Sterling Account in Ireland

oirishfruitie · 24-10-2022 9:53am #1

Hello all,

Got confirmation from Barclays UK that they will close my account in 6 months.

The sterling had been sitting there waiting for the £ to recover, it's not money I need at the moment, so I'd prefer to wait to change it to Euro.

But now I'm being forced to close that account.

What do people suggest?

Can I open a sterling account in Ireland and leave it here for a bit longer? Who provides this? Guess it comes with quarterly fees etc.

Any other clever ideas; offshore account or something? It's money that I earned while I lived in the UK, but I'm been back in Ireland for 10 years.

And I know, I should have exchanged it pre Brexit, but my head was elsewhere!

Thanks

Gooser14 · 24-10-2022 10:08am

You could try opening a sterling account in Northern Ireland. Ulster bank for example.

oirishfruitie · 24-10-2022 11:07am

https://www.boards.ie/discussion/comment/119786013#Comment_119786013

Thanks Gooser14. I just asked Ulster Bank on Twitter and got this response:

"Hey , you would need to be a resident of the UK to open a sterling account. Mike"

So that's a no go

Wheety · 24-10-2022 11:10am

Revolut. I have a sterling account and there are no costs associated with it.

oirishfruitie · 24-10-2022 11:21am

https://www.boards.ie/discussion/comment/119786265#Comment_119786265

Thanks Wheety. I've enquired on the Revolut community, but do you know if there's a limit to how much you can transfer in?

Jim2007 · 24-10-2022 11:38am

Did you check what happens if you do nothing? When they close the account will they just send you a sterling bank draft by any chance. Depending on the amount and the potential loss, it would allow you to hold it for a while with out paying fees.

24-10-2022 11:39am

Yes agree about Revolut. Husband gets paid in sterling weekly and we use the Revolut sterling account. Amount changes with exhange rate too.

oirishfruitie · 24-10-2022 11:44am

https://www.boards.ie/discussion/comment/119786358#Comment_119786358

Good point, here's what the letter says. Might be an option to just let it sit there.....

"If you don’t transfer money out of your account before it closes.......

If a credit balance remains on your account when we close it, we’ll hold your money in a secure central account for you where it will continue to earn interest if your account offers it, until you reclaim it from us. Please be fraud aware - we’ll move the money for you and we’ll never contact you to ask you to move your money to a secure account.

You won’t be able to make any transactions on your account other than reclaiming your balance. You also won’t be able to view the account in Online Banking or the Barclays app. We won’t send you any correspondence or statements. The balance will remain protected under the Financial Services Compensation Scheme, subject to the usual scheme eligibility."

landofthetree · 24-10-2022 11:45am

https://www.boards.ie/discussion/comment/119786246#Comment_119786246

AIB is the solution or Revolut or Wise or Monese.

https://aib.ie/our-products/current-accounts/sterling-current-account

The Continental Op · 24-10-2022 11:51am

OP Why are they closing the account?

I have an old Yorkshire bank account that they threatened to close years back because of lack of use. There was a minimum amount of use every 6 months to keep it open. So I just linked it to my Amazon account and buy stuff from Amazon which keeps the account active.

It seems a bit late to be closing the account because of Brexit?

oirishfruitie · 24-10-2022 11:54am

https://www.boards.ie/discussion/comment/119786408#Comment_119786408

I believe it is Brexit related. I googled and it seems they've already notified some UK account holders in Spain, France etc. Here's the opening paragraph of the letter:

"Please take action: we need you to close your account

We’re applying limitations to the banking services we provide to customers with an address in the European Economic Area (EEA)1. We’re sorry to say this means we need you to close your account.

It’s really important you read through this letter to understand what you need to do next. We appreciate that it’s not ideal to have to close your account. If you do need our help, please get in touch. Details on how to contact us are below."

Account is used, like you, from time to time when in UK or when buying anything in sterling. Money is resting there waiting for the right time!

landofthetree · 24-10-2022 12:07pm

https://www.boards.ie/discussion/comment/119786422#Comment_119786422

Yep. Its Brexit related.

Under EU you have a right to open an account in any other EU country.

https://finance.ec.europa.eu/consumer-finance-and-payments/retail-financial-services/access-bank-accounts_en

The directive on payment accountsSearch for available translations of the preceding link

EN••• gives people in the EU the right to a basic payment account regardless of a person's place of residence or financial situation. The directive also improves the transparency of bank account fees and makes it easier to switch banks.

Jim2007 · 24-10-2022 12:15pm

https://www.boards.ie/discussion/comment/119786384#Comment_119786384

If you don't need access and it continues to earn interest with no fees, it sounds like an option, at least in the short term.

sitstill · 24-10-2022 12:55pm

You can open this account with HSBC using an EU address:

https://www.hsbc.co.uk/current-accounts/products/bank-account/

I did it last year for similar reasons as you. It involves applying online and posting in certified documents. Took a few weeks but now I have a fee-free account with an app, debit card etc.

tvjunki · 24-10-2022 12:58pm

https://www.boards.ie/discussion/comment/119786488#Comment_119786488

I was in Barclays a few months back and they said that the decision was not to apply for a licence to cover those non resident accounts. It is Brexit related.

walterking · 27-10-2022 10:07pm

Revolut are fine as a payment system, but I would not trust them with any serious balance.

Too many stories of accounts being locked and they have zero customer service.

HSBC as above or Bank of Ireland.

oirishfruitie · 11-11-2022 10:55am

My findings so far:

PTSB - No

Ulster Bank - No

Revolut - Yes - but some people hesitant to deposit large sums in an account with poor customer service!

WISE - Yes

Fexco - No - just for exchanges

Currency Mail - again - no - just exchanges

BOI - yes - need to discuss for rates etc

AIB - yes - again need to discuss for rates etc

Barclays - just spoke to them. Even the International Account for customers with a large amount of £ - is not available for NON UK address holders! As mentioned there is the option to just leave it there, it will accrue interest, but I'll have no banking service or use of the money and transfer it when the exchange rate suits or when I need it.

22-11-2022 8:18pm

I have a current account with Bank of Ireland UK in Northern Ireland. Originally opened a Basic Cash account with them over 10 years ago. Its a bog standard account with a cash card (not a debit card). Recently opened a new current account (called the Clear current account) with them that came with a Visa Debit card and closed the old account. Have full access to it via 365online banking. No fees either, unlike its Southern counterpart.

oirishfruitie · 12-01-2023 4:55pm

And just to add.....

I completed the BOI UK Clear Account application online. I expected they'd be intouch as there was no option to attach any documentation. They did e-mail and asked me to contact them on the 0800 number.

0800 0850444 - doesn't work from Republic

Got through on + 44 345 7365 555 - but wasn't able to help. Transferred to what turned out to be BOI Republic - who couldn't even see my application.

That lady gave me + 44 345 6016 157 - have tried twice - both times on hold for an hour...... hung up.

oirishfruitie · 01-02-2023 11:59am

Thanks all. Final update. BOI NI, Sterling account has been successfully opened.

Little to no drama and they'll deal with the switching.

Sterling Account in Ireland

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