Transferring USD to Euro

SuperO'B

Hi there,

I am soon going to be paid in dollars to my irish bank account. I have two options with this which are;

1) my bank will convert the dollars to euro at their rate and put this in my current account

2) I can get paid the dollars to a USD call account I have set up with my bank and transfer this to euro using xe.com or transfermate to avail of a better rate.

I'm having trouble organising the transfer of dollars out of my call account however. PTSB will not transfer dollars electronically to another account such as a transfermate account without converting to euro first.

This leaves me with the option of withdrawing the dollar payment in cash and lodging to the online transfer companies account which is in AIB or BOI. AIB won't accept a cash dollar lodgement into a dollar account though which is leaving me a bit snookered.

Any suggestions on this?

JTMan

Are you saying that the only way PTSB will allow a withdrawal from a USD account is via cash? Really? Are you certain? Surely, they accept USD electronic wires?

Could you set up, your own, USD account with a different bank that allows electronic USD transfers?

SuperO'B

JTMan wrote: »

Are you saying that the only way PTSB will allow a withdrawal from a USD account is via cash? Really? Are you certain? Surely, they accept USD electronic wires?

Could you set up, your own, USD account with a different bank that allows electronic USD transfers?

Ya that's what I was told today in the bank. PTSB will only transfer in euro so will convert from dollars which defeats the purpose of using a 3rd party transfer company to get a preferrable rate.

They accept USD wires into the account but transfer out will have to be converted to Euro. They said I can withdraw the hard cash without a fee as its dollars in a dollar account so will allow you to take it out. I tried to set up an AIB dollar account but they told me that to transfer money out of that holding account would require 3-5 days notice. This really wouldn't be much use if looking to transfer to the account of a currency exchange compay.

Any other suggestions on possible ways around this? Maybe something out side the box completely?

JTMan

Have you checked with Ulster Bank, BoI and Investec? They all offer USD accounts. Perhaps, they are more flexible than PTSB and AIB.