Transferring funds from US bank to Ireland

rock22

Hi

I am a little clueless regarding international transfers.

I have someone who needs to send me money from US to my Irish bank, about $4000 but might be in instalments. I have normal savings and current account in AIB. Any advice on the best way of doing this. I have read some threads here and they don't fill me with a lot of confidence.

Would I be better getting them to send me a cashiers cheque or draft?

Or could I use Paypal?

Or should I open a Revolute account? ( I know nothing about Revolute but believe it is good for money transfers)

I am a little worried as I know the sender will not be too good at following up on any problems if it does not go through.

3DataModem

wise or Revolut

wise is easier for one off transactions

both are perfectly safe.

Markus Antonius

I use wise all the time for this kind of thing. Prefer it to revolut as they have a nice desktop interface

Sheep Shagger

Whatever you do, don't use AIB or a legacy irish bank, PayPal or a bank draft, you'll get screwed on the rate and it will be a convoluted process.

Wise or Revolut. Once you open an account send the remitter your bank details (which you'll find in the Wise or Revolut app) for USD.

Job done, you can then sell the USD for EUR at your convenience.

Markus Antonius

https://www.boards.ie/discussion/comment/122795895#Comment_122795895

Or preferrably keep it as USD and earn about 3.5% interest (which on 4K would be around $12 per month)

rock22

Thanks for all the advice. I will look to setting up a Revolut or Wise account.

As the problem with such transfers seem to rest mainly with US banks, would I be right in assuming that it would be best for the sender to also set up a Wise or Revolut account? Or is that over-kill?

Keeping it in dollars might make sense although I have never been to US and very unlike to go there so I will need to transfer the fund to Euro at some stage.

3DataModem

No, sender just sends a bank transfer as normal to your bank details on wise/revolut.

Sheep Shagger

https://www.boards.ie/discussion/comment/122797576#Comment_122797576

Absolutely no need, they need the Standard settlement instructions (SSIs) / wire instructions regardless.

Keep it in USD until you know what to do with it, you can decide when the rate suits you that way too.

rock22

Thanks for those clarifications.