US Dollar Accounts in Ireland

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muletide

Guest
Looking for a bit of advice and hopefully some guidance on the issue of opening a US$ account here in Ireland.

Work is taking me abroad for the next while and I will be paid in US$ while abroad. I was advised to open a US$ account with one of the banks back here and have portion of my monthly wage paid into it.

However on investigation of the options available it seems that the charges incurred are quite high. For example between 1 and 3% on every deposit depending on the amount.

This means that each time I get paid I will be hit with a between €50 and €100 charge. Now this could be offset by a strengthing dollar over the next year allowing me to choose the optimum point to convert my earnings back. (But of course I am aware a weakening dollar will only add my losses)

There are also charges for when I want to make withdrawals, as well as various other charges for cheques etc.

I always have the option to have the dollars paid into my regular account and just accept the exchange rate of the day.

I guess what I was hoping for here comes down to two areas:

1. Does anyone use any cheaper foreign currency accounts or can they recommend a bank that they have operated a foreign currency account with before?
2. Can anyone point me towards a good source of info on projections for the dollar vs euro throughout 2011?
Many thanks
 
M

mercman

Guest
Why don't you consider opening a US$ Bank Account in the UK or Isle of Man ?? I would say the charges for maintaining such an account would be much less than what you have indicated.

For your second question, it seems that you are seeking somebody to look into a crystal ball. Nobody can predict the future and all you will be quoted is verbal for what expert opinions are in writing.
 
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4,912
1. Does anyone use any cheaper foreign currency accounts or can they recommend a bank that they have operated a foreign currency account with before?
Which banks have you called for a USD deposit account?

Have you phoned PTSB who are good with non EUR deposit accounts?
Have you phoned Investec? I have never heard anyone mention charges with Investec like you have listed above.

Alternatively, as Mercman suggests, open an offshore USD deposit account, like with Nationwide UK on the IOM or check your options in NI.

There are lots of ways to open a USD account. I am sure you will find a USD deposit account without charges.
 
M

muletide

Guest
@ Mercman - no crystal ball required - as an adult I am fully aware no-one can predict the future hence why I didnt ask anyone for predictions. I only asked for sources of information that may guide me towards my own conclusion.

@ Ciaran - many thanks for suggesting PTSB - no fees for deposits or withdrawals in the US$ account. So guess who is getting my business??

Thanks again
 
S

socroni

Guest
A word of warning if you're planning to move your USD funds from PTSB.
They will not simply bank wire USD funds out of that account to another USD account.
They will
a) print a bank draft which many businesses will not accept and which can take 25 days to clear
Or
b) convert funds to Euro then convert again to USD and then bank wire
(I wouldn't like to imagine the currency conversion fees)

Like the above posters I would suggest an offshore account instead.
 
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