Best bank account option to receive USD salary

lexa

Hi

Going to be working abroad for a few months. Salary will be paid in USD.
Wondering what the most cost effective option would be for receiving salary.
Ultimately I will convert to euro at some stage.

I bank with AIB, and think they have a USD account option.
Wondering what other options there are.

Have a revolut Euro account, but not sure that will take USD transfers.

homer911

I was going to suggest Fire, but they don't seem to do USD either
https://fire.com/personal/index.html

JTMan

PTSB offer USD accounts. Rates on the last page of this PDF.

Yggr of Asgard

It depends on what you want to do with the $ you get.

If you are going to live in a country where you have to spend $ than you need an account with a card against it so that you don't have the constant currency fluctuations to deal with.

If you are just getting $ but the country uses something else (like Dinar) than you most likely are good enough with just an account to receive the $ and than convert it to € and pay locally in cash.

It also depends on how the $ come to you. If it's within the US than something like Transferwise Borderaccount would work, but it comes from somewhere else (via SWIFT for example) you will need a different solution, especially if the amounts are over the reporting requirements.

If you are going to stable country and get paid there in $, ask your employer to help you setting an account up. If you are going to a country that is not stable, you might see if you get one of the nearshore banks like Llyods or Barclays to open you a multi currency account in Isle of Man for example that would also give you cards.

Also keep records because Revenue is going to ask questions when you are returning larger amounts and if you are out the country for a longer period you might also have tax advantages if you don't bring the money you need to live into Ireland in the first place.

It really depends on where you are going, why it's US$ and how you are going to live there.

lexa

I will need to access some of the money for day to day expenses but the company is covering the big costs such as house, car etc.
I have a revolut account and card so hoping I can use that there.

Local currency is JMD.

I checked with AIB regarding their USD account but it's hard to access it when abroad with the only real option of transferring from it to my EUR current account and getting hit with FX charges.

Yggr of Asgard

You might be better off getting a local bank account which also gives you a local debit card allowing you to be a little better off against constant currency fluctuations. Than estimate your expenses and pay to it once a month from your US $ account.

If it's a US company that is paying you via US banking system, have a look at transferwise borderless account which has the advantage you can convert the money quickly into any other you need and their fees are reasonable.

Even with your company taking care of the big cost, it would be unwise to have a US $ account in Ireland to which you get paid if you are out of the country for a large period of time. Consult a tax accountant about your tax liability because the US company, Jamaica living and Irish accounts is going to be rather complicated, especially when you come back under 183 days in a year.

Otherwise, I'm sure your employer has some experience and might have a local bank that they deal with and that will be happy to help. That also makes the KYC part easier because that can be complicated if the US is involved.