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What to do with a Dollar cheque

  • 31-03-2017 4:31pm
    #1
    g0g
    Registered Users, Registered Users 2 Posts: 2,791 ✭✭✭


    I'm looking for suggestions on the best way to manage a dollar cheque and lose as little money as possible on the conversion. It's for a few thousand (<10K) dollars and in my name. Previously I had funds (smaller amount but still big enough) wired direct to my account (AIB) and the hit with FX rate was horrible compared to what I expected. Felt like I was losing 1-2% on the move, so this time I asked for a cheque.

    My theory was to open a dollar AIB account and feed to Revolut from there. But I have a feeling this won't work? I think AIB restrict their dollar account transactions outbound to other accounts in your name at AIB or other dollar accounts at AIB, or am I wrong?

    Is there any other way I can cash the cheque into an account and get a reasonable FX rate? This will continue to happen periodically in my job so I'd love to find a long-term solution.

    Any suggestions appreciated and I would absolutely open a bank account with any other bank I thought it would work better with.

    I did already attempt wire transfer to Revolut a few months ago but it got rejected as the original source account of the funds wasn't in my name.


Comments

  • #2
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    Charges on a dollar cheque are extortionate and you could be waiting weeks/months for it to clear. Get an EFT I'd say.


  • #3
    g0g
    Registered Users, Registered Users 2 Posts: 2,791 ✭✭✭g0g


    Nervous Wreck wrote: »
    Charges on a dollar cheque are extortionate and you could be waiting weeks/months for it to clear. Get an EFT I'd say.
    I did EFT last time and there was a charge from sender end plus the horrible fx rate. I already have a cheque this time. I'm looking for a solution to cash/lodge it in dollars in Ireland then convert more favourably if this exists?


  • #4
    yosser hughes
    Registered Users Posts: 3,902 ✭✭✭yosser hughes


    g0g wrote: »
    I did EFT last time and there was a charge from sender end plus the horrible fx rate. I already have a cheque this time. I'm looking for a solution to cash/lodge it in dollars in Ireland then convert more favourably if this exists?

    Yep it exists. Open a dollar account with your bank, then convert at a time of your choosing. Bear in mind the dollar rate is pretty good right now. About 1.08. It was a lot worse for years.
    Will you have more cheques to lodge?


  • #5
    g0g
    Registered Users, Registered Users 2 Posts: 2,791 ✭✭✭g0g


    yosser hughes wrote: »
    Yep it exists. Open a dollar account with your bank, then convert at a time of your choosing. Bear in mind the dollar rate is pretty good right now. About 1.08. It was a lot worse for years.
    Will you have more cheques to lodge?
    Yes I'll have more cheques to lodge in future (hopefully!) but my problem is the rubbish FX rate that AIB give. It's not so much the value of USD vs EUR but more the bit the bank take via a less favourable rate!


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