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How to open a U.S. Dollar account in an Irish institution?

  • 26-11-2014 5:26pm
    #1
    Usjes
    Registered Users, Registered Users 2 Posts: 326 ✭✭


    Hi,

    I had a brokerage account in the US but it was closed in the Summer, but I didn't actually get around to requesting a cheque for the proceeds until this month. In the intervening time the Dollar has appreciated by more than 10% vs. the Euro and some brief research suggests this trend may well continue. So given the low interest rates on savings I am willing to bet that I will make significantly more by keeping the money in dollars than I would if I convert to Euro and put it in a savings account. So, I am wondering is it possible to open a Dollar account in Ireland where I could deposit this cheque ? As I'm essentially hoping for captial gains either a current or savings account would be fine. Do banks provide such facilities ? If so would there be any special costs associated with opening such an account or would it be as simple as depositing the cheque and then closing the account when the rate has appreciated as far as I think it will or when I need the money ?

    Thanks,

    Usjes.


Comments

  • #2
    dublin daz
    Registered Users, Registered Users 2 Posts: 480 ✭✭dublin daz


    Bank of Ireland currently offer accounts in all major currencies including Sterling, US Dollars, Australian Dollar, Canadian Dollar, Swiss Franc and Polish Zloty.

    They have a forum on here Talk to Us section.

    AIB also offer currency accounts but I cant find their offering for USD.

    See: http://personalbanking.bankofireland.com/save-and-invest/savings/currency-deposit-accounts/


  • #3
    Stoned Hippy
    Registered Users, Registered Users 2 Posts: 99 ✭✭Stoned Hippy


    I requested a USD account from AIB a few years ago. I work abroad and am paid in USD which I wanted to keep in a USD account. While AIB do offer the service they denied my request fairly sharply. Speaking to other people since then a lot seemed to also struggle to open a USD account in Ireland.

    Why is this? Why don't banks seem to like doing it??


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