Checks from Euro banks

[zingbust]

Hi
I'm an affiliate of a few poker sites and I'm from the U.S. It's been tough getting paid lately, but today I got checks in my mailbox from 2 of my strongest programs, after being delayed payment for quite awhile. Let me just say that I do really appreciate finally getting paid. My problem is that my bank won't process these checks without a stiff fee, and then only if the checks are for $500 or more. This is because they are from European bank accounts. All of them are for less than $500. What should I do? Can I start a European bank account without going over there? Is there a U.S. bank that deals with Euro checks routinely and with small fees?

[TheGooner]

It's all about service isn't it?

All the affiliate programs I work with are effectively foreign to me - so I agree that it's important to find a bank that will work with you.

Unfortunately I have no recent experience with US banks.

Opening a European account in absentia isn't impossible but it is a bit of work to fill in all the bits and pieces and provide copies of ID and utility bills - and will probably take you 4-6 weeks and cost the $300-$500.



You'd probably be better off actually going to your local bank and explaining the situation.

Explain that you are expecting to receive a number of small Euro denominated payments both as Checks and bank transfers and ask what they recommend.

I use foreign currency accounts here at my local bank, which are denominated in EUROS, USD and GBP to bank my receipts into .

Then - when the accumulated amounts are sizable and the exchange rate is good - I will make a transfer from the foreign currency account into the local currency account.

Although this is actually more work for the bank then just letting you do what you wanted (setting up new accounts / making additional transfers Etc) ... I have found that it's the most cost effective way to organise my banking.

It seems putting Euro checks into a EURO account is easy and down here it attracts a minmal $5 charge - I can't explain that - it's just so.


Of course you'll need to check with YOUR bank to see what they suggest - but if you get no joy from your current bank I'd suggest doing a websearch for a more enlightened bank that's into forex.

Citibank spring to mind as a possible bank for you.

[Doolally]

Most of my cheques come as US Dollars and I have to incur a $5 handling fee after the bank has taken off a fee for changing the money over. It doesn't matter what size of cheque it is for.

This seems to be fairly normal in the UK and I can't see why you should be any different. I'd suggest having a word with them and if they don't budge, tell them you're going to change banks. It may just make the difference.

[ntaus]

I ran into this same problem so I did some research.

European and British banks do run you around as The Gooner says - they want to know far too much of your business (mortgages, CDs, investments, etc.) and the paperwork is worthy of an 18-wheeler.

I found that Caribbean countries, which are reputable, don't have so much red tape and their charges are much more reasonable.

It's not difficult to open an offshore account which will accept funds in all currencies. Minimum opening deposit with most of them is $1,000 and they will issue a debit card good at ATMs in US$ so you can get your money out. Usually, cost to open the account is minimal to nothing. They have reasonable incoming bank wire charges. There is usually a charge to transfer money from your bank account to your debit card (any amount) and in the US most ATMs allow up to $400 per day. Charges vary a bit from bank to bank, so I've been doing some comparisons - a lot of work.

I'm going to do this (have to renew my passport), but still have a question about the advisability of opening the account in US $ since, I understand, all US $ funds have to go through the US clearing house bank.

If you have questions about what I've learned, a PM would be good.

ntaus

[zingbust]

Thank you all so much for the advice. Most of you have mis-understood one point because of my failure to communicate it. These checks are all in USD, so the currency part of it is not a problem, the only problem is the fact that they are drawn from foreign banks. I am going out to my bank and some others right now and will post again when I find out more.

[universal4]

I had a similar problem depositing a very very small check from Party Poker recently. (US dollars drawn on a foreign bank)

I was a fairly new account holder at this particular bank, so before I went ballistic, I call the national 800# to ask why I couldn't deposit the check.

Well it turns out the Branch Manager was quoting a branch policy that first of all did not exist, and second was aginst their standard bank policy. Customer service told me to return to the branch the following day, be sure to use the inside tellers, and once again make my deposit. If I again recieved the same "You can't do that" I was told to call customer service on the spot.

Well I made my deposit....and I thought all was well.

I am now waiting to hear back from customer service why the amount was then debited from my account over 2 weeks later....and customer service has stated emphatically that the check did not bounce.

Rick
Universal4

[zingbust]

I am now waiting to hear back from customer service why the amount was then debited from my account over 2 weeks later....and customer service has stated emphatically that the check did not bounce.

Universal4

Probably because the check came from a gambling site.

Well, I just got back from Wells Fargo and Citibank, Citibank wanted $30 per check and Wells Fargo ony $15, so since my wife already has an account at WF, I guess I'll use them unless I can come up with something better.