# sterling bank account



## apple (30 May 2007)

Hi 

I have a company set up based in the midlands and pay alot of suppliers in sterling & US dollars. How can I go about getting a sterling account and dollar account to get a cheque book, at the moment I either pay by credit card or through my euro account.

Thanks in advance for any advice


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## CCOVICH (30 May 2007)

I don't think that suppliers based abroad (assuming that is why you are paying them in USD or GBP?) would be keen on accepting GBP or USD cheques issued by Irish banks as they may not be easily cashed in their own country.


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## apple (31 May 2007)

True, Is it possible for a company to open a sterling account in the north even do your based in the south.


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## Joe1234 (31 May 2007)

apple said:


> True, Is it possible for a company to open a sterling account in the north even do your based in the south.



Yes it is possible.


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## demoivre (31 May 2007)

My local AIB branch set up a sterling account several years ago for me with one of their London branches ( 11 Old Jewry, London EC2 8DP ). I used to make sterling lodgements  through my local AIB  bank  and wrote sterling cheques for payments out of the account - never had any bother.


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## CCOVICH (31 May 2007)

demoivre said:


> I used to make sterling lodgements  through my local AIB  bank  and wrote sterling cheques for payments out of the account - never had any bother.



Can you clarify-the cheques were drawn on the UK branch and used to make payments in the UK?


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## ang1170 (31 May 2007)

There should be no issue with any of the main banks opening sterling or US$ accounts: I've had both (with AIB) in the recent past.

We had significant auppliers and customers who dealt in US$, so it made sense to have the account to minimise currency conversions.

I'm not sure what the situation is with cheque books: all our transactions were done electronically, apart from the odd US$ cheque lodged to teh account.

Best advice: ask your bank.


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## demoivre (31 May 2007)

CCOVICH said:


> the cheques were drawn on the UK branch and used to make payments in the UK?



Correct.


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## Keentoinvest (31 May 2007)

Contact Transfermate in Kilkenny 056 7794555, ask for Sinead. They are an international payments provider and basically make international payments on your behalf and are far cheaper than using the Irish banks as they buy currencies in high volume.

I do some work with them. You can get a free XE quote and compare with what the banks offer to see yourself.


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## ang1170 (31 May 2007)

If you're making significant currency changes, you should always get a rate from your bank first: for larger amounts, they should provide a better rate than that available over the counter.

It's one of those things, that if you don't ask you won't get.


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## BetterBiz (31 May 2007)

I have used www.moneybookers.com before to send overseas payments and found them very cost effective.


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