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Opening a USD account in Ireland?

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  • 30-12-2009 7:19pm
    #1
    celestial
    Closed Accounts Posts: 1,602 ✭✭✭


    Hey folks,

    I am based in Ireland - if I wanted to transfer a sum of money in USD directly into a USD account how would I do that - is it difficult to set up a USD account from here? I don't want to get screwed by the exchange rate and figure if I transfer in USD I can get a better deal. Anyone know the ins and outs?

    Thanks!


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


    F/x Current accounts are generally only opened for Business Customers. The have high running costs etc but you can have a Chq book on them.

    F/x Hold(savings) accounts can generally only be opened with large deposits. 20k euro's worth or more. They pay ****e interest.

    Best to keep in US in a decent savings account and transfer when needed. Why would you want to have it here?


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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    There's usually a fair few hoops to be jumped through to open one AFAIK. Also there'll be a minimum requirement to open one, it often varies between around $10,000 and $20,000. You'll need to make an appointment with your branch to open one, and you'll need proof of ID (passport or Irish Driving Licence) and proof of address, like a bill or bank statement dated within the last 6 months. Additionally, depending on the type of account you open, you may be required to provide proof of your PPSN. This can be a payslip, medical card, social security card, tax cert or P60.


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    #4
    aphex™
    Closed Accounts Posts: 2,338 ✭✭✭aphex™


    I would say these guys are just what you need- they can get you business rates on exchanges. Have a look at blue market fx here.


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    #5
    celestial
    Closed Accounts Posts: 1,602 ✭✭✭celestial


    Should have mentioned - I am looking to cash in shares in an American company. If they get paid out in Euro I will get stung on the USD > EUR exchange rate. What I'm thinking is that if I transfer in USD to a USD account I can wait til the exchange rate improves before converting to EUR, or else just spend the dollars at a later date.

    Thoughts?

    I fully plan to pay tax on the shares, by the way.


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