Options for receiving a large amount of USD

M

Marine1

Registered User
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Hi all,

This is all only a potential issue but i wanted to get prepared regardless.

My company may close a transaction later this year that will mean most of the staff are due a payout in USD, this will range from 7 figure payments to low 6 figure amounts at the lower end.

What i am wondering is what is the smartest way to receive this money without getting clobbered by stand exchange conversion getting it paid into your personal current account.

Things i am thinking of:

Collective ideas (try to solve for everyone as a group)

Receive it into transfermate or similiar and negotiate a rate with them for the conversion, maybe could get them to do a group deal if a large no of people sign up. - Cons reliance on a 3rd party

See if our corporate bank could facilitate receiving the money on our behalf and agreeing a conversion and then disbrusing the funds to each individuals account - Cons presume in these days of death by KYC that this would be a non runner

Personal (leave everyone to their own devices and just consider for me personally)

Open a currency account with my existing bank and take in as USD - still have the issue with getting it into euro and my last experience with a currency account with AIB was that it was a pain to administer.

Receive it into revolut and exchange myself over time (using a premium account to bypass fx limits) - Cons putting a large amount of money into revolut...

Transfermate option above is also there but again same con applies.

Maybe im missing something more straighforward or obvious?
 
Marine1 said:
Receive it into transfermate or similiar and negotiate a rate with them for the conversion, maybe could get them to do a group deal if a large no of people sign up. - Cons reliance on a 3rd party
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There is astronomical risk here for the benefit involved. All sorts of things could go wrong if you put your money into an account in someone else’s name.

More likely to flag AML checks too.

Whatever solution you arrive at do not pool your funds.
 
@Marine1
AIB & BOI operate a cut-off of 70k euro equivalent. Published rates aren't valid for anything over that.
BOI have a phone number to contact their dealing desk, and AIB say to contact their branch. Not sure about PTSB policy.

I don't work in this area of banking, so I'm not sure if the bank will contact you automatically if they receive a payment over this amount and you haven't given an instruction.
 
Is this just the company sending everyone wires, or is there an intermediary, the likes of e-trade or Shareworks or similar? If the latter it may be worth asking what their FX margin would be (to send it as a EUR wire); you may be pleasantly surprised.
 
NoRegretsCoyote said:
Whatever solution you arrive at do not pool your funds.
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Fully agree. The savings would not be worth the hassle.
Marine1 said:
Receive it into revolut and exchange myself over time (using a premium account to bypass fx limits) - Cons putting a large amount of money into revolut...
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Absolutely huge con putting a large amount into Revolut. They will probably freeze your account and you will go mad trying to deal with them.
Just not an option.

Marine1 said:
Receive it into transfermate or similiar and negotiate a rate with them for the conversion, maybe could get them to do a group deal if a large no of people sign up. - Cons reliance on a 3rd party
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Key Post - The best way to transfer large amounts in euro to and from other currencies

Updated July 2014 The best way to do this is to use one of the money exchange services as they give rates better than the banks. (However, Chillaxed is getting better rates from Bank of Ireland on large regular transactions, around $500,000 a year) You can ring around a few of them and open...
www.askaboutmoney.com

Seems the best option. But I found transfermate impossible to deal with while currency fair is great.

RedOnion said:
If you're talking 6 figures, mainstream banks will offer you a spot deal at low margin.
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So shop around. Ask your bank. Ask transfermate.
 
I wonder if it's possible for you to open an US$ account in Ireland? Get the money paid into it first and then take your time deciding what to do.

Brendan
 
Brendan Burgess said:
I wonder if it's possible for you to open an US$ account in Ireland? Get the money paid into it first and then take your time deciding what to do.

Brendan
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Not a bad suggestion for the op personally my experience with having a gbp one through aib was very poor. I'd be inclined to go with one of the FX traders.
 
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ClubMan said:
Do you mean the company that you work for or the company that you are involved in running/managing/owning?

Doesn't the company have an accountant to assist with this sort of issue?
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Deleted post Ignore me
 
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Hmm5673 said:
Is this just the company sending everyone wires, or is there an intermediary, the likes of e-trade or Shareworks or similar? If the latter it may be worth asking what their FX margin would be (to send it as a EUR wire); you may be pleasantly surprised.
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In my old company e-trade facilitated this
 
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Marine1 said:
Receive it into revolut and exchange myself over time (using a premium account to bypass fx limits) - Cons putting a large amount of money into revolut...

Transfermate option above is also there but again same con applies.
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I had the same concerns re. Revolut and large amounts of money from reading posts on here.

Can't speak to Transfermate, but I went down the Wise route. Had no problem in sending a 6 figure amount to Wise (after a few low figure transfers) then moving to my € account and then to my Irish current account. Wise just asked me what the purpose was for these funds, in my case it was a house purchase.

As per other posts, no doubt there is a better more cost effective way of doing this and avoiding retail exchange rates.

Just thought I'd share my Wise experience.
 
Brendan Burgess said:
I wonder if it's possible for you to open an US$ account in Ireland? Get the money paid into it first and then take your time deciding what to do.

Brendan
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I do this with a boi USD account and then transfer from there to Currencyfair for the fx into euros.
 
RedOnion said:
@Marine1
AIB & BOI operate a cut-off of 70k euro equivalent. Published rates aren't valid for anything over that.
BOI have a phone number to contact their dealing desk, and AIB say to contact their branch. Not sure about PTSB policy.

I don't work in this area of banking, so I'm not sure if the bank will contact you automatically if they receive a payment over this amount and you haven't given an instruction.
Click to expand...
Yes, AIB does anyway, I got a call from them re a preferential rate pending receipt of a larger USD amount into my personal account earlier this year.
 
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