USD Current Account in Ireland


Going to be working abroad for a few months. Salary will be paid in USD. Local currency is JMD.
Wondering what the most cost effective option would be for receiving salary.
I will need need to access some of the money for day to day expenses, although my big costs are covered by the company.

Ultimately I will convert to euro at some stage, but would like to maintain in USD in the short term.

I bank with AIB, and they have a USD account option but it would be hard to access abroad and isn’t a current account with a visa debit card.
Wondering what other options there are?

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

Any advice would be appreciated

I have used currencyfair in the past for getting paid by US clients. The fees worked out lower for both sides than an international wire transfer (and the fees charged for running a foreign currency account by banks here are ridiculous). Also you can effectively choose when to apply the exchange rate, rather than having to take the one in effect on the day of the lodgement. The US company makes a domestic lodgement to a CF bank account within the US (provided they are prepared to include your CF account number on the narrative!), and you exchange and withdraw to a local EUR account from your CF balance whenever you like.

Agree with harkerj to separate currency conversion from banking.


I guess keep it in USD and change to EURO when I need it.
I won’t be living in a Eurozone for at least 6 months, maybe longer.
Of course, if the dollar was to strengthen further, then it would make sense to change to euro each month.

I guess you mean if the dollar was to weaken further.
FYI Currencyfair’s dollar account is now in AIB in ireland and they can’t deal with U S residents.
Open a dollar account elsewhere that doesn’t have stupid fees like the Irish banks. Is Number26 an option, I don’t know their t&c’s.

I don’t think Number 26 does (though it’s a great service and free). Revolut is app only but has more currency options. Will check later.

Edit: my Revolut app has a USD “account” though I don’t think it has a separate bank account number as such. Basically all the one account but free transfers between currencies. I got it as a back up but haven’t really used it. They do provide a debit card for a fee

The other option is an international/ private bank like HSBC Expat or Barclays International (wealth). But fees apply if you don’t have a fairly substantial deposit

revolut has own name GBP and euro accounts but not usd yet, you cant have someone apart from you pay into the USD account details they give apparently.

pity, the gbp works great

Yes indeed, I meant weaken.

Any ideas what way the EUR/USD rate is predicted to go ?

I have a Revolut account, and have a unique IBAN for GBP and EUR. I think a unique USD IBAN is supposed to happen as well, but could be a while away.
That would be handy, although I think there are limits on the amounts.

Currencyfair might be a good option as well. @Harkerj - is the account given for USD specific to you, or a general account?

This is unknowable.

It’s usually a good idea to match assets and liabilities. If you need to pay a mortgage in euros, keep some short term savings in euros. If some of your fixed expenditure (e.g. rent) is partly in local currency , then hold some in that currency (or USD if it’s dollar pegged).

Currencyfair use a general USD account - which ironically is with AIB in Dublin (you put your customer number in the reference/narrative)

Look also at TransferWise. Something like Currencyfair, They now have some sort of “borderless” account where you can hold various currencies.

Thanks Superman

had a look at Transferwise. Seems to give unique bank details for USD, GBP and EUR accounts so that might be the best option.

Can probably transfer from that to Revolut account and use Revolut Card for payments and cash withdrawals abroad

Lexa, this is an interesting thread you started as it is bringing up discussions of new possibilities for intra-account currency transfer.

I have been holding different currency accounts (in my case GBP and EUR) because of a business that I am in and the cost of transferring money between accounts is ridiculous. Bank fees are not the major issue, its the exchange rate buy/sell spread that the banks offer to transfer funds from one currency account to another that are the major problem. As a private person or SME you get nothing like the spot rates available to the big boys.

I have been using CurrencyFair recently but to be honest CF don’t seem to offer a huge saving on the buy/sell exchange rate spread, perhaps a 10-20% saving in my experience. And they only offer a single exchange rate regardless of the amount of currency you are transferring, so there isn’t a better deal available for larger transactions. Also it takes 2-3 days to transfer money to and from the accounts that they give you - even transferring EUR back from them to your EUR account! So I would not be singing the praises of CurrencyFair.

I haven’t looked at TransferWise or Revolut but I would be all ears to hear of a new safe and quick way for individuals or SMEs to transfer monies from one major currency to another without taking the major hit of massive currency transfer costs.

@onioneater CurrencyFair, TransferWise and HiFx all charge about 0.5%. Any time I have compared them the differences in rates are negligible.

I don’t know how that compares to the banks.


last time I transferred a lump I called a for a quote (over 40k odd they’ll get back to you) and even then it wasn’t as good as CurrencyFair. I think you’d have to be doing a very large sum/ or a decent amount on a regular basis to get better. PITA

If you want to lock in a rate for a time there’s a startup called Assure Hedge offering a way to option a conversion

Just an update.

Have been using the Revolut account.
It seemed to be the only real option available.
So far, its working great.
I get my salary paid directly into my USD Revlout account. It’s not an account specific to me, but works fine.

Day to day I use the revolut card which is mastercard and also use it to withdraw cash.
The exchange rates given are pretty much the live trading rates, and every transaction comes up on the app as soon as you spend or withdraw money so handy for tracking your spending.
I can transfer to my account at home as well and there are no fees either.

I would definitely recommend it.

There a still a few bugs and the odd time the card hasn’t worked when Revolut had issues with their card processor. But I think as it becomes more popular it should improve. - popped up on ad (with $100 bonus) so I’ve signed up ; avaiting verification

backed by BBVA (so legit)

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