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Living in UK/Working in Ireland: how do I deal with banking?

  • 08-11-2016 12:20pm
    #1
    bwaymark
    Registered Users Posts: 2 ✭


    Hiya All:
    I hope this is the right forum this. I am looking at getting a job in Dublin where I will be paid in Euros, but I will be living in the UK for the most part, spending a few days a week in Dublin to start. I'll be getting paid a proffesional salary in Euros and have kids, mortgage etc to pay here in the UK (which is to say, I won't be able to simple leave it in Ireland, it will mostly go to expenses in the UK).

    So my question is: anyone know how best to deal with banking if I am going to be converting my monthly salary from Euros to Sterling? Is it best to get an international (Euros/Sterling) account either in Ireland or UK and use that? Or is there some other way deal with transfers? Anyone ever delt with this before and have some advice?

    Cheers,


    Ben.


Comments

  • #2
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,012 ✭✭✭✭Mrs OBumble


    http://borderpeople.info/


  • #3
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Use a proper foreign exchange broker to get the best rate possible. Do NOT use your bank for this, they will give you a lousy rate. Shop around and get the best rate possible, it's worth the hassle since it's a good % of your annual earnings.

    You often get a better rate changing large sums, keep this in mind.

    For bank accounts, you probably want an Irish Euro bank account, and a completely seperate UK sterling account.


  • #4
    bwaymark
    Registered Users Posts: 2 ✭bwaymark


    Mrs O Bumble: Had a good look through Border People. That is very useful! Thanks!

    srsly78: Is google the best place to find foreign exchange brokers? Look for a few that are reputable? Is it the type of thigns where every month I'd see who was offering best rates and using that? Or does one generally make a relationship with one then stick to it? And am I correct in assuming they'd take the money from my Irish bank and deposit it straight into the British one?

    Thanks! Very useful.


  • #5
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Yes use google. It's only worth using a broker for large amounts of money - but this is the case when it's your wages (as opposed to some holiday cash).

    Don't be fooled by any advertising rubbish like "commission free" etc - all that matters is the effective rate. There are FX websites like currencyfair etc, but these aren't as good as a dedicated broker I found. I was in the opposite situation to you, earning in Sterling but living in Ireland.


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