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Home Purchase Deposits in Ireland

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  • 23-04-2021 4:42pm
    #1
    Arthur Samuelson
    Registered Users Posts: 4 ✭


    Hello,
    I am an American who uses Bank of America. My spouse and I are applying for dual citizenship and plan to be looking at properties in Ireland over the next few years. Bank of America suggested that I contact the Bank of Ireland to find out how to transfer funds from BOA to BOI in the event that we need to make a deposit on a home....this assumes that the seller is a BOI customer. So for example, if I found a home for 300,000 euros and needed to put 10% down, could I transfer the funds quickly to the seller's account? Or, would it be better to write a check.....and if so, do I write it in euros or in dollars?

    Thank you

    Arthur


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    #2
    BronsonTB
    Registered Users Posts: 1,896 ✭✭✭BronsonTB


    Arthur Samuelson wrote: »
    Hello,
    I am an American who uses Bank of America. My spouse and I are applying for dual citizenship and plan to be looking at properties in Ireland over the next few years. Bank of America suggested that I contact the Bank of Ireland to find out how to transfer funds from BOA to BOI in the event that we need to make a deposit on a home....this assumes that the seller is a BOI customer. So for example, if I found a home for 300,000 euros and needed to put 10% down, could I transfer the funds quickly to the seller's account? Or, would it be better to write a check.....and if so, do I write it in euros or in dollars?

    Thank you

    Arthur
    You don't give deposits directly. You employee a solictior on your behalf when buying or selling a house in Ireland! They deal with money transfers between solicitors.
    Unless you will be morgtage free, ie cash buyer, you'll need an Irish bank account for at least 6 months before being eligible to apply for a mortgage with most banks here in Ireland.

    www.sligowhiplash.com - 3rd & 4th Aug '24 (Tickets on sale now!)



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    #3
    Bank of Ireland: Aisling
    Closed Accounts Posts: 487 ✭✭Bank of Ireland: Aisling


    Hi Arthur,

    Thanks for getting in touch with us here on Boards.ie.

    The above information would be correct. It would be necessary to reside in Ireland for at least 6 months in order to apply for a mortgage with Bank of Ireland.

    In relation to transferring funds from Bank of America to your Bank of Ireland Account, you will just need to provide you BIC and IBAN and the transfer can be made. It would be necessary to check with Bank of America for their process in making International Transfers.

    Thanks, Aisling


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    #4
    Arthur Samuelson
    Registered Users Posts: 4 ✭Arthur Samuelson


    Bank of Ireland: Aisling wrote: »
    Hi Arthur,

    Thanks for getting in touch with us here on Boards.ie.

    The above information would be correct. It would be necessary to reside in Ireland for at least 6 months in order to apply for a mortgage with Bank of Ireland.

    In relation to transferring funds from Bank of America to your Bank of Ireland Account, you will just need to provide you BIC and IBAN and the transfer can be made. It would be necessary to check with Bank of America for their process in making International Transfers.

    Thanks, Aisling
    For clarity sake, an individual who has qualified for dual citizenship and who is moving/residing in to Ireland for the first time AND who seeks a mortgage must, in fact, rent a place in Ireland for a minimum of six months before even being able to apply for a mortgage at The Bank of Ireland, correct?


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    #5
    Bank of Ireland: Eve
    Closed Accounts Posts: 309 ✭✭Bank of Ireland: Eve


    Arthur Samuelson wrote: »
    Bank of Ireland: Aisling wrote: »
    Hi Arthur,

    Thanks for getting in touch with us here on Boards.ie.

    The above information would be correct. It would be necessary to reside in Ireland for at least 6 months in order to apply for a mortgage with Bank of Ireland.

    In relation to transferring funds from Bank of America to your Bank of Ireland Account, you will just need to provide you BIC and IBAN and the transfer can be made. It would be necessary to check with Bank of America for their process in making International Transfers.

    Thanks, Aisling
    For clarity sake, an individual who has qualified for dual citizenship and who is moving/residing in to Ireland for the first time AND who seeks a mortgage must, in fact, rent a place in Ireland for a minimum of six months before even being able to apply for a mortgage at The Bank of Ireland, correct?
    Hi Arthur, thanks for getting back to us here on Boards.ie. 

    In order to apply for a mortgage you would need have been residing in Ireland for at least 6 months and be able to provide 6 months statements from an Irish bank account.  

    If you have any further queries or need any more advise you can certainly contact our Mortgage Team on 0035316113333 from abroad and a Mortgage Advisor would be happy to discuss this with you further. 

    I hope this information helps. 

    Thanks, Eve 


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