Selling US Shares and taking payment in USD

[Rusty Cogs]

I have a USD share holding and need to close out the position as I need USD for another investment. I've no need to convert the proceeds into EUR so I don't want to lose on two exchange rate changes. My broker confirmed that they can issue me with a USD cheque but how do I cash that in to USD cash. Do banks offer foreign (USD) accounts I could lodge it to ? (Bank with AIB) or will an institution cash the cheque directly into USD ?

Thanks for reading.

 

[Car Mad]

I have a USD share holding and need to close out the position as I need USD for another investment. I've no need to convert the proceeds into EUR so I don't want to lose on two exchange rate changes. My broker confirmed that they can issue me with a USD cheque but how do I cash that in to USD cash. Do banks offer foreign (USD) accounts I could lodge it to ? (Bank with AIB) or will an institution cash the cheque directly into USD ?

Thanks for reading.

Get your old broker to write out the USD cheque directly to the company that you want to buy new shares in.

 

[Rusty Cogs]

It's not a company I'm investing in, I need the cash, preferably in hand or in a USD bank account I can transfer to the US in.

 

[jrewing]

I have a USD account with Bank of Ireland through their Global Markets Dept. I believe you can also set one up through Anglo.

 

[Rusty Cogs]

I'm answering my own question here. AIB can open up a USD bank account to receive (like my USD cheque) and hold funds in USD. I understand that they would cash a USD cheque directly as long as its under €3,000 (equivilent) but for amounts over €3,000 (equivilent) you need to open up a USD account and lodge the funds. I imagine there's some sort of AML trigger on +€3,000 amounts necessitating the account. All this obviously applies to existing AIB customers only.