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Paying a UK cheque into a Cypriot Account

Posted by lynz412 - Created: 9 years ago
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9 replies (Showing replies: 1 to 9)

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Posted by sweethoneybums - 9 years ago

Hi there

If you ever have a cheque in GBP it would be best to pay it into a GBP account in Cyprus and then perhaps exchange the funds via a Currency Exchange Specialist to Euros.

Or if you still have an account in UK you could pay it into that and then bring your funds over the same way.

Just an after thought to the thread!

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Posted by loadsatime-678473 - 9 years ago

WARNING : we paid a Euro cheque into our Hellenic Bank from our French Euro Current account.
It took 3 weeks to clear and we paid 10% handling fee. YES ten percent.
We complained bitterly to the bank face to face and they just said that is the charge for handling it and there was no work to be done with exchange rates etc.
SO our 1000, euro cheque we lost 100 euros to the bank and there was nothing we could do.
I think you would be better to pay it into an english bank if you can.
I have the same problem with a maturing savings they refuse to use the IBAN system and can only pay me with UK STerling cheque ...hope it goes well.....

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Posted by achilleas - 9 years ago

Sorry - I did mean 2 weeks and not 2 days (dyslexic keyboard) :o)
All UK cheques do have to be sent back to the UK for clearance - just as any foreign cheque would be sent to it's country of origin if it was deposited in the UK.
The time should be about 2 weeks, but being banks, they may clear on the 2nd day and keep it for a couple of weeks as banks do - holidays will probably delay the transaction as well.
Note that the bank will charge you a commission for doing this - make sure you know how much beforehand.

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Posted by journo-666338 - 9 years ago

Hi Achilleas, I've always found you to be a source of very useful and accurate information. And I believe you have strong contacts in the banks. Can you please clarify your posting though? You refer to '2 days' in line 4 and '2 weeks' in the final line. Did you mean '2 weeks' in line 4?

The couple I was behind in the queue at the bank were trying to pay in a cheque from their own Sterling account in the UK to their Sterling account in Cyprus. They were still told it had to be sent back to the UK for clearance and would take about 3 weeks. In fact they said a previous transaction had taken 6 weeks to clear and be credited! In your experience, does it vary between banks here?

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Posted by achilleas - 9 years ago

You can do 2 things.
1. Have a Sterling account and pay the money into that.2. Pay it into your Euro account
The only difference is that a Sterling cheque paid into a Euro account will take 2 days to clear - it will clear quicker if you have a Sterling account. Cheques from non-local banks would take about the same time to clear in the UK as well.
If you can wait, and you don't have a Sterling account here, then just pay it into your normal account and wait the 2 weeks.

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Posted by Flowerpower-660633 - 9 years ago

Don't pay the cheque into an account in Cyprus as it will take at least a month for 'clearance' and the charges are crazy.
Get someone to pay it into a UK account and then go through a currency company to exchange into euros directly into your Cyprus account.

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Posted by journo-666338 - 9 years ago

I was standing behind a couple in the bank about a week ago, and they were trying to pay a GBP cheque into their Cyprus account.

I overheard the Teller saying that the Bank would have to send it back to the UK for clearance and that would take about 3 weeks in normal circumstances (ie without Christmas/New Year holidays, maybe two weeks longer with the holidays).

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Posted by lynz412 - 9 years ago

Their policy is that they MUST send you a cheque for the money. So they won't pay into a bank account.

Can i cash a UK cheque at western union?

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Posted by andreasth - 9 years ago

IBAN number is your bank account that is recognised to all countries and they can send you money imidietly,western union is another method