Bank Query

missbaker

Hi, im moving to New York next month and wondering does anyone have advice on transferring money from my Irish account to US account, Wont have US account until I arrive there so just curious about time frame of transfer and how easy or complicated it will be.
Thanks in advance

silja

What I'd recommend is set up your Irish account for international bank transfers (you may need a special PIN for that- I do with BoI), then you can wait it out and transfer money as and when you need it/ when the exchange rate is favourable. For me, BoI charges 5 euro per transfer and my US bank charges nothing to receive, but that is different for each bank, so be sure to ask.

biddywiddy

So is it better to do something like this - transfer euros from an Irish account to a US account?

I'm moving to the US later this month and I'm not sure what to do. Should I bring dollars or euros (cash) with me and lodge to my US account (when I open one)? Or leave everything in my Irish account?

silja

Well, a lot will depend on the amount we are talking about, how long you will be in the USA and how you will have money to spend the first few days/ weeks. If it';s only a couple of thousand euro, you are probably better off changing it in Ireland and bringing it over in cash, if you are comfortable doing so. Similarly, if you do not have an Irish credit card to use for your first few days/ couple of weeks purchases or must make large purchases immediately, you will need to figure out how to do so.

biddywiddy

Just talking about a few thousand euro really. I guess there may not be much difference in exchange rates in Ireland and in the US - I'm probably over-thinking this! I can use my Irish Visa Debit card and credit card initially, but I'd like to start using my US account as soon as I can. I'll need to sign up to some sort of phone contract, broadband, buy a car etc

ProudDUB

Sign up for online banking with your Irish bank before you leave. They'll need to post you out two different pin numbers that you will need to be able to access your account on line. Don't wait wait until you are in the US do that that. When AIB and Bank of Ireland post stuff to my US address, my getting it can be a bit hit and miss. You don't want important stuff like that to go astray. Once you are set up for cyber banking, you can easily transfer money between your Irish and US banks. As silja says, enquire up front what the fees are both here and over there. It can vary hugely from bank to bank.

Start using your US account as soon as you can & get yourself a US debit card. You can use your Irish debit card in the US, but you'll be charged a fee if you use it outside of Ireland where a foreign currency transaction is involved. Irish banks also have a very low limit of how much cash you can withdraw from ATMs when you are outside of the eurozone. (This is to protect them if it gets stolen while you are traveling.) This can be as low as $100 per day, so you'll want to move on over to using your US one as soon as possible.

America is very much behind the times when it comes to paying for your monthly bills. Direct debits are not the norm the way that they are here. A lot of companies will still post you out an old fashioned paper bill, and expect you to figure out how to pay it month by month.

dave2pvd

ProudDUB wrote: »

America is very much behind the times when it comes to paying for your monthly bills. Direct debits are not the norm the way that they are here. A lot of companies will still post you out an old fashioned paper bill, and expect you to figure out how to pay it month by month.

ProudDUB, that's pretty much all changed now.

90% of my monthly bills have a paper statement opt-out option. I don't write any checks (cheques) for monthly bills. The only entities that seem to be behind the times are local government. So, I pay my water bill by e-check. Annually, I pay property tax by paper checks (city & county).

I have avoided automatic direct debit for most monthly bills. I'd rather initiate each one after reviewing the bill, online.

lil_lisa

I think what ProudDub is saying is that a large percentage of people still write cheques and send bills through the mail compared to at home where its almost assumed people will do everything online so a lot of places won't even let you open up an account without a direct deposit initiated.

ProudDUB

Yep. Ta. That's what I meant.

In the US, you also won't get a discount for paying via direct debit, the way that you can often do here, with the likes of Electric Ireland and Bord Gais. Over there, your monthly bill is your monthly bill, regardless of how you pay.

dave2pvd

ProudDUB wrote: »

Yep. Ta. That's what I meant.

In the US, you also won't get a discount for paying via direct debit, the way that you can often do here, with the likes of Electric Ireland and Bord Gais. Over there, your monthly bill is your monthly bill, regardless of how you pay.

Very true. My local water authority actually have a primitive online billpay system. However, they attempt to charge a 'convenience fee' if I use it.

Ponster

lil_lisa wrote: »

I think what ProudDub is saying is that a large percentage of people still write cheques and send bills through the mail...

Took me a long time to get around that our banking practices in Europe are much more advanced when it comes to banking in the digital age.

GradGirl27

if you are with ulster bank bring that little card reader!!!! I just tried to transfer my funds over here from my irish to my american account and ulster wont let me do it without the card reader! I worked in spain for a while before and always wondered why the dutch were using them and now I know its for international banking

MadsL

Ponster wrote: »

Took me a long time to get around that our banking practices in Europe are much more advanced when it comes to banking in the digital age.

Huh? I can lodge a cheque into my bank using a cameraphone and then draw on the funds that day.

Try doing that in Ireland 5-7 business days to clear a cheque.

clairefontaine

How long does it take to get it from ireland to the us?

Also anyone mind saying what bank they use that don't charge to receive?

ProudDUB

They tell you it can take 3-5 business days for the money show up, but I don't think I've ever had it take more than 48 hours. Bank of Ireland don't charge me any fees to do international transfers. Well Fargo in the US do. It's not a lot though, 10 bucks if even that. The fees can be dependent on what kind of account you have with your bank, what daily balance you maintain, that kind of thing. Generally, the more money you have on deposit with them, the more freebie services they will offer you, so the fees can vary from person to person.

If time is important to you, try and do it before 12 noon Irish time. Was told by a Bank of Ireland employee that that is the cut off time for each days transactions. Any thing done after that, will go into the following days batch of transactions to be processed.

GradGirl27

I'm with chase, its one of the biggest bank braches in America and they offer that 'text a picture of your cheque to lodge it' malarky! Imagine Ireland bringing that in, the bankers would have a lot of pictures of dogs buttholes sent to them than cheques

yer man!

I'd reccommend just changing the euro to dollar in the post office and bringing it over. My bank here charges like $20 to receive an international transfer and if it needs to be currency exchanged, that's more money. An Post do a commision free deal right now.