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USD account in Ireland?

  • 06-06-2020 11:19am
    #1
    glut22
    Registered Users Posts: 188 ✭✭


    Hi guys!
    Looking for the best solution here. Moving to Ireland in next few months and have a significant amount of USD in savings. I don't want to convert to euro it as yet. Would like to keep it as USD and see where the exchange goes in the next few months.
    There is no option to keep it where I am. Have looked at offshore bank accounts but a lot of paperwork and minimum balances and fees to set that up.
    Doesn't see to be an Irish USD account? BOI and AIB do currency deposit accounts but again lots of charges and seems to be a short term money in money out arrangement and not for holding USD?
    Looking at Transferwise/Revolut but that might be risky with a large amount.

    Any suggestions?
    Thanks in advance


Comments

  • #2
    advertsfox
    Registered Users, Registered Users 2 Posts: 2,699 ✭✭✭advertsfox


    TransferWise is definitely best choice, exactly what you need and no issues with large amounts. US Company I used to work for was sold last year and tonnes of folks opted to be paid in USD to TW accounts to save €1000s.

    When your ready, convert it to EUR and wire to an Irish bank via SEPA payment - will only take max 1 day in my experience.


  • #3
    ROVER
    Registered Users Posts: 429 ✭✭ROVER


    If you want to hold your funds in USD for a period of time you should consider the safety of your funds. Transfer Wise is not covered by the deposit guarantee scheme. I would open a USD account in one of the Irish banks and transfer your funds into that account. Use Transfer Wise when you eventually decide to convert to EUR if the FX rate is better.


  • #4
    bricks
    Registered Users, Registered Users 2 Posts: 443 ✭✭bricks


    I've transfered USD amounts into them before without any hassle.
    You can just convert to Euros whenever you want then with no commission charges at the interbank rate.


  • #5
    Oral Surgeon
    Registered Users, Registered Users 2 Posts: 3,240 ✭✭✭Oral Surgeon


    Is there any reason why you can’t just leave it in the US bank?? Then so an online transfer to your Irish account at some stage?!
    glut22 wrote: »
    Hi guys!
    Looking for the best solution here. Moving to Ireland in next few months and have a significant amount of USD in savings. I don't want to convert to euro it as yet. Would like to keep it as USD and see where the exchange goes in the next few months.
    There is no option to keep it where I am. Have looked at offshore bank accounts but a lot of paperwork and minimum balances and fees to set that up.
    Doesn't see to be an Irish USD account? BOI and AIB do currency deposit accounts but again lots of charges and seems to be a short term money in money out arrangement and not for holding USD?
    Looking at Transferwise/Revolut but that might be risky with a large amount.

    Any suggestions?
    Thanks in advance


  • #6
    glut22
    Registered Users Posts: 188 ✭✭glut22


    Have to close the local account when leaving the country...

    Its not the USA


    Revolut has the same protection issues as Transferwise? (which I read about thanks!)
    Which Irish bank do you suggest? I couldn't find a straightforward USD account just currency deposit accounts which aren't designed for just saving foreign currency?


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  • #7
    glut22
    Registered Users Posts: 188 ✭✭glut22


    279 euro per half year with AIB - Yikes!


  • #8
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    glut22 wrote: »
    Moving to Ireland in next few months and have a significant amount of USD in savings. I don't want to convert to euro it as yet. Would like to keep it as USD and see where the exchange goes in the next few months.

    One should always keep savings in the currency that they intend to spend the savings in. No point in taking FX risk. If you will spend the money in EUR, then convert to EUR now.

    If you will spend the money in USD, then ring PTSB, BoI, AIB and Ulster Bank and ask them if they apply any fees to a USD account.


  • #9
    glut22
    Registered Users Posts: 188 ✭✭glut22


    JTMan wrote: »
    One should always keep savings in the currency that they intend to spend the savings in. No point in taking FX risk. If you will send the money in EUR, then convert to EUR now.

    If you will spend the money in USD, then ring PTSB, BoI, AIB and Ulster Bank and ask them if they apply any fees to a USD account.

    I would disagree the EUR-USD rate is very volatile at the moment so I feel it wise to hold on to it as a hedge.


    The bank here provides accounts for legal residents only i.e. having business in this country...there's probably an option to delay/forget to close it but not a long term plan.


  • #10
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    glut22 wrote: »
    I would disagree the EUR-USD rate is very volatile at the moment so I feel it wise to hold on to it as a hedge.

    Will you be spending your savings in USD or EUR? If the answer in EUR, there is no need to engage in FX risk.


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