£ Sterling account resident Republic of Ireland

ODriscoll

I have some money owed me in sterling and want to not give the banks here any more of my money, by allowing the bank to use their low rate of exchange and take a chunk for f all work or credible reason, bar they can and do!

I would like to use transferwise but the person sending me money is too lazy/careless to set it up at their end.

Is there a way to open a Sterling account in the Republic of Ireland, so that I can get a sterling amount paid in then in my own time use transferwise or similar to get a much better exchange rate to my euro bank account here in Ireland.

Works out around 50euro per thousand better off if this is possible.

Anyone done this in the recent past!

The Gride

ODriscoll wrote: »

I have some money owed me in sterling and want to not give the banks here any more of my money, by allowing the bank to use their low rate of exchange and take a chunk for f all work or credible reason, bar they can and do!

I would like to use transferwise but the person sending me money is too lazy/careless to set it up at their end.

Is there a way to open a Sterling account in the Republic of Ireland, so that I can get a sterling amount paid in then in my own time use transferwise or similar to get a much better exchange rate to euro.

Works out around 50euro per thousand better off if this is possible.

Anyone done this in the recent past!

I done it a few years ago. You just need the same documentation as opening a euro account. The bank just hold it in sterling instead of euro.

ODriscoll

Thanks for the reply

Do you recall that once the account is open if it can then be used to effect a transferwise or similar switch to a Ireland euro account.

The Gride

ODriscoll wrote: »

Thanks for the reply

Do you recall that once the account is open if it can then be used to effect a transferwise or similar switch to a Ireland euro account.

I did not use transferwise. I used a similar crowd call Afex. My sterling account is still active and I used Afex to transfer some of the funds in sterling to pay a bill in Uk. Afex will do transfers in any currency. They transfer immediately once they have the funds.

ODriscoll

Great

Can you tell me what bank you opened the sterling account with and how easy it was to open, and what charges to expect etc?

The Gride

ODriscoll wrote: »

Great

Can you tell me what bank you opened the sterling account with and how easy it was to open, and what charges to expect etc?

It was AIB. I don't recall anything alarming about charges so I expect it was just normal ones. You still pay your taxes as normal on this account.

ODriscoll

Sure, no problem with the regular taxes. it is the rip off exchange rate I only want to avoid.
I called AIB last week and whilst they knew little of the sterling account, they suggested it might be business customers only or for purpose.

Anyway thanks for the information.

The Gride

ODriscoll wrote: »

Sure, no problem with the regular taxes. it is the rip off exchange rate I only want to avoid.
I called AIB last week and whilst they knew little of the sterling account, they suggested it might be business customers only or for purpose.

Anyway thanks for the information.

Yes, it was opened as a business account.

dobsdave

I have a sterling account, opened in the north. now has my southern address on it. Bank of Ireland.
Ulster bank is another choice.

JTMan

AIB, BoI, Ulster Bank, PTSB, KBC, Nationwide UK (Ireland) and Investec all offer retail GBP accounts.