# Open dollar currency account in UK/Ireland?



## tommybc (9 Jun 2014)

howdy, i have dollars in paypal which i want to put in my bank, but is there any savings/current currency account which i can deposit  the money with no fees/charges, or would i have to create an account in USA to do that?


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## Gervan (9 Jun 2014)

Investec has foreign currency accounts from 1 month deposit term up. The interest is not much , and I don't know how you would transfer from paypal.
http://www.investec.ie/private-clie...counts/foreign-currency-deposit-accounts.html


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## Lightning (9 Jun 2014)

tommybc said:


> howdy, i have dollars in paypal which i want to put in my bank, but is there any savings/current currency account which i can deposit  the money with no fees/charges, or would i have to create an account in USA to do that?



You don't have to go to the USA. 

AIB, BoI, PTSB, Ulster, Investec and others offer USD accounts. PTSB rates are here. USD rates are very low in general. 

You leave yourself open to FX risk if you keep a USD savings account open when your base currency is EUR.


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## Ravima (9 Jun 2014)

In theory Ulster might do it, but in practice?????????????????


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## tommybc (12 Jun 2014)

thanks for the replies, if i open a currency account with one of the above will there be any monthly, quarterly or yearly charges, or will it be like a normal account (apart from the currency) apart from bad interest rates (which i dont mind anyway due to dirt taking 41 percent)


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## tommybc (13 Jun 2014)

am i correct or will i would i pay fees? (other than the usual fees that you must pay for normal euro accounts)


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## Lightning (14 Jun 2014)

You should be able to get a USD deposit account without fees. I am pretty sure that there are no fees on the Investec USD deposit accounts. You really are best off doing a ring around of all the above listed banks to get USD rates and any potential fees.


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## tommybc (14 Jul 2014)

CiaranT said:


> You should be able to get a USD deposit account without fees. I am pretty sure that there are no fees on the Investec USD deposit accounts. You really are best off doing a ring around of all the above listed banks to get USD rates and any potential fees.



good idea but wouldnt i need a SSN number to open one?


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## Lightning (15 Jul 2014)

tommybc said:


> good idea but wouldnt i need a SSN number to open one?



No. You don't need a SSN number to have a USD account.


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## Juanchops (7 Jan 2015)

Hi,

I'm looking into opening a USD acc also. Investec don't seem to have an on-demand USD account. I'd rather not wait for my cash should I wish to convert to Euro in order to take advantage of a favorably exchange rate. 
Any way around this..?

Thanks,

Juan


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## Lightning (7 Jan 2015)

Juanchops said:


> I'm looking into opening a USD acc also. Investec don't seem to have an on-demand USD account. I'd rather not wait for my cash should I wish to convert to Euro in order to take advantage of a favorably exchange rate.
> Any way around this..?



Sounds like opening an on-demand USD account elsewhere is your only option. Have you checked with the other banks listed above?


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## Juanchops (9 Jan 2015)

CiaranT said:


> Sounds like opening an on-demand USD account elsewhere is your only option. Have you checked with the other banks listed above?



Hi Ciaran,
Looks like I'm going to go with either AIB or BOI. I'm not really concerned with the interest rate as all seem to be abysmal at best. Ease of access and the ability to convert at short notice is what I'm looking for.


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## postman pat (9 Jan 2015)

Another thing about exchange risks to consider is that they can work in a persons favour as well... as i have some american stocks and over the last year or so the currency movements have been in my favour.


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## Awesome Dodo (7 Aug 2020)

Same question still stands 5 years later ...
I am saving US dollars for a future US visit , anyone know which Irish bank or financial institution can open a US dollar account for me without complications ?
I rang AIB , KBC with no luck . AIB said you need to have an income from rent in US dollar or a good reason to open one , Ulster Bank do but they don't give appointments during COVID period 

Any other bank you aware of ?


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## TLO (7 Aug 2020)

Awesome Dodo said:


> Any other bank you aware of ?


Revolut might be the way to go.  It is a pre paid debit card onto which you can load USD, GBP, and EUR.  Ideal for managing travel funds.


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## EmmDee (7 Aug 2020)

Awesome Dodo said:


> Same question still stands 5 years later ...
> I am saving US dollars for a future US visit , anyone know which Irish bank or financial institution can open a US dollar account for me without complications ?
> I rang AIB , KBC with no luck . AIB said you need to have an income from rent in US dollar or a good reason to open one , Ulster Bank do but they don't give appointments during COVID period
> 
> Any other bank you aware of ?



I have a USD account with BoI Treasury. But I also use BoI as my main bank so not sure if they would open one for a "walk in". I was routed to Treasury via my relationship manager.

But I would suspect any bank would be reluctant to open an account for what you describe - if there isn't going to be an ongoing need for the currency account the hassle of opening it won't be worth it. If the value of the USD is fairly low, would you be better using one of the online services?


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## Awesome Dodo (7 Aug 2020)

Thanks for your replies...
I was thinking to put a lump sum and use it over multiple trips , I will need cash in many situations so card won't be sufficient here .
Not sure how Revolut works , but can I get cash from that account somehow ? or I need to transfer revolut fund to a US dollar account before cash it out ?


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## TLO (7 Aug 2020)

Awesome Dodo said:


> but can I get cash from that account somehow ?


Just go to an ATM, preferably one operated by one of the large banks, for example, Bank of America, and use your Revolut card to withdraw the cash that you need.  Although you shouldn't need much cash, the U.S., in common with many countries, is rapidly moving away from cash due to Covid.


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## Awesome Dodo (7 Aug 2020)

Thanks a mil , much appreciated


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