I have received some sterling via cheque as part of a will, does anyone know if the pound will gain anymore strength against the euro? currently its 0.86 pence for 1 euro.
Also, is it possible to open a sterling account in the republic? Can I lodge my money as sterling in a branch of a UK bank that operate here?
Any info would be greatly appreciated.
Many questions here!
STG may increase against EUR over a period or it may not. It depends o n how the economies of both territories are percieved to be improving/disimproving by those who study/invest here. It is a complicated system. No one can tell you if the rate you want will be there or not.
You can open a STG account in Ireland, if your bank will facilitate you. All the major banks have operations in UK/NI. Previous posters suggest that you could open one easier if you went to NI with proof of ID and address. Address in ROI will suffice it seems.
You can only lodge the money as STG if you hold a STG account.
Remember to advise Revenue of the fact that you have opened the account outside of ROI and declare the interest received to remain tax compliant.
Ravmia is 100% correct.
I'd add that the fee's charged on a ROI STG a/c far out way the handyness of having one.
There normally for businesses.
Open a non-resident account in the North, perhaps?
don't forget to advise revenue however
I opened a Northern Bank account at Donegall Sq in Belfast with my Dublin address and ESB bill. Danske (their parent) have the same online banking system across both banks. You can make free cross border transfers to "own accounts" within the Danske group.
I put a good deal of research into this before moving to UK and it's saved me a fortune in sky high bank fees. As I recall BOI UK wanted £18 a pop for euro transfers.
I couldn't recommend Northern Bank enough.
Permanent TSB will open a Sterling Account for you. They did for me recently. I only needed to have a Euro current account with them also