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Nothern Ireland Bank compatibility with ROI

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  • 25-03-2014 5:37pm
    #1
    Beanstalk
    Registered Users Posts: 1,212 ✭✭✭


    HI folks,

    Looking for advice. I live in ROI but will be starting a new job in the North soon, so I'll be paid into an NI bank account. I'd like to be able to transfer money over to my ROI account every so often without too much hassle or charges. Any ideas on any banks that will enable me to do this?


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    #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    Beanstalk wrote: »
    HI folks,

    Looking for advice. I live in ROI but will be starting a new job in the North soon, so I'll be paid into an NI bank account. I'd like to be able to transfer money over to my ROI account every so often without too much hassle or charges. Any ideas on any banks that will enable me to do this?

    I was in the same situation a couple of years ago.
    Had a BOI account in each country, it wasn't possible to transfer from NI to ROI online.
    Ended up using currencyfair and transferwise.


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    #3
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Alas, the best option (Danske) is no longer an option.

    Most of the banks will let you do it without too much hassle these days (via online banking), but you will be subject to charges.


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    #4
    marathonic
    Registered Users Posts: 1,668 ✭✭✭marathonic


    You're much better letting the money sit in your account in Northern Ireland and let it build up a little before using one of the transfer services such as currencyfair mentioned above.

    Have a look at some of the banks that have low charges on use of their ATM cards in ROI.

    First Trust Bank are the same as AIB and may be worth having a look at.


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    #5
    sitstill
    Registered Users Posts: 1,380 ✭✭✭sitstill


    I have an account with BOI in both parts of the country. I can transfer money online from ROI to NI for free but its not possible to do the opposite for some reason. I can use my NI debit card at BOI and most other ATMs in the South for free.


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    #6
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    To be clear, the biggest fee is the FX margin that the bank will apply. Hence, use a 3rd party online currency broker.
    sitstill wrote: »
    I can transfer money online from ROI to NI for free

    GBP to EUR? If so, what FX margin fee is been applied?


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    #7
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Surely the whole point of SEPA is to make it easier and cheaper for people to transfer funds across borders. Indeed technically there should be nothing to stop a person in Ireland holding their day-to-day current account in any other european country...


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    #8
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    SEPA does indeed make it easier, but doesn't mean free.

    For countries within the Eurozone, transactions between countries must cost the same as a domestic transaction. However, the UK is not in the euro...hence the charges are higher.


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    #9
    Beanstalk
    Registered Users Posts: 1,212 ✭✭✭Beanstalk


    Thanks folks. Just got a link to this site called Transferwise, anyone know anything about it?

    https://transferwise.com/


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    #10
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    Beanstalk wrote: »
    Thanks folks. Just got a link to this site called Transferwise, anyone know anything about it?

    https://transferwise.com/


    already been mentioned in the thread, try doing a search on here for it and for currencyfair.com


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    #11
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    BuffyBot wrote: »
    SEPA does indeed make it easier, but doesn't mean free.

    For countries within the Eurozone, transactions between countries must cost the same as a domestic transaction. However, the UK is not in the euro...hence the charges are higher.

    The UK are in SEPA so are many non Eurozone countries.

    No issue with the charges. The wire charges are exactly the same to the UK as to all other SEPA counties. This is mandated in law.

    The, institution specific, FX margin is the issue if the transfer to the UK is done in a different currency to the currency of the bank account at the recipient level.


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    #12
    misslt
    Registered Users Posts: 2,103 ✭✭✭misslt


    Ulster Bank NI do free transfers to ROI accounts, takes 1-2 working days.

    It's a godsend.


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    #13
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    misslt wrote: »
    Ulster Bank NI do free transfers to ROI accounts, takes 1-2 working days.

    It's a godsend.

    Free for the wire. Not FX margin free.


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    #14
    Richard
    Registered Users Posts: 2,439 ✭✭✭Richard


    I suggest you get a Halifax Clarity credit card. http://www.halifax.co.uk/m/credit-cards/clarity/ you can use it in the Republic in fact anywhere in the world and there are NO charges. Any time I've checked the rates for Euros are the same as on xe.com

    Obviously for transferring cash they aren't suitable because although you can withdraw cash from an ATM you do get charged interest on that, but you could use it for purchases outside (and inside) NI for much cheaper than other options.

    I've had one for years and it's great!


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