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Dollar account

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  • 17-05-2013 12:09am
    #1
    Yurple
    Registered Users Posts: 391 ✭✭


    Hi everybody,

    My company recently started to offer our services on online freelancing websites. On these websites we are getting paid in U.S. Dollars. Normally I get these dollars transferred to my BOI account once per month and sadly getting hit by all sorts of fees and taxes, and left with a lot less than I should.

    1 - is there any way to reduce these fees with a new account? Is there a better way of getting it transferred maybe to a credit card or a cheque?

    2 - I have to travel to the U.S. at the end of the year for 3 weeks and need several thousand dollars spending money, it would be horrible to change the earned dollars to euro, then back to dollars again. I will be hit by all these fees and taxes and what ever else TWICE. Is there any possible way of avoiding this issue? Can I provide the bank notice that dollars are coming in and keep them as dollars as a once off?

    Thanks in advanced and apologies for the unusual questions?


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    #2
    Bank of Ireland: Linda
    Closed Accounts Posts: 719 ✭✭✭Bank of Ireland: Linda


    Hi Yurple,

    No need to apologies for the questions as we will try answering all customer service questions we can through this forum.

    Bank of Ireland offers a range of 23 foreign currency accounts. UD Dollar being one of them. This can be very helpful for customers who have incoming and out goings costs in a foreign currency.

    You would be best to speak to your relationship manager in your local branch to discuss the best option available to suit your needs.

    If withdrawing cash from an atm machine;
    The charges for using a Visa Debit card abroad is:
    -  a cross border handling fee of 3.5% of the transaction value with a minimum charge of €3.17 and a maximum charge of €11.43 per transaction.
    - the currency exchange rate of the day will also apply
    - finally a normal transaction charge of

    The charge for using a Visa Credit Card abroad is:
    - a cross border handling fee of 1.75% applies on all transactions regardless of whether your credit card account is in credit or not.
    - the currency exchange rate of the day will also apply
    -  a cash withdrawal fee of €2.54 or 1.5% whichever is greater, applies unless your credit card account is in credit when the transaction hits the account or has a zero balance after the transaction is completed.

    I hope this answers all your questions and best of luck with your new business venture.

    Thanks
    Linda


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