When is the fx rate applied when lodging a USD Cheque

T

torslander

Guest
Hi,

When is the fx rate applied when lodging a USD cheque to an AIB current account?

When the cheque is presented for lodgement ?
When the funds are transferred from the America issuing bank to AIB?
or
When the funds clear on the receivers current account?

Cheers,

Tors
 
If the cheque is large enough you may be able to negotiate a rate when you lodge it but otherwise I think it would be the rate when cleared funds are received from America
 
The fx rate you recieve is determined by your bank at the time you lodge the chq to your account ie. whatever the rate is that day. This rate is applied to calculate the amount you will get.

This rate along with the cheque funds are then credited to your account usually with a fairly long hold on them (normally about 3 weeks). You wont have access to it until they clear.
 
Usd cheque

If it is a cheque it would need to clear first before a rate is applied. You wouldnt get a rate when lodging
 
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