Sterling account in Ireland

O

Oirishfruitie

Registered User
Messages
19
Hello all,
Got confirmation from Barclays UK that they will close my account in 6 months.
The sterling had been sitting there waiting for the £ to recover, it's not money I need at the moment, so I'd prefer to wait to change it to Euro.
But now I'm being forced to close that account.
What do people suggest?
Can I open a sterling account in Ireland and leave it here for a bit longer? Who provides this? Guess it comes with quarterly fees etc.
Any other clever ideas; offshore account or something? It's money that I earned while I lived in the UK, but I'm been back in Ireland for 10 years.
And I know, I should have exchanged it pre Brexit, but my head was elsewhere!
Thanks
 
Bank of Ireland is probably the best to open the account in. They are part of the BACS system so transfers in/out are cheap. AIB treats sterling transfers are international payments and charges appropriately.

Just to be clear, this is for opening and Sterling account in.
 
When I closed my Barclays account, I asked them to transfer the balance to my Revolut account. I let it sit there, and used it for £ expenditure as the need arose.
 
Thanks Towger. I'll check with BOI. Yes. Open account, keeping the sterling in sterling
 
TLO said:
When I closed my Barclays account, I asked them to transfer the balance to my Revolut account. I let it sit there, and used it for £ expenditure as the need arose.
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Thanks TLO. Any limits on amounts? And then I guess it would be no problem if when I needed the £ to transfer it to Euro.
 
Not sure about limits, my balance was modest. Very easy to transfer £ to Euro with Revolut. I note that Barclays International offer £ accounts to non-UK residents who have balances of £100k upwards. See:

International Bank Account | Barclays International Bank

Manage your money wherever you are in the world with the Barclays International Bank Account. Speak to us today or apply online.
international.barclays.com
 
You could try Lloyds Bank International. They have an account called International Bonus saver account that can operate in Sterling. They specify that the minimum account opening balance is £5000. I have this account and never deposited to £5000 minimum and they have never made any comment about the lower balance. There are no fees and it pays a monthly deposit interest.
 
Yep. I need to speak to Barclays and see why they haven't suggested this to me. It's never easy to get talking to anyone in Barclays, but I'm hoping a number they provided on the letter will make it easier.
 
Pre Brexit we tried to open a sterling account with our local BOI with whom we had a longstanding account. Awful protracted fruitless process which ended with them going quiet after losing our £7000 deposit cheque, and a formal complaint from us. Tried later with BOI Northern Ireland - no problem whatever, all done by phone and post in a fortnight, very straightforward, no fees. If they still do this post Brexit I can highly recommend.
 
Oirishfruitie said:
Got confirmation from Barclays UK that they will close my account in 6 months.
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Is it due to inactivity? If so the simpler option may be to keep making small transactions to keep it alive.
Oirishfruitie said:
The sterling had been sitting there waiting for the £ to recover, it's not money I need at the moment, so I'd prefer to wait to change it to Euro.
Click to expand...
I don't think you or I have any insight into the currency markets. Just focus on the exchange rate with the lowest commission when the time comes to transfer. The last time I did this I used Revolut.
 
Not due to inactivity.
Correct, no insight, but with no need for the money now, I don't want to transfer/exchange to my Irish Euro account.
 
I'll try and talk to someone in BOI and get some feedback. Ulster Bank were a definite no to opening an account in Northern Ireland with a ROI address.
 
Would I end up in the same situation in a few months/years if/when Lloyds do the same as Barclays.
 
Oirishfruitie said:
Would I end up in the same situation in a few months/years if/when Lloyds do the same as Barclays.
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Who knows?
But this is an international bank which advertises it's services for people in different countries than the UK.
 
I opened Sterling and US dollar holding accounts with PTSB years ago. I never used them as while they accept the foreign currency all withdrawals must be made in euro at rates that are not very competitive.
 
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