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Paying in UK Cheques to UK Account from Spain

Paying in UK Cheques to UK Account from Spain

Old May 12th 2006, 10:06 pm
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Default Paying in UK Cheques to UK Account from Spain

Hi, anyone know of an easy and efficient way of paying in a UK cheque into the UK bank account, to which it's payable to, from Spain please?

I know I could send it to a relative and have them pay it into my account, but I just wondered if there was an alternative manner that didn't cost too much, or result in an exchange rate loss of any sort.

TIA.
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Old May 12th 2006, 10:28 pm
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by Unexpat
Hi, anyone know of an easy and efficient way of paying in a UK cheque into the UK bank account, to which it's payable to, from Spain please?

I know I could send it to a relative and have them pay it into my account, but I just wondered if there was an alternative manner that didn't cost too much, or result in an exchange rate loss of any sort.

TIA.
This is a problem I too am faced with, planning on operating a business from Spain for UK customers. The easiest way people from what I have seen do it is by bank transfer give them your bank details and they telephone the transfer through not sure how much the exchange rate is.

Helen
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Old May 12th 2006, 11:34 pm
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by helenp
This is a problem I too am faced with, planning on operating a business from Spain for UK customers. The easiest way people from what I have seen do it is by bank transfer give them your bank details and they telephone the transfer through not sure how much the exchange rate is.

Helen
I think it would be more efficient to have them pay in GBP into a UK bank savings account and then periodically transfer money in bulk to Euros through a currency broker (about £5K + at a time). You could consider a sterling account in Gibraltar, if you don't have access to a UK bank account. In fact, this raises a whole bunch of questions on how long can you keep your UK bank accounts, if you're resident in Spain (without wishing to derail my own thread)

Nonetheless, I already have two cheques in my possession which I need to pay in fairly soon and I don't want to go through the likely long wait to cancel them and re-arrange payment through a bank transfer.

Last edited by Unexpat; May 12th 2006 at 11:37 pm.
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Old May 12th 2006, 11:52 pm
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Smile Re: Paying in UK Cheques to UK Account from Spain

Hi Unexpat,

Surely if it is a UK cheque it is made out in sterling and could just be posted to your UK branch with a paying in slip for your account.

The exchange rate problem only occurs when you come to repatriate that cash to Spain in Euro. The best and most economical route is as suggested using a money broker with the lowest de-minimus amount and no transfer charges. Or use a bank with branches in both countries such as the Halifax.

Regards,

John.


Originally Posted by Unexpat
Hi, anyone know of an easy and efficient way of paying in a UK cheque into the UK bank account, to which it's payable to, from Spain please?

I know I could send it to a relative and have them pay it into my account, but I just wondered if there was an alternative manner that didn't cost too much, or result in an exchange rate loss of any sort.

TIA.
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Old May 13th 2006, 12:05 am
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by John & Kath
Hi Unexpat,

Surely if it is a UK cheque it is made out in sterling and could just be posted to your UK branch with a paying in slip for your account.

The exchange rate problem only occurs when you come to repatriate that cash to Spain in Euro. The best and most economical route is as suggested using a money broker with the lowest de-minimus amount and no transfer charges. Or use a bank with branches in both countries such as the Halifax.

Regards,

John.
Sounds a good solution.... or give them to me along with a flight ticket and I will pay them in for you.
Dont forget to tell the Spanish taxman you are sending his money to UK
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Old May 13th 2006, 12:06 am
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by John & Kath
Hi Unexpat,

Surely if it is a UK cheque it is made out in sterling and could just be posted to your UK branch with a paying in slip for your account.
Thanks, the obvious slipped my mind. I can cut out the "middleman" and save bothering them

Originally Posted by John & Kath
The exchange rate problem only occurs when you come to repatriate that cash to Spain in Euro. The best and most economical route is as suggested using a money broker with the lowest de-minimus amount and no transfer charges.
Yep, that was me posting to the subsidiary point raised by Helen.

Thanks for the first suggestion.
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Old May 13th 2006, 12:38 am
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Default Re: Paying in UK Cheques to UK Account from Spain

Hi Unexpat,

Its what my children call a "senior moment" and it happens to me much more frequently these days.

Regards,

John.

Originally Posted by Unexpat
Thanks, the obvious slipped my mind. I can cut out the "middleman" and save bothering them
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Old May 13th 2006, 4:06 am
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by Unexpat
Hi, anyone know of an easy and efficient way of paying in a UK cheque into the UK bank account, to which it's payable to, from Spain please?

I know I could send it to a relative and have them pay it into my account, but I just wondered if there was an alternative manner that didn't cost too much, or result in an exchange rate loss of any sort.

TIA.
How about opening a sterling bank account with Solbank? PM me if you want the link. You can then pay your UK cheques and your euro cheques into a Spanish Bank.
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Old May 13th 2006, 4:13 am
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by Mitzyboy
How about opening a sterling bank account with Solbank? PM me if you want the link. You can then pay your UK cheques and your euro cheques into a Spanish Bank.
What do Solbank charge for receiving UK cheques?
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Old May 13th 2006, 4:48 am
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by montgomail
What do Solbank charge for receiving UK cheques?
I will check for you, but iirc there is no charge, as there is no charge for credits into the euro account.
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Old May 13th 2006, 6:09 am
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by Mitzyboy
I will check for you, but iirc there is no charge, as there is no charge for credits into the euro account.
Yer tis

Higher Sterling Account

Because with the Solbank Higher Sterling Account you not only have instant access with no fees, but also a guaranteed competitive interest rate in GBP compared with that you can receive from your bank in the UK: if the amount of the balance reaches one of the limits indicated, you will receive the higher return for the whole balance, i.e. from the first penny.

Open a Higher Sterling Account and you will see the interest your money will generate from day one.

There is no minimum quantity required to open a Higher Sterling Account and it is free of maintenance charges.


[I]Up to 2.999,99 £0.00 %
From 3.000 to 11.999,99 £3.25 %
12.000 £ and over 4.00 %

No restrictions with your money
With no minimum quantity required and instant acces with 100% liquidity, your money is free to go in or come out whenever you like.

No catches, no fees and no penalties
Just a simple, straightforward current account with a high rate of interest and free of maintenance charges.
[/I]

Last edited by Mitzyboy; May 13th 2006 at 6:13 am.
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Old May 13th 2006, 8:49 am
  #12  
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by Mitzyboy
Yer tis

Higher Sterling Account

Because with the Solbank Higher Sterling Account you not only have instant access with no fees, but also a guaranteed competitive interest rate in GBP compared with that you can receive from your bank in the UK: if the amount of the balance reaches one of the limits indicated, you will receive the higher return for the whole balance, i.e. from the first penny.

Open a Higher Sterling Account and you will see the interest your money will generate from day one.

There is no minimum quantity required to open a Higher Sterling Account and it is free of maintenance charges.


[I]Up to 2.999,99 £0.00 %
From 3.000 to 11.999,99 £3.25 %
12.000 £ and over 4.00 %

No restrictions with your money
With no minimum quantity required and instant acces with 100% liquidity, your money is free to go in or come out whenever you like.

No catches, no fees and no penalties
Just a simple, straightforward current account with a high rate of interest and free of maintenance charges.
[/I]
Tempting. I will look into it tomorrow. Thanks you very much.
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Old May 13th 2006, 11:22 pm
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by John & Kath
Hi Unexpat,

Surely if it is a UK cheque it is made out in sterling and could just be posted to your UK branch with a paying in slip for your account.

The exchange rate problem only occurs when you come to repatriate that cash to Spain in Euro. The best and most economical route is as suggested using a money broker with the lowest de-minimus amount and no transfer charges. Or use a bank with branches in both countries such as the Halifax.

Regards,

John.
I am with HSBC they are worldwide so presumably I could put cheques into my account from Spain then?

Helen
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Old May 13th 2006, 11:48 pm
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by helenp
I am with HSBC they are worldwide so presumably I could put cheques into my account from Spain then?

Helen
You just have to check what they charge you. I have a Euro account in the UK with HSBC but if I want to transfer money to Spain then they make a nice charge to me of over £20!!
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Old May 14th 2006, 8:15 pm
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Default Re: Paying in UK Cheques to UK Account from Spain

Originally Posted by Mitzyboy
You just have to check what they charge you. I have a Euro account in the UK with HSBC but if I want to transfer money to Spain then they make a nice charge to me of over £20!!
Not to mention that they will probably give you a lousy exchange rate (like all high street banks).
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