks is reasonable. How much are they charging?


I would have thought 2 weeks would be the expected time for this to take as
both the bank on who the cheque is issued and the company are well known
and reliable in the U.K. The cheque is part of a lump sum for my OH's pension.

No-one has mentioned anything about charges!!!!

_________________
Maxims to live by: A little of what you fancy does you good. Everything in moderation and nothing to excess. Put can't in your pocket and pull try out.
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Post: #7   PostPosted: Sun Aug 13, 2017 3:45 pm Reply with quote
bromerzz
Joined: 30 Aug 2005
Posts: 3732
Pictures: 0
Location: Deryneia

 
It's been a while since I did this sort of transaction and I did do a few The clearing time was almost 20 working days on each occasion and yes there was a handling charge by the Cypriot Bank in addition to very poor exchange rates.
There ain't much that's free or does not incur a charge by Banks either end.
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Post: #8   PostPosted: Mon Aug 14, 2017 9:11 am Reply with quote
romatarot
Joined: 05 Mar 2011
Posts: 921
Pictures: 0
Location: UK and elsewhere

 
jenny13 wrote:
We no longer have a U.K. bank account and the Company which we are dealing
with insists on old fashioned Sterling cheques so we have no choice but to pay
them into a Cyprus Bank Account.

I just wondered if anyone else had experience this problem.

Our bank here has sent the cheque for collection already.


Yes, many have experienced similar problems. I googled it yesterday and found similar posts on angloinfo . Sad
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Post: #9   PostPosted: Tue Aug 15, 2017 4:02 am Reply with quote
jenny13
Joined: 26 Aug 2010
Posts: 350
Pictures: 0
Location: Deryneia

 
romatarot wrote:
jenny13 wrote:
We no longer have a U.K. bank account and the Company which we are dealing
with insists on old fashioned Sterling cheques so we have no choice but to pay
them into a Cyprus Bank Account.

I just wondered if anyone else had experience this problem.

Our bank here has sent the cheque for collection already.


Yes, many have experienced similar problems. I googled it yesterday and found similar posts on angloinfo . Sad


I had googled it before asking on here but many of the posts were from 8-9
years ago I just wondered if anyone had a more recent experience.

_________________
Maxims to live by: A little of what you fancy does you good. Everything in moderation and nothing to excess. Put can't in your pocket and pull try out.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #10   PostPosted: Tue Aug 15, 2017 4:05 am Reply with quote
jenny13
Joined: 26 Aug 2010
Posts: 350
Pictures: 0
Location: Deryneia

 
dannymarks wrote:
i transferred approx 40k straight from my bank to my cyprus bank no probs. but you may be better off as roma says going through a trusted money transfer firm as you will get a better rate.

so i dont think involving the boe is necessary. i might be wrong though.


If we had a U.K. bank account then we could have had the money paid directly
into it but we don't so that option was closed to us and this was the only way
to get the money to us.

_________________
Maxims to live by: A little of what you fancy does you good. Everything in moderation and nothing to excess. Put can't in your pocket and pull try out.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Sending a cheque to Bank of England for collection 
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