UK Premium Bonds

Old Oct 15th 2012, 11:00 pm
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Default UK Premium Bonds

I was wondering if any of you could shed some light on a problem I have with PBs. My kids' grandfather religiously buys these for my two kids who are currently under 16, twice a year and occasionally they win small amounts of money. This is money is paid in a cheque/warrant to me and I take it to my bank (BNZ) and they pay into my account and they I pay kids etc...
Anyhow the last couple of times these cheques have arrived the bank has been a bit 'difficult' about them saying that if they are large amounts, which could be entirely possible one day, then it will cost me money to have them changed and that the cheques have to be sent away and take up to 3 weeks to clear (don't mind time frame although in this day and age that is a ridiculous amount of time). Also it may cost me more to get changed than the face value of cheque which of course I do mind.
BNZ suggested to remedy this to get them to pay direct into my bank account but problem is I have just rung nsandi.com in UK and they don't pay into overseas bank accounts direct.
I have lived in NZ for 25 years and don't keep any accounts in the UK and wondered if any of you are in the same boat.
nsandi.com suggested I enquire with other NZ banks to see if they will change them hassle free unlike BNZ?
Thanks in advance to any suggestions....just in case one of my kids wins a million pounds or something!!!!!!!!!!!!!!!!!
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Old Oct 16th 2012, 9:23 am
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Default Re: UK Premium Bonds

I have never had any problems with ASB cashing or charging to lodge foreign cheques but they do still take 21 days to clear.

It will only get increasingly more difficult, as banks are now actively discouraging the use of cheques, in an effort to phase them out completely and maxing up the charges to be higher than electronic payment options.

Last edited by Bo-Jangles; Oct 16th 2012 at 9:38 am.
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