A very basic question about using your bank account in the UK

Cellar_Door

Just say I move to England for a year and open a bank account there.

I'm assuming there would be a bunch of charges for withdrawing money from my Irish bank account, and daily limits on withdrawals and all that?

So, I'd be better off just transferring everything into the new account, right; is that a relatively straightforward process? How do I go about transferring a few grand into a new bank account?

Sorry it's such as asinine/rudimentary question.

Marcusm

Definitely will be expensive simply to use an Irish bank account for day to day in UK but will depend on the account, some will have currency commissions (say£2 per transaction) in addition to the currency rate which will cos you little or more depending on how often you use the ATM.

Once you open a UK account, and you may only need a "basic bank account" which is fees free (but beware it is limited to Internet banking and ATM/debit card - some preclude over the counter cash transactions), you can transfer money in as many or as few lumps by Internet banking from Ireland. Again there are transaction charges so best to minimise the number of transfers. If it's a particularly large amount, you may want to ask for a treasury rate or look for a money broker.

dublin daz

Cellar_Door wrote: »

Just say I move to England for a year and open a bank account there.

I'm assuming there would be a bunch of charges for withdrawing money from my Irish bank account, and daily limits on withdrawals and all that?

So, I'd be better off just transferring everything into the new account, right; is that a relatively straightforward process? How do I go about transferring a few grand into a new bank account?

Sorry it's such as asinine/rudimentary question.

Hi

If you use the Irish card to withdraw in UK then you will pay certain fees/charges.

Ulster Bank customers can use any Royal Bank of Scotland or NatWest ATM for free. They are all part of RBS.

transferring from an Irish account to a UK one can be done two ways:

1. Transfer from your Irish account to UK in GBP - Banks charge fees, usually €15-20 for this and the GBP amount is converted before it hits your GBP account.

2. IBAN in EUR - this will be free of charge, you say send €50 to your UK account, the receiving bank will convert to GBP and apply that to your account.

I would suggest 2. This is basically free, apart from normal transaction fees. If you have free banking then you wont have to pay the transaction charge, usually about 20c.

Because its your own account it doesnt really matter if the amount is not exact in GBP. This would only really matter if you were paying a bill etc and you needed to be sure of the GBP amount you were sending.

Cellar_Door

Thank you for the good replies.

dobsdave

If you have BOI in Ireland and UK, you can access both on 365online.
You can transfer online from Ireland to UK, with no fees apart from currency difference.