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Converting a large sum from Euros to Dollars when moving abroad...

  • 30-12-2008 4:36pm
    #1
    Bass Cadet
    Registered Users, Registered Users 2 Posts: 719 ✭✭✭


    Really need some advice. Hope this is the right forum. I'm moving to the states soon for a masters course and have a bank loan sorted for €25k. I realise that the euro vs the dollar is good for us right now but how do I ensure that I can convert that money into dollars by getting the best possible rate?

    Should I change it all in one go? Wait until I set up an account in the states and transfer it all from my Irish account then? Any advice greatly appreciated!

    Also, is there anyone who has experience setting up american bank accounts and which one would be best to go with? I'll be in the states for at least 18 months. Cheers


Comments

  • #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    There is no guaranteed way to predict exchange rates and how the dollar/euro exchange rate will perform over the next while. People can give an opinion, some of them informed, but its still a gamble.

    One option is to exchange it all at once and ask your bank for the best rate, rates improve as the amount to be exchanged increases. Also, you are a student and should get it commission free :)

    Can't help with the US bank account info.


  • #3
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


  • #4
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    The banks are fairly competitive here. Many offer free checking accounts (like a current account) if you maintain a small balance. I have mine with a small local bank who are performing very well despite the current economic climate.


  • #5
    OfflerCrocGod
    Registered Users, Registered Users 2 Posts: 6,318 ✭✭✭OfflerCrocGod


    IsThatSo? wrote: »
    rates improve as the amount to be exchanged increases.
    Up to a certain level then they start getting worse. I also recommend a proper FX broker.


  • #6
    Bass Cadet
    Registered Users, Registered Users 2 Posts: 719 ✭✭✭Bass Cadet


    Cheers for the replies guys, I'll check out the FX broker. How exactly do they work? I'm a bit of a novice at all this. Looks like I should be sorting it asap as exchange rate was 1.41 a couple of days ago, its now at $1.39 to the €


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  • #7
    Bass Cadet
    Registered Users, Registered Users 2 Posts: 719 ✭✭✭Bass Cadet


    Dollar kicking ass today, down to 1.35 on XE.com. The bank are meant to call me today but still heard nothing. If someone would like to give me a bit of info on buying dollars asap through a Forex, I'd really appreciate it. Basically just need to know the timescale involved once I wire funds to someone like xetrade.com


  • #8
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


  • #9
    Bass Cadet
    Registered Users, Registered Users 2 Posts: 719 ✭✭✭Bass Cadet


    daveirl wrote: »
    This post has been deleted.

    Does that account have to be in the states or can you set up a dollar account here? I dont have an account setup in the states yet. Apparently, I have to be over there to set it up in person


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