pricemanagement

We received two Euro Cheques as payment for rental property damages. The sender insisted that our bank would accept them. When we took them to our bank they told us absolutely not. We really don't know where else to go as our bank said that NO BODY around here will accept them.
Where do I turn now?

GoAway

Where is 'here'? Who is your bank?

I don't know about cashing cheques, but I know that when I needed one in GBP (to pay for a cottage in Yorkshire that I was sharing with my parents), my parents couldn't get one from their bank easily or cheaply, but I had no problems. Their bank was a small-town branch , mine was in a larger multi-state bank. You may want to check around at other banks in the area.

Neopolitan

If I'm picturing this right, you are American and received these cheques from a European who is paying you, right? If I sent a US check to a European landlord, I wouldn't be the least bit surprised for him to send it back and say he needed a European check. So I think you should do the same. Send it back to the people and say you need a US dollar check.
Even if you find someone who will take it, I'm pretty sure you're not going to be getting the money that is due you.

suze

What would happen at a normal exchange bureau such as Thomas Cooke? I now you wouldn't get good exchange and probably have to pay a fee... but could it be done?

GoTravel

I would think Bank of America could cash them and they are everywhere. Aren't they the largest bank in America now?

If your bank is a Savings and Loan or a Credit Union, they very well may not cash these things. They aren't banks in the same sense that Chase, BoA, or some others are.

ChristieP

I second the recommendation to try Bank of America.

Before I went to Europe, I bought some Euro currency from my local Bank of America branch. (It turned out to be a good thing I did, because I arrived very early in the AM, and the ATM in the airport was broken!)

nytraveler

Even if B of A cashes it they will charge a large fee and you will get a bad rate of exchange. This may be convenient for the payer - but is losing you money - perhaps a substantial sum basd on the size of the check.

I would either insist the payer pay in dollars - or reimburse you for the cost of cashing and loss on rate of exchange.

Also- don;t expect them to "cash" it - but to let you deposit in your account. Since an out of state check can take 5/6 days to clear a foreign check would probably take much longer.

FainaAgain

This is true that a bank won't accept a foreign check. Once I had a Canadian check in US currency - tax refund, and the bank refused to accept even that! even as a deposit! It took the bank manager and a long lecture to listen to

I know you can order foreign currency by calling some major brand, ask the bank for that phone number, and ask if they can help you to cash this check. Prepare for an unfavorable rate.

Ruth

If you can, you should get the sender to send you a cheque in USD, so that they pay for the exchange and the commission. But they are probably unwilling to do so, as banks in Europe will charge at least as much as US banks for a similar service.

So could you get them to pay you by a service such as PayPal? Both you and they would have to open PayPal accounts online, and then they would pay you (in dollars) into your account (I think it can then be transferred to your bank account, or you can use it for buying things on ebay!!). PayPal is criticized by some, but I've not had problems with it, and the charges do not seem to be high. Make sure you read the small print which describes all the charges and the different kinds of account, and see if it might be suitable for this purpose.

Ruth

Wish I could edit my post above! Just to say, agreeing with FainaAgain's point, a cheque from a foreign bank (even in USD) is unwelcome to most banks, as they have to send it back to the country of origin just to get the money. They will therefore charge you a steep handling charge for this service, and it could be weeks before the money appears.

Ruth

One more thought. You could ask your bank what is the most cost-effective way for you to receive money from abroad.

There may be a bank-to-bank transfer service available, and they can advise you what you need to tell the person in Europe to do, in order for you to receive the full amount that you are owed.

Or the bank could tell you what sort of International Money order they will accept.

Good luck!

Michael

I once had to help out my cousin and pay a bill with a credit card. When he returned to Germany, he purchased dollar traveler's checks which he sent to me to cover what I had loaned him. Return the Euro checks and ask for traveler's checks in dollars.