Savings in US Dollars..Best Options?

S

saram

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Hi all..

I am looking for some pointers or advice here..

I will return to Ireland in June after living abroad for a few years..

I have saved up over 30,000$ in cash and will return to Ireland in June with that. I am wondering what are my best options to maximise these savings!!

First of all, I will probably need to convert the money into Euro's right? Where would be the best place to do that..?

Second..Anybody have recommendations on where I should put my money.. I am thinking about doing some investing..maybe shares etc but I want to be sure to choose the right investment options...

Where can I start??

Thanks in advance..
 
Re: Savings in US Dollars..Best Options!!

HI there,

I am not sure if I would convert the dollars straight away given their weak rate vs Euro at present. I believe that Bank of Ireland operate dollar accounts but you would need to contact their International Division rather than a branch for that. Branches do not get involved in anyway. Also Anglo Irish Bank operate non-cash dollar interest bearing accounts, (cheques/drafts only). They may be worth looking into.
 
If you don't need the cash in the medium to long term, I'd recommend you purchase a number of different US stocks* as some are very good value at the moment. Sell up when the exchange is more favourable (and hopefully the stocks you bought will have risen in value too!).

*Get impartial advise on what stocks to buy if you're a novice investor
 
Hi

Anglo Irish Bank offer dollar deposit accounts but of course you need to present a cheque/draft. I would not convert dollars or sterling at current rates unless I really needed the Euros.

Slim
 
Hi saram

I wouldn't be too quick to convert dollars back to euro or sterling at the moment either. I too would look at the share option. If you are currently resident in the States you can apply for an online share account and continue to trade and manage this account when you leave the States. As per the post above, you will need further advice if a novice investor in shares.

Nor
 
If it is physical cash as opposed to cash on deposit in the states, you will probably have some difficulty as regards tax implications also

This wont be a problem as I am in Asia...and from Ireland..
 
slim might have answered my question; but my mother recieves a u.s pension in dollars, would the dollar deposit account be the wisest move ,any other ideas ,what is the long term forcast the exchange rate
 
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