Who will offer best exchange rate on USD$ cheque

P

Passport1

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I've a USD$ cheque for cirica $4000

Any suggestions re finding out what financial institute will offer me best value on converting this to Euro or maybe someone might have advise as to who will offer best terms
Thanks
 
I would say that as it is a $ cheque you will have to lodge it to your account to change it to euro. It 's unlikely that there will be a huge differnce between rates offered by the main banks. To your advantage however is the fact that the euro has weakened considerably in the spot market from $ 1.3670 at the end of December 04 to $1.2979 as I type. There are many who see the $ 1.3000 as a key technical level for the euro ie if we stay below it we may have further euro weakness but a rise above it again may lead to renewed bullish interest in the euro. This is key ,imo, as to whether you bring it to the bank today or over the next few weeks.
 
Shop around - ring around those institutions where you have an account and see what rate they will give you. Make sure all rates quoted are fully inclusive of all fees & commissions.
 
I lodge dollar cheques to my account every month.

There is very little difference between them. Bank of Ireland don't charge commission but generally tack on an extra 1.5% to the standard ECB exchange rate for that day, which is pretty reasonable.

Was thinking about opening an account with internaxx to get good exchange rates, because they said they do commission free forex, but when I investigated this further they did the same thing as Bank of Ireland. Don't charge any commission but tack on extra percentage to the standard interbank forex rate or something (can't remember what they said but it wasn't the ECB exchange rate, but i'm sure it's something similar).

In conclusion, I'd recommend just lodging it to your own bank account. :)

And I wouldn't recommend waiting for the dollar to get stronger or weaker against the euro - you just don't know which way it is going to go. But the generally concensus is that the dollar is on a steady slow downard decline with no change in store unless the twin deficits is sorted out, which is very unlikely. So I'd lodge that check to your bank account as soon as you can.

Also it's a very bad idea to leave checks, and not to lodge them. You never know what will happen to the bank account that is being drawn on, and it can take checks 3 weeks to clear if it has to go to a US bank account.

Hope all that helps!
 
Sterling

I enquired about cashing a sterling cheque recently and wa told by the bank that I had to lodge it into my own account, I couldn't just cash it at the desk. I assume a dollar cheque would be as awkward, if not more awkward.
 
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