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?
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?