So I have a couple of clients that pay some annual subscriptions to me.
I just received a cheque from one of them for EUR300. I lodged it into the bank (RBS) and waited for it to clear. This too 3 weeks, and then i received a summary in the post.
1. I got charged £20 by the bank to lodge the cheque.
2. They said that the issuing bank charged EUR 19.05 also.
Bottom line is that my cheque was EUR 50 shy before doing the currency conversion, which was also at an attractive rate.
That's a 12% fee = a whopper of a charge for just lodging a cheque.
I've raised an issue with the bank, and they're investigating it?
Anyway, I wanted to know how others manage foreign lodgements, or is it just one of those things you've got to accept when dealing with banks
I just received a cheque from one of them for EUR300. I lodged it into the bank (RBS) and waited for it to clear. This too 3 weeks, and then i received a summary in the post.
1. I got charged £20 by the bank to lodge the cheque.
2. They said that the issuing bank charged EUR 19.05 also.
Bottom line is that my cheque was EUR 50 shy before doing the currency conversion, which was also at an attractive rate.
That's a 12% fee = a whopper of a charge for just lodging a cheque.
I've raised an issue with the bank, and they're investigating it?
Anyway, I wanted to know how others manage foreign lodgements, or is it just one of those things you've got to accept when dealing with banks
