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setting up a UK bank acc. anything i need to be aware of?

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  • 18-12-2011 3:50pm
    #1
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭


    I want to move some of my savings to a UK bank account.
    Are there any legal implications of doing this?

    Do I have to declare my bank account to the Irish Government?


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    #2
    ravima
    Registered Users Posts: 848 ✭✭✭ravima


    NO, provided cash is legit; tax has been paid on it and you are living at the address you provide to the new bank.

    YES, you must tell REVENUE


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    #3
    Marcusm
    Registered Users Posts: 10,195 ✭✭✭✭Marcusm


    UK banks have over the last 15 years or so been fairly uninterested in non resident deposits unless they are fairly large or there is other customer business. Some banks simply refuse them. The reasons are quite similar to the DIRT and bogus non resident accounts here. Up until the last year or so they would likely have referred you to their offshore/international arm (Jersey, IoM etc). This is becoming less attractive due to UK Revenue focus on those channels.

    Not trying to put you off, just suggesting you be prepared for a little resistance. Best advise is to bring good proof of ID (pref passport) and proof of address (recent bank statement and utility bill) with you. Any shortage in these and you'll be put off. Make sure you also explain your reasons well; for some matters UK anti money laundering rules can focus on sums as small as £1,000.


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    #4
    phormium
    Registered Users Posts: 3,293 ✭✭✭phormium


    I opened an account by post with Barclays, Knightsbridge. Sent email initially, they rang me with some questions as to why I wanted to open the account, obviously happy with explanation so I just got id etc certified by bank here and after some more emails and forms posted it is up and running. Opened a euro account, other options there but I stuck with the euro for the time being anyway.


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    #5
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    fret_wimp2 wrote: »
    I want to move some of my savings to a UK bank account.
    Are there any legal implications of doing this?

    Do I have to declare my bank account to the Irish Government?

    It should be easy enough to go up North and do this.
    See Here
    Any interest will be taxable here - you should declare it to Revenue on a tax return. - Make sure you ask the UK bank not to charge tax on the interest as well. They can give you gross interest if you are an Irish resident.
    No other legal implications - work away !


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