Keeing Irish Bank a/c open?

cnn27

Hi all, for those who are living abroad for the long-term, have you kept your Irish bank account open? I've been living in England for 6 years now, and had kept my Bank of Ireland account open. But today I got an email saying they'll be charging £6 a month account fees, which is a bit steep for an account I barely use. Are there any advantages to still having an Irish account or how difficult would it be to open one once I move back- I'm worried I'll close it and then regret it.

JustAThought

cnn27 wrote: »

Hi all, for those who are living abroad for the long-term, have you kept your Irish bank account open? I've been living in England for 6 years now, and had kept my Bank of Ireland account open. But today I got an email saying they'll be charging £6 a month account fees, which is a bit steep for an account I barely use. Are there any advantages to still having an Irish account or how difficult would it be to open one once I move back- I'm worried I'll close it and then regret it.

Definately keep it open - 100%. And next time you’re back shop around to open one that dosn’t charge e6 a month and move to that. On what basis are they charging his rate and changing the terms of your A/C? Sounds like the kind of extortion another ‘Irish’ bank was trying on with the brzillians for their visa requirements - if they didn’t save X amount oer month they were charged e20 a month or some such extortion.

What about the likes of EBS - they are now a bank and don’t charge (me) any fees. You DEFINATELY want to have an Irish bank account and not go without one. Especially these days & britexit/currency devaluation/ using for other eiro payments/ new money laundering laws making it harder for you in the future etc.

Jim2007

JustAThought wrote: »

Definately keep it open - 100%. And next time you’re back shop around to open one that dosn’t charge e6 a month and move to that. On what basis are they charging his rate and changing the terms of your A/C? Sounds like the kind of extortion another ‘Irish’ bank was trying on with the brzillians for their visa requirements - if they didn’t save X amount oer month they were charged e20 a month or some such extortion.

What about the likes of EBS - they are now a bank and don’t charge (me) any fees. You DEFINATELY want to have an Irish bank account and not go without one. Especially these days & britexit/currency devaluation/ using for other eiro payments/ new money laundering laws making it harder for you in the future etc.

Waffle, the MLA you must meet are the same weather you open new account or keep an old account, BREXIT has happened, FX fluctuations will happen no matter where the amount is held - Ireland or a Euro account at his own bank.

I don't hear any valid reason confining to pay for an account on the off chance that the OP might need it one day... I've not had an Irish bank account for 30 years and I can't recall a single occasion when I needed one. The UK will remain in SEPA, just the same as Switzerland.

Ardillaun

As a person living in Canada, it was useful to me when I looked at a job in Ireland and when I was involved in buying a house. Since then I received one of these FATCA inquiries, prompted by some wretched American law, demanding proof that I wasn’t a ‘US person’. I closed it after that.

krissovo

A few questions to ask yourself... I am no expert though but these are questions I asked myself at the request of my accountant not so long ago. Brexit may cause you to think twice in certain areas but you will not be unique.
1 - Do you have any Irish income?
2 - Will you have future Irish income? - e.g. State or private pension
3 - Do you need a Euro account from a euro country for any reason? Can it be met by a online bank revolut or other alternative?
4 - Do you need to maintain credit history or access credit in Ireland?

If no to all close the account, you can open an account no problem if needed.