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Can you have an Irish account in pounds sterling?

  • 09-03-2010 9:02am
    #1
    Monkey61
    Registered Users Posts: 1,137 ✭✭✭


    Hi,

    I have tried to google this but am still a bit confused as to how it works. An English relative wants to give my sister a sum of money as a gift (for various reasons). As the money is obviously in pounds sterling, we were wondering if there is a way to put it into a sterling account in her name so that she will be better off if the exchange rate improves over the next few years.

    Is it possible to have sterling account in Ireland? I presume she can't have an account in England in her name if she doesn't live there?

    Thanks for any advice.


Comments

  • #2
    Hagar
    Closed Accounts Posts: 16,793 ✭✭✭✭Hagar


    Companies do it all the time, have a Sterling account in an Irish bank in Ireland, or at least used to, I'm not sure if individuals can.


  • #3
    Formal shorts
    Registered Users Posts: 197 ✭✭Formal shorts


    Yes, this service is available to personal customers but in general the charges are very high. It is not a viable option unless the sum is substantial.

    I would imagine she would be better off driving up the north and opening an account up there.


  • #4
    Monkey61
    Registered Users Posts: 1,137 ✭✭✭Monkey61


    Sorry for being completely thick - what kinds of charges would we be talking about? And also...can you just open an account in the North if you don't live there?


  • #5
    Formal shorts
    Registered Users Posts: 197 ✭✭Formal shorts


    Monkey61 wrote: »
    Sorry for being completely thick - what kinds of charges would we be talking about? And also...can you just open an account in the North if you don't live there?

    Monthly charges for simply having a foreign currency account. I wouldn't like to guess at the amounts, but I do know they are substantial with a number of banks. Your best bet would be a phone call to your local branches of various institutions to get quotes.

    And yes, as far as I am aware she could open an account in the north, although she would have to declare it to revenue as a non resident account and declare her interest each year. That was the case a couple of years back, and I don't believe it has changed.


  • #6
    digital_d
    Registered Users Posts: 46 ✭digital_d


    Hi - I have this facility with AIB. I belive they term it as Currency holding Account, or a Call Deposit Account.

    I took a bit of effort to get set up as the branches I delt with seemed very unfamiliar with it.

    Basically, you get a account with a UK Sort Code, and Account number. You can then transfer sterling funds to it from a UK bank account.

    The money just sits there (interest is not paid). You can then call a specific number and make transfers to your AIB Irish current account that is linked to the currency holding account.

    certinally in my case the is no fee charged by AIB for the facility, or for transfering money from it.

    The only mention of this type of account on aib.ie is http://www.aib.ie/business/business-banking/deposits/currency-deposit-account generally they are for business, but you can apply for one as a personal customer too with AIB, I think Ulster Bank only give them to business customers so it may depend on your bank.

    D


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  • #7
    tawfeeredux
    Registered Users Posts: 795 ✭✭✭tawfeeredux


    What type of account do you want to open, current or deposit?

    If it's just a matter of putting it aside to earn some interest & hope that the exchange rate becomes more favourable, you could put it in a deposit account with little or no charges.

    I had a 12-month sterling deposit account with Anglo which matured recently, no charges, interest paid was one of the highest rates available at the time. They don't do sterling accounts in Ireland anymore, but you could open an account with their their branch on the Isle of Man (http://www.angloirishbank.co.im/Personal_Savings/Fixed_Interest_Account/)

    Investec (http://www.investec.com/en_ie/#home.html) also do sterling but I think they may have a minimum amount (I rang them last year looking for a rate on a £9k lump sum, they never called me back).

    Ulster Bank possibly do a sterling deposit account as well, can't find a link, might be worth a ring.


  • #8
    Monkey61
    Registered Users Posts: 1,137 ✭✭✭Monkey61


    tawfeeredux wrote: »
    What type of account do you want to open, current or deposit?



    Just a deposit account for it to sit in for a while.

    Thanks for all the help guys, that's a good few things to look into now!


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