Open dollar currency account in UK/Ireland?

T

tommybc

Registered User
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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?
 
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?
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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.
 
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)
 
am i correct or will i would i pay fees? (other than the usual fees that you must pay for normal euro accounts)
 
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.
 
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.
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good idea but wouldnt i need a SSN number to open one?
 
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
 
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..?
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Sounds like opening an on-demand USD account elsewhere is your only option. Have you checked with the other banks listed above?
 
CiaranT said:
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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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.
 
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.
 
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 ?
 
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 ?
Click to expand...

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?
 
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 ?
 
Awesome Dodo said:
but can I get cash from that account somehow ?
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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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