Can I bank a French cheque made out in GBP?

bazaarboy · 22 May 2012 at 13:50

Been paid with a French cheque, issuer is French, lives in France and cheque is drawn against a French bank - but account is GBP

Can I just bank it into my ordinary UK current account??

Jono · 22 May 2012 at 13:53

Yes. You'll get it at some kind of exchange rate - whatever the bank wants to give you for it.

I do it with USD cheques all the time.

Scuzi · 22 May 2012 at 13:54

Jono said:
Yes. You'll get it at some kind of exchange rate - whatever the bank wants to give you for it.

I do it with USD cheques all the time.

If it's made out in GBP he will get the amount in GBP. The exchange rate doesn't come into it.

bazaarboy · 22 May 2012 at 13:58

Yep cheque is GBP already, probably uses a foreign currency account - just like we might have a Euro account...
So no exchange rate to worry about - but what about a clearing fee??

BDEE · 22 May 2012 at 14:02

*snip* sorry i mis-read OP

bazaarboy · 22 May 2012 at 14:03

HSBC...

Dj_Jestar · 22 May 2012 at 14:04

Scuzi said:
If it's made out in GBP he will get the amount in GBP. The exchange rate doesn't come into it.

It does at the other end, though. The French bank will need to exchange an amount in Euros, into GBP.

If it's a Euro account that is.

iviv · 22 May 2012 at 14:04

Ask them?

bazaarboy · 22 May 2012 at 14:06

iviv said:
Ask them?

You mean, be sensible about this? :eek:

iviv · 22 May 2012 at 14:09

Ah, sorry, this is GD isn't it?

Scuzi · 22 May 2012 at 14:10

Dj_Jestar said:
It does at the other end, though. The French bank will need to exchange an amount in Euros, into GBP.

If it's a Euro account that is.

But that's of no relevance to the OP since the account is in GBP and it's of no real concern to him even if it was in another currency.

BDEE · 22 May 2012 at 14:13

The only issue I can see is it will take longer than 5 working days to clear. I dont see why there would be a charge, it doesnt need negotiating becuase its drawn in sterling etc.

Rids · 22 May 2012 at 14:15

Foreign cheques can take between 2-3 weeks to clear, just so you're aware.

bazaarboy · 22 May 2012 at 14:29

Thanks everyone, will confirm with HSBC

Dj_Jestar · 22 May 2012 at 14:52

Scuzi said:
But that's of no relevance to the OP since the account is in GBP and it's of no real concern to him even if it was in another currency.

It could when the Frenchy comes demanding a fee from OP when he sees the extortionate amount his bank has charged him.

And it still useful info, so stick that up ya backside

dowie · 22 May 2012 at 20:21

Jono said:
Yes. You'll get it at some kind of exchange rate - whatever the bank wants to give you for it.

I do it with USD cheques all the time.

LOL what?

GBPGBP exchange rate... so 1.0000

bazaarboy · 22 May 2012 at 20:58

Moses said:
What sort of HSBC account?

For, 'General Price List and Interest Rates - applies to HSBC Advance, Current Account, Bank Account, Basic Bank Account and MyAccount (PDF)'

http://www.hsbc.co.uk/1/PA_1_1_S5/content/pws/content/personal/pdfs/gen-price-list.pdf

(Can all be found here, http://www.hsbc.co.uk/1/2/interest-rates-and-charges)

'Sterling and other currency cheques drawn on banks abroad and paid into your account with us,

Value up to £100 = £6 charge
Value £101 to £5,000 = £12 charge
Value £5001 to £10,000 = £24 charge
Value £10,001 to £50,000 = £34 charge
Value over £50,001 = £60 charge'

Student and graduate accounts have the same fee structure. Just search for 'sending and receiving money' in the PDF above.

yep - this sums it up correctly I think
the funds are coming from a GBP account so there's no exchange rate to consider, the issue is clearing time and clearing fee, as above