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Opening bank account Northern Ireland

  • 05-07-2016 10:23am
    #1
    bs2014
    Registered Users, Registered Users 2 Posts: 734 ✭✭✭


    Just thinking with the whole Brexit thing and exchange rate fluctuation that now would be a good time to buy sterling. Was thinking of setting up a bank account in the north and putting a few thousand into the bank and leaving it there with the hope that currency would make it some money over the coming year or 2. Worse case scenario I would use the money in a few years time to buy my next car in the north. Does one need an address in the north to open a bank account in the north? Thanks


Comments

  • #2
    onrail
    Registered Users, Registered Users 2 Posts: 1,058 ✭✭✭onrail


    bs2014 wrote: »
    Just thinking with the whole Brexit thing and exchange rate fluctuation that now would be a good time to buy sterling. Was thinking of setting up a bank account in the north and putting a few thousand into the bank and leaving it there with the hope that currency would make it some money over the coming year or 2. Worse case scenario I would use the money in a few years time to buy my next car in the north. Does one need an address in the north to open a bank account in the north? Thanks

    I believe a resident of the republic can open a sterling account with Ulsterbank but...... bank charges and spread are ridiculous. You'd need a massive fluctuation to make any money at all.

    If you don't need instant access to the cash but want to retain currency, a CurrencyFair account would be far cheaper, however I'm not sure if the bank deposit guarantee applied to them.

    As a poster in another forum stated recently, a spread trading account would avoid a lot of the charges of the bank or currencyfair account but I've absolutely no experience to help there I'm afraid


  • #3
    bs2014
    Registered Users, Registered Users 2 Posts: 734 ✭✭✭bs2014


    Thanks for the advice, must look into the CurrencyFair option first of all.


  • #4
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    You will get lacerated with the exchange rate spread doing it via a bank account, CurrencyFair will be far more competitive from an exchange rate point of view, I don't think CurrencyFair pay interest on your money while it is resting in their account, interest rates are so insignificant anyway it's probably not an issue. The best and simplest way would probably be to use Revolut, you get the interbank rate, and it's all set up and transaction completed within 15 minutes.


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