Key Post Opening a sterling account in Northern Ireland

farmerette

Registered User
Messages
177
Farmerette:

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

hsbc takes care of any DIRT liable to the british revenue and you have to declare interest earnings to the irish goverment , just a matter of keeping bank statements i imagine
 
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mercman

Guest
The simplest and easiest way to handle deposits in the UK if you are Irish resident is to have the interest paid gross. There will be forms to be completed, but you must declare your interest earned on your tax return. There is no DIRT payable to the UK revenue in this case,
 

mooney76

Registered User
Messages
176
Saving when buying sterling/ selling euro

If you transfer euro and wait for the receiving bank to convert then you will suffer from the banks exchange rate. Convert before you transfer but compare with all the banks. Also try transfermate.com in Dublin , get their rate by phone and compare, advertise in bus post that they beat ll irish banks, compare with your bank.
 
Messages
4,931
What rate of tax do you pay on an 'offshore' sterling deposit account througn Lloyds in Isle of Man ; but in their Gibralter branch because of residency in Ireland? .

27%, if it is not held in a long term deposit and if the interest is paid on January 1st 2011 or thereafter, when you declare your deposit interest to the Revenue.
 

markell50

Registered User
Messages
30
Opening sterling account

Hi all, not sure if this has been addressed elsewhere, apologies if so.
I was interested in opening a sterling account in Ulster Bank and was under the impression that I would need to travel to Newry.
On contacting UB was advised that I can open a current account in sterling without the need to travel in person to the north.
Document verification, i.e. identification, proof of address etc. can be brought into local branch and verified there and forwarded to the north.
I currently have a sterling account in PTSB and am advised by UB that I can lodge cash in my local branch or wire transfer the funds once the account is opened. What I found most helpful is that although the account will be based in Newry, I can access it through my local branch here and use their online banking facility.
I am posting this because I had received so much helpful and valuable advice through AAM and hope this may be of help to other users.
Markell
 

DeeKie

Registered User
Messages
718
Got the train to Belfast recently and trouped around Donegal Sq to various banks. We didnt want a Sterling account in a ROI bank. Were told we could not open an account in Nationwide UK, Santander and UB because we had an address in Ireland.

Were told we could open a savings account in Northern Bank & Halifax - the rate was 0.1% as we did not have a NI account (for residents in NI it was more like 2.2%, 2.4%). We could open an account with Barclays, I think the rate was 0.08%.

Honestly is there no law against discriminating in non-residents living in other parts of the EU? It seems very unfair that a person, by virtue of having an address in NI, gets 2.2% more in the same bank for the same service.
 

149oaks

Registered User
Messages
263
Markell50. Thats great to know we don't have to travel north. I see it was a current a/c you opened do you know about deposit a/c's? As based on previous posts the interest rates are pretty poor if you open 1 up north.
 
Messages
4,931
If you want a good rate on a GBP account, there are a few Isle of Man options, with good rates, such as Nationwide International.

It is quite normal for banks to charge different rates for residents and non residents. I agree that it is not right.
 

markell50

Registered User
Messages
30
Markell50. Thats great to know we don't have to travel north. I see it was a current a/c you opened do you know about deposit a/c's? As based on previous posts the interest rates are pretty poor if you open 1 up north.


Hi 149 oaks,
The interest rate is nil for a current account with UB. The name of the account is a 'Step account'. If you wished to open a deposit account I think that you may have to travel.
I am not particularly concerned with the interest rate at the moment, just the security.
To offset the lack of interest being paid, the account provides a visa debit card.
I will find this useful for online shopping as often the payment has to made in sterling when shopping online. The transaction charges i.e. so much % of the transaction vary plus the conversion rates you get are not the best.
At least this saving will go someway towards the lack of interest being earned.
Hope this of some help,
Markell
 
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old westie

Guest
Markell50. Thats great to know we don't have to travel north. I see it was a current a/c you opened do you know about deposit a/c's? As based on previous posts the interest rates are pretty poor if you open 1 up north.

I talked to Ulster bank Strabane Co Tyrone today and a fixed term for 1 year is paying 3.25%. To open a/c you need to attend bank with utility bill and passport or driving licence, there seems to be no problem with living in Rep and I informed them that i had an a/s in Ulsterbank in the republic.
 
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centrewest

Guest
I talked to Ulster bank Strabane Co Tyrone today and a fixed term for 1 year is paying 3.25%. To open a/c you need to attend bank with utility bill and passport or driving licence, there seems to be no problem with living in Rep and I informed them that i had an a/s in Ulsterbank in the republic.

The best rate when transferring money from RoI to NI is with transfermate.
 

Egolf

Registered User
Messages
3
Can I open a sterling account with sterling pension?

I live in Ireland and have a small UK Pension. Is there an advantage in opening a sterling account and depositing this pension?
 

ardmacha

Registered User
Messages
243
I live in Ireland and have a small UK Pension. Is there an advantage in opening a sterling account and depositing this pension?

You get to chose the day on which you make the conversion, perhaps getting a better rate. You also retain Sterling if you sometimes visit NI/GB, to avoid changing it twice.
 

serotoninsid

Registered User
Messages
1,755
Has anyone approached a NI Bank of Ireland branch with regard to opening a current account with them?

If so, what was the result?

Does the fact that a person banks with them South of the border act as a persuader?
 
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centrewest

Guest
Has anyone approached a NI Bank of Ireland branch with regard to opening a current account with them?

If so, what was the result?

Does the fact that a person banks with them South of the border act as a persuader?

Yea, no problem opening an account with Ulster Bank NI, you just need the usual ID and utility bill, having an account down South made no difference, in fact if you open a savings account with them, such as money desk, you have to open a current account as well.
you can not have any cross border direct debits, but you can make manual deposits
 

joeryan

Registered User
Messages
41
Lately I went into Ulster Bank on Dorset street in Dublin, and asked the girl about opening an account in the North. She said they didn't to it. I said I had rang head office and they do, do it. She said she could open an account but it was a lot of hassle and not common. She said Head office shouldn't be saying they can do it. She was willing to open the account but not happy about it. She tried to put me off in general. The fees are 150 Sterling a year and I would have to open an account in the south also. I decided I'm going to put my money elsewhere...
 

ardmacha

Registered User
Messages
243
Previous poster, I am not quite sure why you asked UB in Dublin about opening an a/c in the North? Ignorance of accounts in their own branch is not unknown in banks, never mind those in the other jurisdiction. Check the accounts on the website and then just ring the branch in NI where you want to open the a/c and ask them what documents they need. As centrewest said, it isn't complicated.
 

littletiger

Registered User
Messages
10
Lately I went into Ulster Bank on Dorset street in Dublin, and asked the girl about opening an account in the North. She said they didn't to it. I said I had rang head office and they do, do it. She said she could open an account but it was a lot of hassle and not common. She said Head office shouldn't be saying they can do it. She was willing to open the account but not happy about it. She tried to put me off in general. The fees are 150 Sterling a year and I would have to open an account in the south also. I decided I'm going to put my money elsewhere...


I opened an ulster bank sterling current account in Newry. The forms came in the post, I filled them in went into my local branch (where I don't have an account) and got them to witness my ID and send the application to Newry in their internal mail.
No annual fee either. Where did you get the 150 Sterling from?
 

Silvera

Registered User
Messages
99
I'm thinking of opening an account in NI with UB too. What are the tax implications? I want to keep everthing above board and pay whatever tax would be due.
 
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