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Advice on setting up a sterling account

  • 30-08-2016 12:17pm
    #1
    vg88
    Registered Users Posts: 466 ✭✭


    Hello, I hope I'm putting this up in the right place!

    For work I've come to receive a large amount of sterling as I'm often in the UK (My address is in Ireland). As the exchange rate is crap at the moment i don't want to exchange it, but I don't like holding onto a large amount of cash at home.

    So I'm thinking of setting up a UK account or an Irish sterling account. Has anyone got any advice for the best bank in Ireland/UK for it? :)


Comments

  • #2
    Explosive_Cornflake
    Registered Users, Registered Users 2 Posts: 2,125 ✭✭✭Explosive_Cornflake


    They could probably lodge it to a currencyfair account, or revolut account.


  • #3
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,227 ✭✭✭Yggr of Asgard


    You could look at Monese which is easy to open from home.

    Also PayByFire offers a UK account for free, sure it's limited what you can do but it's also easy to open.

    Otherwise doing it via currencyfair is an option.

    Revolut won't work as you can't receive funds from 3rd parties (yet).


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    moloner4 wrote: »
    Hello, I hope I'm putting this up in the right place!

    For work I've come to receive a large amount of sterling as I'm often in the UK (My address is in Ireland). As the exchange rate is crap at the moment i don't want to exchange it, but I don't like holding onto a large amount of cash at home.

    So I'm thinking of setting up a UK account or an Irish sterling account. Has anyone got any advice for the best bank in Ireland/UK for it? :)

    PTSB, BoI, AIB, Ulster, KBC and others will let you set up a GBP account as a RoI resident.

    Thereafter, transfer the GBP to EUR using an online currency broker such as Currency Fair.


  • #5
    adam88
    Registered Users Posts: 1,609 ✭✭✭adam88


    JTMan wrote: »
    PTSB, BoI, AIB, Ulster, KBC and others will let you set up a GBP account as a RoI resident.

    Thereafter, transfer the GBP to EUR using an online currency broker such as Currency Fair.

    What's the implications of this. Do you still have to pay dirt, debit card stamp duty etc


  • #6
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    adam88 wrote: »
    What's the implications of this. Do you still have to pay dirt, debit card stamp duty etc

    DIRT? Yes.
    Debit card duty? Most of the GBP products from these banks are for GBP savings accounts, not GBP current accounts.


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