Euro Cheques between countries

[LaLuz]

Can anyone tell me if a euro personal cheque can be paid into a euro account in another country, eg can a German cheque be paid into a spanish bank account?

[Alan Knighting]

Can anyone tell me if a euro personal cheque can be paid into a euro account in another country, eg can a German cheque be paid into a spanish bank account?

I think the answer is "Yes - But".

"Yes" because your Spanish bank will readily accept it.

"But" because they will still make handling charges even though doing so may be illegal within the EU regulations.

Alan

[Paul Carmel]

Also it can take weeks to clear - we once had a cheque from Portugal in euros and I think it took about 7 weeks.

[la vache!]

Also be careful of the bank charges, if I accepted a euro cheque from Ireland or Belgium I paid 17€ commision to the bank. I don't take them anymore, its a lot cheaper to accept a bank transfer.

[LaLuz]

Thanks for the quick responses everyone, it's amazing.

Susan, does that mean the guest covers the bank charges? I'm assuming here that you're talking about a swift transfer or similar.

[Alan Knighting]

...Susan, does that mean the guest covers the bank charges? I'm assuming here that you're talking about a swift transfer or similar.

The issuer of the cheque might pay something to his bank for the pleasure of spending his hard earned money. The receiver of the cheque most certainly does when receiving payment for his product.

So, you thought a euro is a euro is a euro. Think again, the banks have other ideas. With euro to euro they can’t stuff you with fictional exchange rates so they do it with commissions and handling charges instead. Aren’t they just wonderful?

Is it any wonder people prefer cash? Is it any wonder the black economy is thriving?

Alan

[la vache!]

LaLuz,
Alan is right, it was only me who paid the charges for paying in a euro cheque from a non-France country. I was naïve enough to think that if countries had the same euro currency, bank charges would become a thing of the past. How wrong! I still get charged 3.71€ for every bank transfer, but that's not quite as bad as 17€ for a cheque!

[canda]

Maybe I'm being stupid, but how do you get a deposit from a customer without incurring bank or other charges? Never had to do it yet as we only have a B&B at the moment, but thinking about the future.

Canda

[Alan Knighting]

Canda,

If you receive a deposit in cash in the currency in which you will spend it. Your bank never sees the money.

If you receive a deposit by way of a cheque issued in the currency and country where you bank it and your bank doesn't levy charges on such transactions. Some banks do this in exchange for not paying you interest for your account being in credit.

Other than that, I don't know.

Alan

[LaLuz]

Just an update.

Asked a German guest if he could pay by Bank transfer to my Spanish Account which he did on Wednesday. The full amount was received in my account this morning so I don't appear to have paid any charges.

So simple, so thanks everyone for the advice, you've probably saved me a few quid

[Guest3]

If we receive any deposits or payments from clients we request that all bank charges are met by their issuing bank. So far we've had no complaints and everyone has complied!

La Luz..check your account in a few days ...because in Spain bank charges are debited later on, not on the day the funds are deposited!

[alexia s.]

Crystal,
Do you mean that they pay your bank's charges as well???

[Guest3]

Yep!...but this is only for international transfers where it is quite normal to request that bank charges are met by the issuing bank.

[alexia s.]

Crystal,
Do you get many US visitors? Mine usually balk at having to pay their charges, let alone mine.

[Fraise]

Alexia,I've not had that many Internationals yet but they have paid all the charges so that I have rec'd the full amount asked for and no charges to me (UK receiving bank).