Alternative to PTSB FX accounts

[gLo]

I have a US$ and a GBP account with PTSB.
Since I travel a lot (Pre-Covid) and need quantities of cash for business purposes, I found the ability to lodge/withdraw foreign cash to these accounts (fee free) very useful.
Any surplus on returning, I could just lodge back into that account without any charges or fees.
Initially I had funded these accounts with cash ($&£).

With PTSB shortly pulling their FX Cash service, I am looking to find an alternative Foreign Currency account.
Any foreign accounts I have found don't appear to support cash lodgements/withdrawals.

In addition, I need to decide what to do with my current balances.
As I see it, the best option is to withdraw all funds in that currency, in cash, which I don't really want to hold.
I don't trust PTSB to be able to wire say $ to $ account without ridiculous fees or conversion charges.

Any advice or experience gratefully accepted.
gLo.

 

[jpd]

It was my understanding that are withdrawing foreign exchange cash services, not foreign exchange accounts

Nobody is interested in FX cash anymore - after all who uses it?

Anyone looking for foreign cash uses their card in an ATM to withdraw whatever cash they need

It is also full of difficulties in policing aml

 

[gLo]

I think you missed the point of my post.

It was my understanding that are withdrawing foreign exchange cash services, not foreign exchange accounts
- Yes correct, but as I outlined in my OP the advantage of the PTSB Foreign currency account to me was that I could make feeless deposits/withdrawals in foreign currency (notes)

Nobody is interested in FX cash anymore - after all who uses it?
- I do, and I'm sure many other business travellers do and are sick of being gouged with exchange fees.

Anyone looking for foreign cash uses their card in an ATM to withdraw whatever cash they need
-And what do you do with remaining currency? Leave it in a drawer ? Lose it?

It is also full of difficulties in policing aml

Policing what?

 

[tomdublin]

Revolut is the solution.

 

[EmmDee]

I have a US$ and a GBP account with PTSB.
Since I travel a lot (Pre-Covid) and need quantities of cash for business purposes, I found the ability to lodge/withdraw foreign cash to these accounts (fee free) very useful.
Any surplus on returning, I could just lodge back into that account without any charges or fees.
Initially I had funded these accounts with cash ($&£).

With PTSB shortly pulling their FX Cash service, I am looking to find an alternative Foreign Currency account.
Any foreign accounts I have found don't appear to support cash lodgements/withdrawals.

In addition, I need to decide what to do with my current balances.
As I see it, the best option is to withdraw all funds in that currency, in cash, which I don't really want to hold.
I don't trust PTSB to be able to wire say $ to $ account without ridiculous fees or conversion charges.

Any advice or experience gratefully accepted.
gLo.

The fact that you were getting fee free cash handling is the most surprising element of this. I'm not surprised they are withdrawing the service. Cash handling - especially foreign notes - is incredibly expensive. And particularly USD because very few US banks are offering banknote services to international banks. It's an expensive service to provide and is so difficult to monitor for AML purposes.

In effect PTSB weren't passing on the cost to you - but if they charged the economic cost of providing the service, you would probably be paying 10% on cash transactions. And that is why they are stopping - you were getting a free ride up to now. You can't really complain about it

 

[jpd]

I think you missed the point of my post.

Policing what?

Policing aml - Anti Money Laundering

All financial institutions have to police transactions and cash transactions in particular to combat money laundering