Setting up £stg and $US accounts

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mercury16

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I will be purchasing a car from the UK sometime in the next 24months... cant say for definite as i'm not buying until my current one of 14yrs bites the bullit, so it's sometime in the next 24 months, estimated.

I would like to get some of my euro's into £stg when the rate is as good as it is. Can i open up a £stg bank account? Can i open up one in the uk if i'm still a resident in IRELAND?

Have thought about this before also for US dollars, i.e. transferring money from one personel account into another, from € to £ to $...... has anyone else done this and what's the best way of goign about it.

Appreciate your comments good or bad !
 
Here we go again!

Your options for a GBP deposit as a ROI resident are as follows:

1) Anglo Isle of Man for some of the highest GBP term deposit rates: [broken link removed]

2) Ring Investec, Bank of Scotland Ireland and others and ask for their GBP rates.

3) Open a bank account in Northern Ireland. NI banks accept ROI documentation.
 
USD rates are very low at the moment.

Anglo Isle of Man offer 1.50% which is very competitive for USD. [broken link removed]

Otherwise, ring all the Irish banks and ask for their USD rates.
 
Is it better to open up a foreign currency aco**** in ireland e.g. a steling account or to open up an account in that country...i.e. a sterling account in the country?

Froma tax liability and captail gains tax point of view?
 
i would look into the currency exchange process as you are likely to make/lose more than you receive in interest.

i would not use your bank as they as a standard give you a very poor rate of exchange compared to a currency exchange specialist.

as depending on the amount you are likely to receive a rate of 0.5%/2% better.

check out for more info
 
mercury16 said:
Is it better to open up a foreign currency aco**** in ireland e.g. a steling account or to open up an account in that country...i.e. a sterling account in the country?

Froma tax liability and captail gains tax point of view?
Click to expand...

From a tax perspective you have to pay DIRT/declare DIRT at the same rate for all EU deposits.

It would be less hassle to open a GBP account here than in NI but you will get a better rate in NI.
 
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