Irish Bank Accounts

M

macplaxton

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Hi,

I'm living in the UK presently and I'm looking to open an account in the RoI. I would like to open an account before my planned move to Dublin next spring/summer so a) I can save some Euro funds b) make cross-border payments of Euro to the Netherlands to pay for goods (car parts). I'm quite happy for the girlfriend (Dublin based) to manage the account until my arrival.

Q1. Do I stand any chance of opening an account without an address in the Republic?
Q2. Cheapest deal for a couple of transactions a month and the odd cross-border transfer (PTSB or BoI?). Also need internet banking.
Q3. Is there any major problem in holding two current accounts? (I've never had any here) I did ask her to try and open a New Current Account at PTSB, they seemed to ask too many questions. At first they thought she wanted to switch her AIB account to them, then they were asking if there would be a salary going in, etc. (Pretty much the same as here). Seemed that if there wasn't a decent amount was going in then there would be charges. I'm quite happy for her to look after the money as I do trust here and I can afford to lose it.

Any advice on the above gladly received. Thanks in advance.

mac p
 
macplaxton said:
Q1. Do I stand any chance of opening an account without an address in the Republic?
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I doubt it due to the that apply and require proof of identity and address.
 
ClubMan said:
I doubt it due to the that apply and require proof of identity and address.
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Money laundering regulations only require that you prove your address not that it is in Ireland, satisfactory evidence of a UK address (UK Bills etc.) should meet money laundering requirements. Whether the average bank teller can be persuaded of that might be doubtful, you might need to talk to a manager. Also the bank themselves may have a policy on non-residents indepenent of the statutory requirements that rules out such accounts.

For example the whole non-resident DIRT scandal arose precisely because it was possible for non-residents to open bank accounts, it was the abuse of this provision by residents that gave rise to the scandal.

As an example BOI offer [broken link removed](though it would appear from that page possibly not current accounts which the original poster seems to after, but other banks might if you search around)
 
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No problem in opening an account in Ireland while residing in UK. Photo id and proof of address will be required. Would probably help if you could arrange for a character reference to be sent from your current bankers to your prospective new one.
 
macplaxton said:
Hi,

I'm living in the UK presently and I'm looking to open an account in the RoI. I would like to open an account before my planned move to Dublin next spring/summer so a) I can save some Euro funds b) make cross-border payments of Euro to the Netherlands to pay for goods (car parts). I'm quite happy for the girlfriend (Dublin based) to manage the account until my arrival.

Q1. Do I stand any chance of opening an account without an address in the Republic?
(snip) mac p
Click to expand...

There is no obstacle to having a bank account in the RoI whilst living in the UK. Post 9/11 there is widespread increase in security and processing of new applications. Approach whichever bank/b.s. you want to open your account in which you consider the best deal (there's an earlier thread on AAM on 'best deals' or use one of the on-line comparison sites) and they will give you a list of what documentation they require (this is not particular to Ireland). The bank will set up an account in your name. There is no limit on the number of bank accounts you can hold nor is there any restriction on where they are held. As far as I know if you arrange a monthly direct debit transfer of funds in sterling into a euro account the rate of exchange will be that applying on the day the funds reach the account (but you need to check this out with the Irish bank). I always thought the problem with 'off-shore accounts' arose from unpaid tax on undeclared income from interest on very large sums (so doesn't apply to most ordinary transaction accounts) and perhaps someone else can confirm this.
 
Many thanks for all the replies. I will make a few phone calls first and arrange to open an account shortly.

There are UK banks that do Euro accounts, but the banks don't bother to publicise them. The only info I found was at the HSBC.

Cheers,
mac p
 
i asked the boi about opening an a/c whilst here in the Uk, they advised it wouldn't be a problem but i would have to deposit 6k. Do any other banks allow a non resident to open an a/c without this big deposit.

thanks
 
I combed through the terms and conditions for the PTSB current account and could find a €12k (similar to BoI €6k) for a non-resident account. It did say something that if the balance slipped below that threshold, they'd downgrade the account to normal status. As far as I can gather it is only for tax purposes that the accounts are either marked resident or non-resident.

I spoke to the AIB over the phone and asked if there was any problem in opening an account. Their reply was no problem. 1 piece of photo ID (passport or driving licence) and a recent bill with an address on it (need not be Irish) and that's about it. Just need to phone the branch I intend on opening the account with and make sure what time is suitable to turn up - when I was in Dublin at the start of the month they had a period in the morning and another in the afternoon when they did account openings. I also asked if I need any money and they said no.

I'd get on the phone to the branch where you wish to set up the account and explain your position to someone senior. Front desk staff are easily baffled with unusual requests.

Good luck,
mac p
 
macplaxton said:
I combed through the terms and conditions for the PTSB current account and could find a €12k (similar to BoI €6k) for a non-resident account. It did say something that if the balance slipped below that threshold, they'd downgrade the account to normal status. As far as I can gather it is only for tax purposes that the accounts are either marked resident or non-resident.
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I doubt slipping below the €12k would effect the non-resident status of an account for DIRT tax purposes as the criteria for these would be based on the tax laws and Revenues practices. PTSB may impose other consequences (maybe related to fees/interest rates etc) but they would have no real say over the DIRT status as long as you meet the Revenues criteria.
 
Ever so nearly managed to open an account with the Ulster Bank on Monday when in Dublin. But lacked one thing:

My last 6 consecutive months of UK bank statements or last 6 consecutive months of a ultility bill.

Seems the bar gets raised each time I walk into a branch! Didn't have enough paperwork again. Will try again on next visit on March 10th.

mac p
 
macplaxton said:
I combed through the terms and conditions for the PTSB current account and could find a €12k (similar to BoI €6k) for a non-resident account. It did say something that if the balance slipped below that threshold, they'd downgrade the account to normal status. As far as I can gather it is only for tax purposes that the accounts are either marked resident or non-resident.

I spoke to the AIB over the phone and asked if there was any problem in opening an account. Their reply was no problem. 1 piece of photo ID (passport or driving licence) and a recent bill with an address on it (need not be Irish) and that's about it. Just need to phone the branch I intend on opening the account with and make sure what time is suitable to turn up - when I was in Dublin at the start of the month they had a period in the morning and another in the afternoon when they did account openings. I also asked if I need any money and they said no.

I'd get on the phone to the branch where you wish to set up the account and explain your position to someone senior. Front desk staff are easily baffled with unusual requests.

Good luck,
mac p
Click to expand...

Sorry for sounding silly, but what does PTSB stand for:confused:
 
macplaxton said:
Q2. Cheapest deal for a couple of transactions a month and the odd cross-border transfer (PTSB or BoI?). Also need internet banking.
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[broken link removed] might be of interest to you.
 
Cheers for the latest cost survey link. Was informed of the UB's new fee changes for the 17 Feb onwards.

mac p
 
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