Money from Poland

mmooney1983

Hi all
I am in receipt of rental income which is put in my account from Poland monthly.
To be honest I just saw it as a bonus but people keep saying I should sort out my banking to make the transfer, fees etc as cheap as possible. I was looking at these online banking apps like Monese etc. Anyone know of any tricks to keep costs down? The money is just kept as savings so I wouldn't be incurring transactions fees on transfers etc.

CiniO

I'm not sure what are you asking?

Is the rental income from renting a property in Poland which you own?
If so - is they money from your tenant there, going to your Polish account or Irish account?

Icepick

are you paying tax on this income?

Wabbit Ears

I get rental income from Poland but it goes into a polish account. The exchange rate sucks at the moment so we dont bother. Plus the savings account rate in poland is much better than here so its just left there for savings.

mmooney1983

Into an Irish account, the letting agent in Poland just transfers it monthly but I know I am losing money on the transfer costs. It's not taxed in Poland fortunately as I am tax resident in Ireland. I inherited the property so I have no bank account etc in Poland - I presume I would have to give the bank utility bills etc to set one up.
I looked at Valuto on the web. You can have money of all different European denominations in it. It might be better to let the PLN sit there as there is no savings rate worth much in this country at the moment anymore?

JTMan

Firstly, you should get the PLN paid into a PLN account. Banks screw customers with default FX rates and also sometimes fees. So, you will need to have a PLN account.

Once the money is in the PLN account, you will need to make a decision as to whether to keep it in PLN or convert to EUR. You should keep savings in the currency that you intend to spend the savings in to avoid FX risk. Hence, if you will be in Ireland in the long-term, then convert to EUR.

The PLN to EUR conversion is best done using an online FX broker such as Transfer Wise or Currency Fair.

mmooney1983

JTMan wrote: »

Firstly, you should get the PLN paid into a PLN account. Banks screw customers with default FX rates and also sometimes fees. So, you will need to have a PLN account.

Once the money is in the PLN account, you will need to make a decision as to whether to keep it in PLN or convert to EUR. You should keep savings in the currency that you intend to spend the savings in to avoid FX risk. Hence, if you will be in Ireland in the long-term, then convert to EUR.

The PLN to EUR conversion is best done using an online FX broker such as Transfer Wise or Currency Fair.

Cool- thanks!

CiniO

JTMan wrote: »

Firstly, you should get the PLN paid into a PLN account. Banks screw customers with default FX rates and also sometimes fees. So, you will need to have a PLN account.

Once the money is in the PLN account, you will need to make a decision as to whether to keep it in PLN or convert to EUR. You should keep savings in the currency that you intend to spend the savings in to avoid FX risk. Hence, if you will be in Ireland in the long-term, then convert to EUR.

The PLN to EUR conversion is best done using an online FX broker such as Transfer Wise or Currency Fair.

But you can't open PLN account in Ireland, as no Irish bank offers that.
Only place really you can open PLN account is Poland.

Will OP be able to do it, considering he doesn't live there?

JTMan

BoI offer PLN accounts: https://personalbanking.bankofireland.com/save-and-invest/savings/currency-deposit-account/fees/

Pretty sure AIB do too. Their website is unclear: http://personal.aib.ie/our-products/savings-and-deposits/currency-deposit-accounts. Suggest you ask AIB. Watch the fees on these accounts.

There are online options too. Valuto offer free PLN accounts. https://valuto.com/en/?utm_source=PL_GA_C1&utm_medium=GOOGLE_SEARCH&utm_term=keyword_PL&utm_content=currencyaccount_IE_Ad214&utm_campaign=STD&gclid=Cj0KEQjwlLm3BRDjnML3h9ic_vkBEiQABa5oeT3AtvURegmNHRKitgHYQ2CWRLQ_JMsdDzWBXIwWcZkaAoPu8P8HAQ

Wabbit Ears

you can also use an online polish bank like mbank.pl