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Opening a sterling account from the ROI

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  • 25-01-2011 3:48pm
    #1
    Ghost Rider
    Registered Users Posts: 1,883 ✭✭✭


    Hi there.

    I know this question has been asked here in the past, but there is now a new context for it i.e. the possibility that Ireland will leave the eurozone, so it seems reasonable to ask again.

    I have 3 questions: (1) where can I open a sterling account in the ROI (i.e. without having to go to NI or be resident in another country)?

    And (2) how much would it cost to change, say, 10k into sterling and lodge it to one of these accounts?

    I went to my local Ulster Bank branch today at lunchtime and was told they do offer sterling deposit accounts to their current account customers. I was told the only cost would be STG 75 every six months (an administration fee, apparently) but that there was no charge for actually changing my euros into sterling. It is this last bit I have trouble believing. If anyone can clarify (and this is my question number (3)) I'd be most grateful.

    Incidentally, I also rang Ulster Bank's call centre to see if they could confirm/deny it, but the guy I spoke to told me he knew nothing about such accounts and couldn't answer my questions, referring me instead to my local branch.

    Any help is much appreciated.

    GR.


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    The best defensive mechanism to do what you are looking to do is to invest in a blue-chip company that has minimal exposure to the Irish economy. That means pretty much any of the FTSE 100 companies like Aviva, Marks & Spencer, Unilever etc. or one of the big US companies like IBM, Microsoft, Caterpillar etc.

    You said 10K so I'd say you'd be only looking at investing in one company with that kind of money, anything more and you'd be better off diversifying into more than one company, preferably operating in different sectors.

    Before you come back and point out that some of those companies do business in Ireland, it is a tiny fraction of their overall business.


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