# Opening Dollar/ Sterling Account



## tool (1 Dec 2011)

What is the cheapest, best and secure way to open a dollar and sterling account for deposits

Do these type of accounts exist in Irish banks or am I looking at opening an account with a foreign bank? Which is more secure?

How should I approach this?


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## wbbs (1 Dec 2011)

If you are an Ulster Bank customer they can open a sterling account in UB Newry for you.


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## tool (1 Dec 2011)

I have an UB account in the Rep. Do I have to travel and have an address in the UK to get a sterling account? Is it cheaper to do it on line using an exchange website? If I use an exchange website can I hold a lump sum amount in sterling/dollard?


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## wbbs (1 Dec 2011)

No, you can fill the forms in your local UB if you are a customer and they will send them off for you, don't need UK address.

On the currency transfer, I don't know how that works, for the opening lodgment UB sends off a sterling draft that they sell you, there has to be something in it for them!   Maybe you can make further lodgments some other way.


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## Lightning (2 Dec 2011)

tool said:


> What is the cheapest, best and secure way to open a dollar and sterling account for deposits
> 
> Do these type of accounts exist in Irish banks or am I looking at opening an account with a foreign bank? Which is more secure?
> 
> How should I approach this?


 
Most Irish banks offer GBP and USD accounts. For example, Permanent TSB offer both. 

If you want to open a GBP account in the UK read Brendan's post on opening a GBP account in Northern Ireland.

USD accounts in the USA can be opened online with banks like TD Ameritrade. 

The easiest option is to open your GBP and USD account with an Irish bank.


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## tool (8 Dec 2011)

If I can open a sterling & dollar account with the Irish banks then has anyone doe a comparison of costs of foreign exchange for these or other banks?


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## Lightning (8 Dec 2011)

tool said:


> If I can open a sterling & dollar account with the Irish banks then has anyone doe a comparison of costs of foreign exchange for these or other banks?



You are normally best doing the FX transfer with a 3rd party such as Transfermate.


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## tool (8 Dec 2011)

How does FX transfer with a 3rd party work? Whats required to open a transfermate account?

I presume I do a FX transfer with 3rd party and then transfer the sterling into an Irish bank (AIB) sterling lump sum account, is this correct?

If I do use a 3rd party to complete the FX then I presume I can just transfer my sterling into any Irish or foreign sterling account, in the same manner that I would with a euro account?

What other 3rd party FX parties could I use? Thanks Ciaran..

From AAM I have read that an Irish resident should "convert before transferring into a sterling account" to save money. Is this true?


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## Lightning (8 Dec 2011)

tool said:


> How does FX transfer with a 3rd party work? Whats required to open a transfermate account?



You send them the EUR, and then they send the GBP/USD to the relevant account. 

Opening doc requirements are here: http://www.transfermate.com/en/faq.html



tool said:


> I presume I do a FX transfer with 3rd party and then transfer the sterling into an Irish bank (AIB) sterling lump sum account, is this correct?



Yes, you tell Transfermate where you want to send the GBP.



tool said:


> If I do use a 3rd party to complete the FX then I presume I can just transfer my sterling into any Irish or foreign sterling account, in the same manner that I would with a euro account?



Yes, just give them the IBAN codes. 



tool said:


> What other 3rd party FX parties could I use?



Multiple posters have recommended Transfermate. I will leave it to other posters to recommend other options. 



tool said:


> From AAM I have read that an Irish resident should "convert before transferring into a sterling account" to save money. Is this true?



Yes, to save on Margin costs by using 3rd party transfer sites like Transfermate.


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## pudds (8 Dec 2011)

I see @ todays rates E10k = GBP 8.5k which is slightly over a 25% difference despite the different currencies.

It has been said that an punt nua would have a devaluation of around 25%
on that basis is there any point in holding cash in sterling? at the moment. 


Just taking a very simplistic view.


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## tool (8 Dec 2011)

Inquired with UB about opening a NI based sterling account. Was told that I would have to file my own tax returns as its outside Rep? What is involved here?


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