Dollar Account?

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clare72

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Hi,

This might be a crazy question but, is is possible to open a dollar account in Ireland. I have my regular account in AIB, and i get a regular dollar bank draft from the states every other month. The thing is, we're getting married over there next year, and with the dollar being so good now, i was wondering is there any way i could avoid lodging the dollar bank draft into my regular account thus changing it to euros, where i'm going to lose money on, and instead lodge it to a dollar account, which we could use then when we are getting married in the states next year to pay for our wedding. We are at present saving for the wedding in our local Credit Union, but if there is such a thing as a dollar account, it would obviously benefit us, with the great exchange rate at present, to move some of them savings to a dollar account. For someone who doesn't even know if such a thing exists, i use the word enough times....lol. Any other suggestions are welcome....thanks
 
Re: Dollar Account??

Not sure about Ireland, however in the UK I know that Barclays have dollar accounts and Euro accounts, Euro savings accounts too. I have all of the above.

I was worried about my next Euro purchase - apartment in Hungary, the £ falling after the banking / subprime situation, so i converted all my cash into Euros .... after the falls in the £ vs the Euro this week I have made about £1000.

Im waiting for a while ..... see how the dollar fairs ..... tempted to purchase over there in the US ...... refinance when the dollar recovers a bit against the Euro, then pay for my place in Hungary.
 
Re: Dollar Account??

Anglo Irish bank offer the facility to open a US dollar account. I hold one and find it quite useful.
 
Re: Dollar Account??

Hi,

Merrill Lynch sent me a cheque this week from New York. Its only worth just over 300 dollars (it was for shares i received free gratis years ago and ML decided my account was too small for their business LOL).
I tried to lodge it in my credit union today but the girl said they dont do foreign currency. Is there some way i can cash it or lodge it maybe in a bank account that i have in BOI?

Thanks
 
Re: Dollar Account??

have dollar account in aib no big deal to open one up.
 
Re: Dollar Account??

On a similar vein, do Rabodirect offer USD (savings) accounts or are EUR only available? What about Northern Rock?

Thanks

Obi wan
 
We had a dollar account for lodging dollar cheques with aib for a year and then when we went to withdraw dollars they were insisting on charging a fee for changing the dollars to euro and back to dollars. we didn't pay it and got the dollars on a "sympathy" gesture as it was to pay adoption legal fees, so worth checking what the story is about withdrawals before you open one.
 
Anglo Irish Bank have very competive rates > [broken link removed]

great to save money with!
 
Is anyone using a dollar acc?

Is the rate of deposit on it based on the rates in the US?

I was told there are no Fx costs involved in opening the acc and lodging your initial sum.

BOI have one and it is easy to open also.

Can anyone advise of their view of any issues in holding this acc...Interested in gong in to BOI to see about it.

Currency risk a given.

Edit...

any gains made from a favourable Fx swing would be liable to cgt ?
 
Re: Dollar Account??


Your own bank should be able to convert it to euro and lodge it to your own account. It might take a few weeks to clear.
 
Anybody know if it's possible to open a US$ denominated account here in Ireland which can accept US$ transfers (e.g. wire transfers) directly from a US account without having to go via the bank's third party clearing bank in the US? I'm trying to transfer money out of E*Trade and they won't transfer to a third party account (e.g. the US bank account of Anglo Irish Bank if I were to open a US$ account with them) without additional administrative/validation hassle (e.g. notarized letter of authorization etc.). By default they will only transfer to an account in the name of the E*Trade customer. I want to keep the money in US$ so transferring directly from E*Trade to, say, PTSB as I have done before is not my preferred option in this case.
 
Club, Not exactly positive as to your question, but AIB offered to set me up a hold account in dollars which they claimed could do what you want (i.e. accept international transfers directly into the account in your name). However, I haven't filled out the forms yet as I wanted to check some other offers. I didn't go with the anglo account as it's a deposit account, meaning if you're transferring the funds out of the account it has to be to bank account in your own name (this didn't suit me at all). I'd appreciate it if you post what you find out/end up doing.
 
anglo-irish as well as some other ones offer a hold account. you can not top it up or take your money out before the term ends.
Ulster offers a current account in dollars, but it is quite costly to maintain it (i think it is around 50 usd for a month or so)
Also you must find the right person to talk to in your branch, as they open only a few of these accounts per year (hence, not every staff member had heard of it) I had to call their head office to find out the info. But they definitely offer this service
 
irash said:
anglo-irish as well as some other ones offer a hold account. you can not top it up or take your money out before the term ends.
Click to expand...
Their 1 month term account does not work like this. You can withdraw/deposit at any time (to an account in your own name). The 1 month bit only applies to locking in the interest rate at the start of each roll-over.

Their 1 month aer equiv rates vary a lot at the moment. 5% a month ago, 1.45% now. Latest [broken link removed]
 
madbint, do Anglo offer online access to these currency accounts, or is it branch only? Am considering a sterling one but online access would be handy
 
You can view an account summary online, but the angoconnect system is really view-only. Withdrawals are to a nominated account in your name, although you can change this nominated account at any time. Change of nominated account would have to be in writing. You can initiate a withdrawal to your nominated account via phone or email.
 
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