Probably a simple answer...

bubblybox

Hi there,

Just a quick question.

I am looking into changing banks from BOI to Permanent TSB few reasons one being the ability to get a VISA Debit Card. I need this as I book a large amount of flights and do not want a credit card.

I got a CC from Bank of Ireland about three months ago. I also have an overdraft facility. Is there usually a charge for cancelling the CC? Is there any other monetary reason I shouldnt be changing?

Thanks for your help in advance

BuffyBot

No charge for cancelling, but you will probably have to pay the government stamp duty before they'll close it.

Immaculata

Yeah, you'll have to pay the CC government tax upon account closure. So maybe check with your bank about when the tax is charged annually and make a note in your diary to cancel the CC and close the account a month or so before that date. Then at least you'll have the benefit of having the CC until then, for the same fee, if you need the credit.

maddogcollins

If you have used your card and you close your account during the year, you will be charged the goverment stamp duty.

If you are changing to a different credit card account you don’t have to pay the duty more than once. When you are closing the account your card issuer will give you a letter of closure stating that you have paid your stamp duty for the year. If you give this letter to your new card issuer, you will not be charged stamp duty by them for that year.

The goverment stamp duty is charged on 1st April each year.

Hope that helps

bubblybox

Hi All,

Thanks for all the replies! Have already paid my duty so thats fine and wont have to pay again - just waiting for the correct time of month to fit in with Payroll and I'll be moving.

Thanks again - mods please close whenever you get a chance

zeusnero

bubblybox wrote: »

Hi there,

I am looking into changing banks from BOI to Permanent TSB few reasons one being the ability to get a VISA Debit Card. I need this as I book a large amount of flights and do not want a credit card.

Just in the event that the large amount of flights are with Ryanair - as of January 1st this year, Ryanair switched their allegiance from Visa Prepaid Cards to Mastercard Prepaid Cards - This means that if you use a Visa Electron to pay for flights on the Ryanair site, they will still charge you the 5 euro admin fee per flight.

The only way to avoid this fee is to use a Prepaid Mastercard (I would recommend the PayPal Mastercard as it's never given me any problems) so you may need to find out if TSB provide a Prepaid Mastercard Service

SteoL

bubblybox wrote: »

Hi All,

Thanks for all the replies! Have already paid my duty so thats fine and wont have to pay again - just waiting for the correct time of month to fit in with Payroll and I'll be moving.

Thanks again - mods please close whenever you get a chance

Hi, I could be wrong but govt duty will apply still. If you paid in april it's for previous year. So if you use your card after April and then cancel it you will have to pay it again for this year.