Options for accepting Sterling payments

Dodge

I get paid for a job in Sterling each month. I'm resident in Ireland and have a standard account here

Late last year PTSB informed me they would no longer accept Sterling payments directly to my account (their work around was to pay into their sterling account with my Irish account in the description - something I don't want to do)

So, effectively, what are my options here if I don't want to change my primary bank account? Can I open a Sterling account here easily just for 10 monthly transfers?

Yggr of Asgard

You could get a Monese account (has however a monthly fee) which you can open easy via an App. Than either withdraw the money in cash or transfer it to your PTSB account (Monese offers relative good rates for transfers). Monese will give you a UK account / sortcode and a visa debit card.

You also could get a PaywithFire account which also gives you a UK account number / sortcode and transfer it out either directly into PTSB or using a currencybroker like currenfair etc. which will give you better rates than converting it via paywithfire which they also offer. Again easy to open via an App but does not give you any cards.

Or if you don't mind traveling up North you could get a bank account with a UK bank and than transfer the money from there. But you need to invest time to travel etc. Nationwide is offering a good free account. As long as they still are in the EU they have to open an account to EU residents (but only the major banks) but most charge. Nationwide is one that does not. Transfer than via currencybroker as it's better rates.

Dodge

Thanks for the reply. Having looked into it, pay with fire seems to do the job, and is the easiest and cheapest way.

Quackster

Dodge wrote: »

Thanks for the reply. Having looked into it, pay with fire seems to do the job, and is the easiest and cheapest way.

You could avoid any currency conversion fees by using this in tandem with a Revolut account, transferring sterling from the Fire account to Revolut and converting it to euro there.

Dodge

Hmm. Can I do that? I thought Fire could only withdraw to standard bank accounts?

Quackster

Dodge wrote: »

Hmm. Can I do that? I thought Fire could only withdraw to standard bank accounts?

Yeah, withdraw to the Revolut account that's provided for accepting sterling lodgements.

revolut.com/faq/gettingstarted.php?cat_id=10&faq_id_according=71&cat_name=Common%20Faqs#parentVerticalTab10

Dodge

That's great. Very helpful