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US Citizen needs advice on banking in Ireland

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  • 10-01-2008 3:20pm
    #1
    eprairie
    Closed Accounts Posts: 2 ✭


    I know nothing at all about money issues but have a feeling I should put my nest egg into a growing and strong economy such as Ireland. I have just $125,000 in a bank here accumulating 4.90%. I have 60 acres I may sell and that would net about $90,000.

    If anyone has any advice on what you think I'd need to know about banking in Ireland, such as what kind of account would be best and which bank you'd recommend, I'd very much appreciate it. I don't have any income (or bills) as I volunteer and am caretaker for a historic property. I don't tap much into the interest I'm getting.

    Thanks!


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    #2
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    First, welcome to boards.ie

    Second, I'd urge you to read this

    Finally, as an addition to my second point, I'd urge you to seek professional financial advice, which this board is not equipped to dispense, especially when it comes to dealing with people in other jurisdictions :)


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    #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    eprairie wrote: »
    I know nothing at all about money issues but have a feeling I should put my nest egg into a growing and strong economy such as Ireland. I have just $125,000 in a bank here accumulating 4.90%. I have 60 acres I may sell and that would net about $90,000.

    If anyone has any advice on what you think I'd need to know about banking in Ireland, such as what kind of account would be best and which bank you'd recommend, I'd very much appreciate it. I don't have any income (or bills) as I volunteer and am caretaker for a historic property. I don't tap much into the interest I'm getting.

    Thanks!

    I'm curious..... WHY would you (at a time when the dollar vs euro rate has been the worst ever) have any need to move your nest egg from the states to Ireland? I mean unless you have plans to retire here or have family here it just doesn't make sence. The interest rate you are getting is better that what you would get at most banks here.

    However, if you wanted to open an account you would have to go to a bank yourself. That would mean a flight over to Ireland just to open an account.

    The main banks in Ireland are :

    Bank of Ireland - http://www.boi.ie
    Allied Irish Bank - http://www.aib.ie
    Ulster Bank - http://www.ulsterbank.ie
    Permanent TSB - http://www.ptsb.ie
    National Irish Bank - http://www.nib.ie
    Halifax - http://www.halifax.ie

    Opening an account may not be as easy as you think. Some banks maybe very reluctant to open an account for you. You would also need to provide an original ID and 2 different proof of address (which may have to be notorised by, for example a solicitor in your country). In any event, there is no guarentee that any bank will let you open an account. They do reserve the right to say no.


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    #4
    Hitchhiker's Guide to...
    Registered Users Posts: 3,322 ✭✭✭Hitchhiker's Guide to...


    It would be highly strange to have your savings in a country you are not living in, with a currency that you don't know.

    Perhaps you could just buy shares in a European stock index fund (e.g. the Dow Jones EuroStoxx), providing you are able to invest your money for 5-10 years?


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    #5
    VanHeusen
    Closed Accounts Posts: 28 ✭VanHeusen


    It's definitely not the best time to move over all your savings, considering the exchange rates. Also, if you intend to invest in into a growing and strong economy, you should be able to find some mutual funds in the US that will do that for you. There are quite a few that invest in foreign securities.

    If you decide to open an account in Ireland, you will soon discover that there are many things that we take for granted in the States. Like that someone will call you back when they said they would. Or respond to your e-mail. Or that you will get a debit card ("Laser") for your checking account. Or even a checkbook. As stepbar already wrote, opening an account may not be as easy as you think.

    I find banking in Ireland very "personal". Meaning: if the branch manager knows you, you will get what you want, if they don't - forget about it. I opened a checking account in Ireland some two years ago. They accepted my phone bill and a mortgage statement from the States as a proof of address (an American drivers license is useless, forget about it) and my US pasport for an ID. I didn't request a debit card or a checkbook at that time - which turned out to be a huge mistake. Later, it took me almost six weeks to convince them to issue me a "Laser" card; I don't even want to think what it would take to get a Visa card.

    Another example: last year I wanted to open a savings account by mail - with my bank, same branch. Called the branch, talked to some lady and was told that this is impossible as she has to see my passport on the very day when she opens the account (even though I am an existing customer). When I insisted, I heard: "Well, this is the law in THIS country!". I called the next day, talked to someone else and the papers came in the mail a week later. I just had to sign them and send back to the branch. I guess the law is flexible :)

    If you are used to banking in the US, this may be quite an experience for you. :)


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    #6
    eprairie
    Closed Accounts Posts: 2 ✭eprairie


    Thanks very much, all of you, for your advice. From what I've been reading the dollar is crashing. Some are forecasting depression and some less than that but the consensus isn't good. I guess that's what happens when a gang of criminals take over a country and drive it into the ground. It's pretty hard to watch. That's why I want to get my egg out of here and wish I had earlier. I'm not planning on moving there but it doesn't actually sound like a bad idea at this point.

    What I'm really wondering I guess is what would be the safest place to keep my egg considering the times? But not so safe that it doesn't appreciate some. I can invest for a long period of time. I'm just 48 and don't spend money. I would like a little bit each month for food, though I try to grow most of my own. I doubt there'll be social security when I get to that age.

    I will check into that European Stock Index Fund. How would I go about that? Thanks for filling me in on the weird banking practices there. If keeping the money there would be a good idea I guess I'd bear it but it doesn't sound like that's the case.

    Thanks again so much for all your input. Any other ideas would very much be appreciated.


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    #7
    Sangre
    Registered Users Posts: 12,154 ✭✭✭✭Sangre


    VanHeusen wrote: »
    It's definitely not the best time to move over all your savings, considering the exchange rates. Also, if you intend to invest in into a growing and strong economy, you should be able to find some mutual funds in the US that will do that for you. There are quite a few that invest in foreign securities.

    If you decide to open an account in Ireland, you will soon discover that there are many things that we take for granted in the States. Like that someone will call you back when they said they would. Or respond to your e-mail. Or that you will get a debit card ("Laser") for your checking account. Or even a checkbook. As stepbar already wrote, opening an account may not be as easy as you think.

    I find banking in Ireland very "personal". Meaning: if the branch manager knows you, you will get what you want, if they don't - forget about it. I opened a checking account in Ireland some two years ago. They accepted my phone bill and a mortgage statement from the States as a proof of address (an American drivers license is useless, forget about it) and my US pasport for an ID. I didn't request a debit card or a checkbook at that time - which turned out to be a huge mistake. Later, it took me almost six weeks to convince them to issue me a "Laser" card; I don't even want to think what it would take to get a Visa card.

    Another example: last year I wanted to open a savings account by mail - with my bank, same branch. Called the branch, talked to some lady and was told that this is impossible as she has to see my passport on the very day when she opens the account (even though I am an existing customer). When I insisted, I heard: "Well, this is the law in THIS country!". I called the next day, talked to someone else and the papers came in the mail a week later. I just had to sign them and send back to the branch. I guess the law is flexible :)

    If you are used to banking in the US, this may be quite an experience for you. :)
    Incidentally, having to deal with US banks was one of the worst experience of mine and my friends life. Biggest bunch of rip off merchants ever. $4 for using an ATM? Madness!

    I guess when you expect one thing and get another you're bound to be disappointed.


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