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$ to Euro Conversion for sale of US Shares

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  • 13-09-2008 10:56am
    #1
    eddiem74
    Registered Users Posts: 2,027 ✭✭✭


    I am thinking about selling some shares in the US, and am just wondering what is the best method to lose the least on the exchange?

    1) Receive via cheque in USD $ ?
    2) Receive via wire in USD $ ?
    3) Receive via wire in EURO ?

    I know what I need to do from a tax standpoint, however just wondering on the transfer/exchange/conversion, what's best?

    Thought's welcome. :)


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    I would say get a chq in $ and shop around for the best exchange rate. If nothing suits then stick the chq in a USD hold/savings account till your get a good rate.


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    #3
    eddiem74
    Registered Users Posts: 2,027 ✭✭✭eddiem74


    unclebill98 wrote: »
    I would say get a chq in $ and shop around for the best exchange rate. If nothing suits then stick the chq in a USD hold/savings account till your get a good rate.

    What's is a USD hold/savings account ? Where would I get one ?

    Also, how long would it take a US cheque to clear ? Is there anyway / where to expedite this ?


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    eddiem74 wrote: »
    What's is a USD hold/savings account ? Where would I get one ?

    Also, how long would it take a US cheque to clear ? Is there anyway / where to expedite this ?

    If its just to hold $ for a while most banks do them. There is a minimum deposit needed. Ask your bank for info.

    US chq depending on bank have no real limit on returning a chq unpaid. You could get your bank to send the chq on collection. This could take a few weeks.


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    #5
    eddiem74
    Registered Users Posts: 2,027 ✭✭✭eddiem74


    unclebill98 wrote: »
    If its just to hold $ for a while most banks do them. There is a minimum deposit needed. Ask your bank for info.

    Ok, so would they actually process the cheque and then just hold the $ amount in that account until I decided to convert it to euro ? Or when I decided to convert would only then the cheque be sent to clear ? Also, is a hold account something I have to setup in my own name ?

    Thanks again !


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    #6
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    eddiem74 wrote: »
    Ok, so would they actually process the cheque and then just hold the $ amount in that account until I decided to convert it to euro ? Or when I decided to convert would only then the cheque be sent to clear ? Also, is a hold account something I have to setup in my own name ?

    Thanks again !

    They would process the chq and then you'd simple have an account in $. If its for a large amount they would normally send the chq on a collection basis to make sure the funds are good.

    There is should be no fees for having the account and you should get interest on whats there. Also bear in mind that access to the account is not straight forward and can take a bit of form filling to get the cash out. But I am not talking days, more maybe 20/30 mins and then its normally sent to that dept for processing. Also contact your branch and tell them your looking to do it as waiting around at the counter is just a pain in the arse.

    As for the name on the account, it would be in your name..... strange question :confused: Who else name would you be putting it in?


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    #7
    eddiem74
    Registered Users Posts: 2,027 ✭✭✭eddiem74


    unclebill98 wrote: »
    As for the name on the account, it would be in your name..... strange question :confused: Who else name would you be putting it in?

    Ok, thanks.

    To your comment, I didn't know much about such account, so did not know if the bank held it in a special account under my name or whether it meant me actually opening a new account. Learn something new every day...... ! :)


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