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.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
as a retail customer? how would you organise this?If you're talking 6 figures, mainstream banks will offer you a spot deal at low margin.
have one but im a little worried about taking significant amounts of money into revolut...Maybe look into getting one of the premium Revolut cards with an Irish IBAN and transferring the USD in there ?
Move it in, convert to euros as soon as it arrives and then transfer it out.have one but im a little worried about taking significant amounts of money into revolut...
Do you mean the company that you work for or the company that you are involved in running/managing/owning?My company
I previously did this before Revolut changed to Irish IBANS, share proceeds from Compushare in dollars to Revolut. Just tried to update account details today. Compushare doesn't seem to recognise the new Irish Swift code for Revolut.Move it in, convert to euros as soon as it arrives and then transfer it out.
Whatever solution you arrive at do not pool your funds.
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...
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
If you're talking 6 figures, mainstream banks will offer you a spot deal at low margin.
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.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
Deleted post Ignore meDo 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?
In my old company e-trade facilitated thisIs 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.
Any jobs available in your company by any chance?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.
I had the same concerns re. Revolut and large amounts of money from reading posts on here.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.
I do this with a boi USD account and then transfer from there to Currencyfair for the fx into euros.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
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.@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.
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