Question about € and $

E

election0

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I have some money saved in an Irish bank account in euros . I intend moving to the US Lord willing in the future. I would like to take advantage of the low value dollor . I could change it in to dollors here in Ireland but would not want to carry that much cash on my person to the US .
I could transfer it to a US account but would like to avoid the transfer fees .

Can I invest in Dollors from here in Ireland but pay in Euros ?
 
I am actually unclear what you are asking. Are you querying the future direction of exchange rates or looking for advice on how to transfer dollars to the US?
 
He is asking can he invest in a USD product and pay in EUR, the most simple of which would be buying USD with EUR and leaving said USD in deposit account.

Very simple question.
 
Western Union

I heard that criminals can use this as a way of keeping cash, you can wire it to yourself and leave it in the system for up to a year. I imagine you could then collect the cash in the states in dollars.

I assume that if you lodge money here to a family member abroad commission is taken from you to wire the money to them and they receive it in the local currency.

Could be a way of avoiding double charges etc.....?

Im actually onna look into it myself..
 
Re: Western Union

monkeyboy said:
I heard that criminals can use this as a way of keeping cash, you can wire it to yourself and leave it in the system for up to a year. I imagine you could then collect the cash in the states in dollars.
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Wire transfers are subject to the usual money laundering rules - see here.

Why (if you want to earn a return on the money) would you leave it in the transfer system for a year where it will earn nothing?

If the OP simply wants to open a USD bank account in Ireland, then Anglo Irish certainly offer this service-I think the minmium opening lodgement is $1,000-other banks may not be as flexible.
 
Re: Western Union

monkeyboy said:
I heard that criminals can use this as a way of keeping cash, you can wire it to yourself and leave it in the system for up to a year. I imagine you could then collect the cash in the states in dollars.
Click to expand...

This doesn't sound in any way right. What do you mean by "in the system". If you wire money to an account and it is not delivered to that account it will be returned in a few days. Anyway, who wants to give the bank a free loan for a year?

Why doesn't the OP just open a dollar denominated account with an Irish bank?
 
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Re: Western Union

room305 said:
Anyway, who wants to give the bank a free loan for a year?
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As I said "crimnals"

5.3% is what it costs.

I never stated that I was referring to Western Union, its not like one bank acc t another as 305 seems to be confused by....
 
Re: Western Union

monkeyboy said:
As I said "crimnals"

5.3% is what it costs.

I never stated that I was referring to Western Union, its not like one bank acc t another as 305 seems to be confused by....
Click to expand...

Oh right, you're talking about Western Union, Moneygram and similar transfer operations? They are slightly more lax with regard to money laundering regulations alright - especially if you are transferring to certain countries in West Africa.

However, I would query if it's really the best option for the OP given both the transaction costs and the opportunity cost of foregoing interest.
 
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