Lottery Cheque

[kloofnek]

Can someone settle an argument for me.
Someone is saying to me that one can take their lottery win cheque and lodge it in a bank abroad...I say you can`t,one has to deposit it their own bank in the UK and then transfer the money...

[daffy654]

I was always under the impression that ALL cheques had to be deposited in a branch of your own bank.

[grasscarp]

I would think that a cheque is a cheque and what you do with it is up to you.

[Octavius]

Probably depends whether the cheque says "payable only in UK/Great Britain"

[kloofnek]

I have just rang my bank and she said she didn`t think so...probably thought I was stupid...the person who thinks you can is so adament about it,not that he knows the first thing about banking!!!
Than you for your answers

[Sqad]

Well......if this is any help, I pay my Premium Bond cheques into a Spanish Bank and have always done so.

[Sharingan]

As long as the bank accepts deposits in sterling and has the facility to 'clear' the cheque you could indeed do it anywhere in the world.It's your money you can do with it what you like so if you choose to bank it abroad it's up to you.
http://www.chequeandcredit.co.uk/resources/faqs/cross-border_foreign_cheques/

[Sqad]

Hi! Shari....nice holiday?

Yes, I agree with your post.

[Prudie]

I'm wondering if this has something specifically to do with the UK lottery though. I know you can't buy a lottery ticket or receive the winnings if you are abroad, where you deposit it may be proof of residency.

[grasscarp]

It would be nice to think that one of us ever has the problem of where to deposit a large lottery cheque!!!

[Sqad]

IF, it was a LARGE lottery cheque and one deposited it in a FOREIGN bank, then one would have to pay tax on the winnings to the country of residence.

[jake-the-peg]

That sqad is true if that country has a tax treaty with your country of residence.

Of course you can do this

You go into the local office of your foreign bank and you say 'I'd like to set up an account'

They negotiate the cheque for you - which means that it has to be sent back to the UK (If it's a significant amount) and the funds are transferred to your account abroard.

I have had dollar checques paid into my UK bank account in this way before.

In the process I have found that some of the people who know the least about banking are often sitting behind the counter at your local high street bank

[jake-the-peg]

Of course sqad is right if we're staying inside the law

[Sharingan]

Yes thanks Sqad, off again on Tuesday and not back til July...:)

[sandyRoe]

Would it be considered very nosy to ask how much is it for?

[Psybbo]

When I receive my cheque, I'll nip over to see Sqad and let you know.

[Sqad]

Psybbo.......LOL......come by Lear Jet so that i can impress my mates.

[Psybbo]

Of course Sqad, either that or my luxury yacht x

[bednobs]

TBH i would be EXTREMELY surprised if a large lottery win was actually paid by cheque, rather than bank transfer.

[anneasquith]

bednobs,,,,,,,,,,,,,,they are paid by cheque , they are really big ones, about 3 ft. long !!!!!!!! :) :)