Key Post Opening a sterling account in Northern Ireland

Discussion in 'Deposits' started by cremeegg, Oct 13, 2010.

  1. cremeegg

    cremeegg Frequent Poster

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    The easy way to open an account out of Ireland drive to Belfast or Enniskillen, don't forget your passport etc.

    If the Govt blocks accounts foreign owned banks in the Republic will probably be affected also. This has happened in other countries in the past. Argentina for example.

    The govt is fully funded through to next summer so there will not be a default before then.

    Some of the concerns expressed previously seem a little niave. Times to transfer funds are irrelevant. If the govt blocks deposits the first you will hear of it is that it happened yesterday. Bank charges and interest rates, if you are worried about the security of your deposit you are way past these issues. We are not in Kansas anymore
     
  2. ipad

    ipad Registered User

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    Same as that. I opened an account with First Trust using Dublin address two weeks ago, no probs whatsoever.
     
  3. DeeKie

    DeeKie Frequent Poster

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    First Trust is in the AIB group, no? Not sure if opening an account with them helps.
     
  4. ipad

    ipad Registered User

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    A sterling account as that's what I wanted.
     
  5. farmerette

    farmerette Frequent Poster

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    you can walk in off the street to hsbc in portadown , i did it last week with a percentage of my savings

    you can open your account in sterling , euro or dollar

    were you to hook up with hsbc offshore , you can open an account in around 20 currencies

    a word of warning , if you decide to open an account in portadown or belfast , be sure you transfer your money into sterling 1st , hsbc absolutley hammer you on the currency exchange transfer, the rates they offer are several points below what other banks offer , i lost several hundred euros on the transfer by neglecting to ask bank of ireland to to transfer the money in sterling rather than euro , if you decide to open a euro or dollar account in portadown or belfast , you will have no choice but have them make the transfer as the initial transfer into thier account will end in sterling , baschically , you must have a sterling account aswell as a dollar or euro account so even your get AIB to transfer the money to them in sterling , they will give your a crappy rated if you decide you then want them to transfer it into dollars or euro


    p.s , savings are absolutley safe in irish banks now that the bailout is going ahead , thier was a slim chance they were in danger last week , thier is absolutley no chance now , the europeans moved fast as they knew an irish banking collapse would trigger a european bank collapse , thier banks are in debt to irish banks which is why they wont allow them to fail , a bigger concern should be the 100 billion mortgage that the irish people are being saddled with , banking debt was and is being made soverign debt and that debt is not only the bank debts of irish banks , it is the bank debt of european banks

    ps , the only reason anyone would want to move money out of irish banks is in the event of us leaving the euro , our currency would devalue
     
  6. farmerette

    farmerette Frequent Poster

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    no actually , most of them dont or at least they didnt up untill a few weeks ago
     
  7. farmerette

    farmerette Frequent Poster

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    hsbc while offering an incredibly wide ranging service are absolute sharks when it comes to transfering money

    its ok moving money to one of their domestic banks as you can transfer your money into sterling in your irish bank 1st but in the case of thier offshore ( isle of man and jersey ) dept , you have to 1st open a sterling holding account so afterwards if you choose to transfer into australian dollars - swiss francs etc , hsbc will ride you with the currency transfer , they offer exchange rates several points below other banks

    i only opened an account with one of thier domestic banks ( portadown ) last week but foolishly i didnt get bank of ireland to transfer the money into sterling 1st , i left it up to hsbc to transfer from euro to sterling , this is what happened

    on the day in question one euro was buying 83 pence sterling with bank of ireland , what did hsbc give me for my euro , 79 pence sterling , i lost several hundred euro

    that is how they make thier money
     
  8. CiaranT

    CiaranT .

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    Through the years many people here have reported opening bank accounts in Northern Ireland with ROI addresses.

    Phone the bank in question before you head north.
     
  9. damson

    damson Frequent Poster

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    Hi farmerette. Can you just clarify please - if I want to open a euro account with HSBC, do I have to do it via sterling? I can't just open a euro account and transfer euros into it?
    Thanks.
     
  10. farmerette

    farmerette Frequent Poster

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    im not sure , i only have a sterling account but you can open euro and dollar accounts aswell but you may have to start with a sterling account , if that is the case , dont bother looking to get it into euro as they will screw you on the exchange rate when transfering from sterling to euro

    here is their number , takes a while to get to speak to anyone

    thier are no direct numbers to branches , customer service only

    00448457404404
     
  11. chewchew

    chewchew Frequent Poster

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    Can somebody explain to me the cost associated with moving a large some of money from an Irish bank in Euros to a UK bank in Sterling?

    I have €100,000 I'd like to deposit in a UK bank. According to xe.com 100k in Euros is £84,741, but how much of that can I expect to pay in currency conversion charges etc?
     
  12. galleryman

    galleryman Frequent Poster

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    look into something like transfermate.com
     
  13. Brendan Burgess

    Brendan Burgess Founder

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    Posted in 2008 by Galway008 and others

     
  14. rogeyspoint

    rogeyspoint Guest

    Re: UK A/c

    Hi,

    I have had an account in the north for a few years now and the only account that they would let me open was a current account as I lived in the south. No interests bearing accounts allowed.

    Is this true with every UK bank?

    Thanks.
     
  15. farmerette

    farmerette Frequent Poster

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    its not true with hsbc , 2. 9% savings rate on sums under 50 k for a fixed term of one year
     
  16. milic

    milic Frequent Poster

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    If you have an account in NIB in the Republic and an account in Northern Bank in the North are they each guaranteed separately under the Danish Deposit Guarantee Scheme.
     
  17. farmerette

    farmerette Frequent Poster

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    if you bring a euro cheque to a bank in northern ireland , it can take up to a month to clear

    transfer your money here into sterling 1st and then wire it to the uk
     
  18. cph

    cph Frequent Poster

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    Thanks farmerette. Also I have been advised that the exchange transaction here should be more beneficial
     
  19. rogeyspoint

    rogeyspoint Guest

    Re: UK Deposit Accounts


    Farmerette:

    With relation to your HSBC fixed term account, how does that work with UK & Irish Revenue? Thanks.
     
  20. farmerette

    farmerette Frequent Poster

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    177
    its most important you transfer your money into sterling or dollars in ireland before you transfer it to a british bank , btw , the dollar is looking better than the sterling for the next while

    i openend an account hsbc in portadown , thier customer service ( and currency services ) while wide ranging is not at all accessable , you cannot ring thier branches direct and thier is no lo call number so contacting them is expensive and very slow , add to that , unless you open a sterling account , you cannot access your dollar or euro account with them by any other means but by telephone , worst of all is thier currency exchange rates , several points below other banks , they will fleece you if you are not carefull , not a very customer orientated bank


    ps , surely money in ireland is safe now anyway , i have most of my money still in irish banks , the only risk is a euro exit but if that happens , we will all have to trade in punt nua eventually anyway