Euro Checks

[AthlonInside]

If USD checks need to send back to USA to cash (my bank told me); AUD checks send back to Australia;; GBP checks send back to Great Britain ...

What about EURO checks?

[encyclo]

It is not exactly true to say that checks in USD have to be sent to the US, GBP to the UK, etc.: strictly speaking the check has to be sent back to the country where it was issued. For example, most USD checks are issued by US banks, but if a UK bank issues a USD check drawn on a UK-based USD account, that check has to be sent to the UK, not the US.

Following on from that, checks in Euros are therefore sent back to the issuing bank's home country.

Does that make sense? :)

[AthlonInside]

loud and clear :)

So do US banks make good use of EURO nowadays?

[cornwall]

The cheques get cleared by the bank and in the country that issued them

I have a fairly complex banking set up with among other things a UK Euro account and a Spanish Euro account.

Such is the way of banking that if I transferred Euros from my UK Euro account to my Spanish Euro account (and they are both the same Bank, Barclays) then I would get charged a hefty fee for the transfer. Its not like transfering dollars from your bank in New York to your bank in LA.

It pays you to think out what you are doing to avoid large bank charges. So when I get my affiliate cheques in dollars, I have to fathom where I need the money and make the change to Euros in that country.

Its not the UK Euros that cause the problem, the same would apply if I had German Euros, or French Euros. The way the banks handle them, they are a bit like different currencies.

So if you lived in the USA, then opening a Euro account there (which you can do, in the same way I have a Euro account in the UK)would not necessessarily cut your banking costs.

[AthlonInside]

I do not reside in US. Because the trend of USD is going downhill, I am researching on how to convert my USD to EURO for the long run.