Certificate of interest from Banks in Ireland

[Kev]

Hi - my elderly uncle that lives in the UK but was born in Ireland and he has some savings in an Irish bank. He wanted the bank to convert the certificate of interest that is obvious in euro on the certificare but he also wanted he bank to put the exchange rate for year 2008/9 in sterling also side the euro rate. The revenue in the UK will accept this because the conversation would have been made by a high street bank.

Unfortunately, the bank refused to do the conversation and put on the certificate exchange rate interest in sterling as of last week instead of what it was in 2008/9

Considering that banks have a money exchange department surely they would have no problems making the conversation in sterling as well as euro on the certificate of interest.

I would do this for him but am not familiar with currency exchange rate. Does anyone know how he can do the conversation himself or how it should be worked out.

 

[papervalue]

Hi - my elderly uncle that lives in the UK but was born in Ireland and he has some savings in an Irish bank. He wanted the bank to convert the certificate of interest that is obvious in euro on the certificare but he also wanted he bank to put the exchange rate for year 2008/9 in sterling also side the euro rate. The revenue in the UK will accept this because the conversation would have been made by a high street bank.

Unfortunately, the bank refused to do the conversation and put on the certificate exchange rate interest in sterling as of last week instead of what it was in 2008/9

Considering that banks have a money exchange department surely they would have no problems making the conversation in sterling as well as euro on the certificate of interest.

I would do this for him but am not familiar with currency exchange rate. Does anyone know how he can do the conversation himself or how it should be worked out.

[broken link removed]

I would use link above to download rates table.

list on excel spread sheet euro interest received for period per bank statement them use exchange rate to covert to sterling.

It should be a straight forward enough exercise

 

[Kev]

Thanks papervalue, I will have a look at it tomorrow when I get bit of time.

Kev

 

[jack2009]

as the exchange rates are to be used for tax computations you might be better off using the exchange rates as set out by hmrc. Sorry cannot copy link on mobile but founnd it easy enough on google with hmrc exchange rates.

 

[Kev]

Thanks for help, but my uncle find all these too difficult to work out and I have some problems with it also, would hmrc work the conversion out if they were to received the certificates in euros. He is now worrry about this aspect of his savings in euros.

Cannot understand banks in ireland refused to the conversion for their customers, do you know if any bank in ireland that privides this service this (for banks a simple task as they got the facilities to this for thier customers).

My uncle is now considering transferring his saving from ireland to UK just because irish banks seems not to carry out this services for their customers.

 

[tenchi-fan]

Cannot understand banks in ireland refused to the conversion for their customers, do you know if any bank in ireland that privides this service this (for banks a simple task as they got the facilities to this for thier customers).

I can completely understand why they don't. It's not a reasonable request. It would make more sense for your uncle to either get an accountant if he finds the calculation so difficult.

 

[Kev]

Why cannot banks carry out this simply request for their savers, banks do not do much for savers nowadays. Banks have the facilities at their finger tips such as their money maket department, to perform this simple task for savers, instead they would rather loose their customers, which according to the media whcih is something they would want to hold onto.

My uncle would not want to use an account, as it would negate the very small amount of interest he may have accrued in interest that banks pay today. Therefore he would be far better served to withdraw his saving and put it into an account where there is no calculations to do be done, or a bank that is willing to look after him as well as his savings.