Moving to Ireland from the US: Bank and Foreign Exchange Question

Y

Yetagain

Guest
Hello,

I am moving back to Ireland from the US after about a decade and have a two part question with regard to the most cost efficient way to bring a sum of Dollars back and transfer them into Euro?

1) Exchange Rates
I'll be transferring approx $300,000 from the US to Ireland. As this is a substantial size for me, and hopefully the downpayment on a house, I'd appreciate any advice on where to find the best exchange rates. The buy/sell spread on foreign exchange transactions from US banks seems very high so it wouldn't be prudent to change in the US.

2) Money Transfer/Bank Account/ Wire Transfer
I can probably initiate a wire transfer into an Irish bank account but I can't open a new bank account in Ireland until I am resident once again. I do have a job already but am not there yet. Does anyone perhaps know of a way to open and fund an account in advance?

Thanks for your help.
 
Contact a bank in ireland and ask if they will offer a preferential rate on your FX , they should for that much. Also see if they will facilitate a usd currency account instead and then you could choose to transact when market rates suit you better, you'll still be able to negotiate a preferential rate at that stage. If you require to dip into the funds for living expenses you could still maintain a usd account and transfer smaller amounts to spread the currency exposure. If you think usd rates will improve then keep as much in dollars as you need, but the rates could go either way.
 
its not possible to open and fund an account from overseas, transfermate.com offer currency orders so you tell them what exchange rate you want (not sure what their minimtm is)to get and they place an order on the currency market. You can cancel it if it hasnt hit yet and move. They also open irish bank accounts for you day you land in dublin so you can have your funds that day
 
you can use a forex broker within the UK and you can exchange the currency and then have them hold the funds until the account is opened in Ireland and when the account is opened have the broker move the funds to your new account. There are a number of good brokers such as omnisfx, travelx. it is always worth getting quotes off a few. There is also a number of that can help you through the process.

i hope this has been of use
 
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