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Lodging a US Dollar Cheque

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  • 23-01-2012 8:50pm
    #1
    explode
    Registered Users Posts: 18 ✭


    Wondering what the best way to lodge a US Dollar cheque and keep it in Dollars is?
    Is it possible to open a USD account in one of the high street banks and then lodge the cheque to that account. If so would I face any charges and would I be able to withdraw USD cash?
    Thanks


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    #2
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    You can open a US dollar hold account but banks won't want to do it for a one-off lodgment. There needs to a genuine reason for opening and moderate usage.

    There are fees.

    You can't withdraw US cash. There are ways around it* - but the banks discourage them as they make no money from the transaction.

    * get a cheque book on the account. Write cheque for the desired amount of US dollars. Bank buys cheque off you and sells you an equivalent amount of US dollars. Same rate used for both transactions.


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    #3
    explode
    Registered Users Posts: 18 ✭explode


    Thanks nlgbbbblth


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Writing a USD chq and exchanging for USD cash and using the same rate is called a contra rate, just make sure the bank you deal with will do this.


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