Invest in USD

[obrienkevo]

Hi,

I am looking to buy US dollars. Basically I was hoping to open a bank account in USD (for investment growth purposes) but this does not seem possible.

What are my other options? FX Trading?

Thanks!

 

[joe sod]

some banks allow you to open US dollar accounts, I think AIB and BOI allow you have one. I had one a few years ago with Danske Bank but now no longer. I would not advise "investing" in currencies and especially not now after such a big move already in the euro/dollar exchange rate. The euro was at $1.50 in 2011 now at $1.07 there may not be much more left in it and it could go the other way. I remember in 2011 nobody wanted US dollars everyone was looking to buy Australian/Canadian dollars that would not look so good today.

 

[Lightning]

A USD account can be opened with BoI, AIB, PTSB and Investec. USD rates are low. PTSB offer some of the better, but low, USD rates.

Ensure you get a good FX rate by using an online currency broker and not the banks default rate.

Investing in currency incurs high risk.

 

[stephnyc]

I tried opening a USD account with AIB recently (as I am a long time customer) and they said it was for business only - and I should provide a business case if I wanted to proceed. I didnt pursue it.