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UK Premium bonds....can buy from Ireland?

  • 06-01-2010 2:40pm
    #1
    Registered Users Posts: 267 ✭✭


    hi everybody,

    Was just wondering if anyone here bought UK Premium Bonds (equivalent to Irish 'prizebonds') while they lived in Ireland? I heard that it wasn't possible for irish residents to buy them, but due to some recent change of law it is now possible.

    Did you have to provide certified copies of your passport and tax information?


    UK Premium Bond website...
    http://www.nsandi.com/


Comments

  • Registered Users Posts: 2,347 ✭✭✭si_guru


    I have UK Premium Bonds.. but bought while I was living in the UK.

    TBH unless you can buy £30,000 I wouldn't bother, the odds are enourmous and they reduced the prize fund last year.

    I used to win 50-100 per year with my 1000 worth.. I haven't won a thing for 5 years now.


  • Registered Users Posts: 267 ✭✭Shinto


    Agreed, the odds are very poor.

    However, i have money in an old English bank account that's been making pratically no interest for years. So i might as well take a gamble and go for the Premium Bonds. That's my view anyway.


  • Registered Users Posts: 2,347 ✭✭✭si_guru


    Shinto wrote: »
    Agreed, the odds are very poor.

    However, i have money in an old English bank account that's been making pratically no interest for years. So i might as well take a gamble and go for the Premium Bonds. That's my view anyway.

    A good point. I noticed that the interest in my UK account has dropped to a minute fraction of what it was.

    If you do win the million, let me know ! ;)


  • Registered Users Posts: 267 ✭✭Shinto


    I just want to close this tread by addressing my original question...

    Yes, i can confirm that Premium Bonds can be purchased from Ireland. I did it recently. You just have to send some extra paperwork to prove you reside in Ireland (photocopy of a letter from your tax office, photocopy of passport....both of these must be certified by solicitor or consulate).

    "For customers who live outside the UK..."
    http://www.nsandi.com/proveidentity/proofofidentity.jsp


    End of discussion. Bye.


  • Registered Users Posts: 1,898 ✭✭✭KOR101


    Anyone done this recently?

    UK Premium bonds....can buy from Ireland?

    I found this......

    https://www.nsandi.com/i-live-outside-uk-can-i-invest-with-nsi

    Just a bit concerned about how you buy them without a UK bank account. Will they accept a Sterling bank draft drawn on an Irish bank? Assuming you have a Sterling account with and Irish bank, will they sell you a Sterling bank draft?


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  • Registered Users Posts: 2,182 ✭✭✭scotchy


    Sorry for opening an old thread.:o

    Do Irish residents have to pay tax on winnings from UK premium bonds?

    .

    💙 💛 💙 💛 💙 💛



  • Registered Users Posts: 1,011 ✭✭✭ei9go


    If you get a Revolut card you can enable a UK bank account


  • Registered Users Posts: 94 ✭✭footfall789


    Hi , thinking of purchasing UK premium bonds and I live in Ireland . The percentage return for Premium bonds is over 3% as apposed to Ireland Prize bonds being very close to zero. I believe they need a Sterling account and a Debit card in order for you to purchase .

    I have contacted NS&I and they are unable to give me information on how a Non UK resident can buy Premium Bonds and what makes this especially tricky is Brexit . I do have a Revolut Sterling account but am not sure this would work as I read that UK Citizens living in Spain could not get paid for any winnings they might receive from Premium Bonds as they did not live in the UK.

    Has anyone purchased UK premium Bonds (prize bonds) recently who live in Ireland ?.

    Regards, Footfall789



  • Registered Users Posts: 630 ✭✭✭POBox19


    I'm currently going through the process of buying some UK premium bonds, I haven't seen them yet.

    I'll detail the road to this later, but you must hold a £ sterling bank a/c in a UK based bank with sort code and a/c number for starters. See the link above.



  • Registered Users Posts: 94 ✭✭footfall789


    Hi were you able to buy UK Prizebonds in the end .

    With regard to having a UK Bank Account , do you need to have an actual physical uk Bank Account (which means you need a UK address) . The reason I ask is that I have AN iRISH Revolut Account that has a sub account that is in Sterling and it has a UK sort code(e.g 22-33-44) and Account number (E.G 12345678).

    Regards,



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  • Registered Users Posts: 630 ✭✭✭POBox19


    Eventually I managed it, a long slow process. A couple of weeks to open a bank a/c and then get NS&I to take some money. The UK debit card, Revolut and online transfers were declined each time I tried, so I went to the bank and took out a GBP draft and posted the application, along with proof of ID and address etc..., and then you wait for three or four weeks. With the first bond you get your PB holders nr. and welcome pack. Then you apply for the online a/c, by post, sending more documents and getting a NS&I number which takes another three/four weeks before you get that and another week for the online temporary password to arrive. Part of the delay is that post takes two or three weeks to arrive from NS&I.

    I don't believe a Revolut GBP virtual a/c will work because if you look under "Account Details" it shows the a/c nr. and sort nr. for domestic use and on the next tab for international transactions it uses the Irish IBAN which the NS&I will instantly reject, but if it works for you let me know.

    The NS&I website https://www.nsandi.com/products/premium-bonds explains everything needed. Anyone doing this needs to study that carefully and follow the requirements to the letter.

    On the bright side they've just increased the prize fund to 4% from August and reduced the odds to 22,000:1 for a £1 bond. Compare that to Prize Bonds prize fund of 0.35% with odds of 164,000:1 for a €6.25 bond.



  • Registered Users Posts: 94 ✭✭footfall789


    Hi thanks for the Update.

    Just a few Questions,

    (1) You said the Transfer of the Sterling Online did not work and so you sent a GB sterling Draft. If your lucky to win some money and wish to claim or cash in all the Prizebonds you purchased , how is that going to work if you have no Sterling Bank Account ? I read that you will only receive payment into a sterling Account. ?

    (2) I saw a section where NS&I asks you to provide a letter from a Professional that you know to verify you are who you are , did you have to fill this out .

    (3) Would you be able to send on the link to where you found the information for applying for UK Prizebonds from Ireland.


    Regards, Footfall789



  • Registered Users Posts: 630 ✭✭✭POBox19


    OK

    (1) I have a UK bank a/c, see above!

    (2) Yes. See https://www.nsandi.com/help/join-nsandi/evidence-of-identity/

    (3) Posted #6 above.

    If in doubt call NS&I and they'll explain it for you.



  • Registered Users Posts: 94 ✭✭footfall789


    Hi , thanks for the info.

    Ah , I see. So you have a UK Bank Account , so am i correct in saying that you had to have a physical UK address in order to open a UK Bank Account ?

    If I am incorrect , how did you open a UK account without a Physical UK address?

    Regards, Footfall789



  • Registered Users Posts: 630 ✭✭✭POBox19


    Opening the UK a/c was much the same as here, proof of ID, address etc... Took a couple of weeks and a few phone calls.



  • Registered Users Posts: 94 ✭✭footfall789


    Ah ok, thats my problem , I dont have a physical UK address so I cannot open a UK bank account . Pity , average return on UK bonds is over 3% as apposed to Ireland's very small return.

    Thanks for your time and best of luck with the UK Premium Bonds.

    Regards, footfall789



  • Registered Users Posts: 1,408 ✭✭✭Hibernicis


    I don't believe you need a UK postal address in order to open A UK bank account, nor do you need to be a UK resident. This document for BOI UK explains on page 7 how they validate your address is you are not resident in the UK:

    https://www.bankofirelanduk.com/app/uploads/personal-current-account-brochure_eff-23-june-2023_bank-of-ireland-uk.pdf

    Might be worth giving them a call. Application details are here:

    https://www.bankofirelanduk.com/personal/current-account/clear-account/how-to-apply/



  • Registered Users Posts: 94 ✭✭footfall789


    Hi,

    Many thanks for giving the info .

    I applied to open a current Bank Account(Clear Account) with BankOfIrelandUK but was refused. I spoke to somebody over the phone from the bank and it seems that as part if the requirements of opening a current account I would need a mandated amount of money to be sent to the current account on a regular basis ,such as Salary/Benefits/Pension.

    This must be specific to NI , as any of the accounts I opened in the South never required a regular amount of money to be deposited.

    They suggested opening a Savings account would be a better option but i remember seeing that i would need a debit card in order to buy Premium Bonds but the current account is the only account that has a Debit Card.

    I did not see this in the T&C's but it must be in there somewhere .

    Back to the drawing Board.



  • Registered Users Posts: 1,408 ✭✭✭Hibernicis


    Hmmm. Probably just concerned about these being used for a single transaction and then being left dormant. What about if you were maybe thinking of buying a property in NI and wanted an account for future rental income and expenses ?

    Post edited by Hibernicis on


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