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Emigration Financial Question

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  • 03-06-2021 2:11pm
    #1
    J0E_90
    Registered Users Posts: 29 ✭


    Hello all, hoping someone can provide advice.

    Due to move to UK later this year for work when restrictions ease (planning to apply for split-year treatment for tax).

    Beginning remotely and new employer wants bank details.

    Should Irish bank details be provided or would it be better to open a Wish bank account (as this doesn't require a UK proof of address)?

    What are the downsides/costs of providing a current Irish bank account?

    Thank you!
    Tagged:


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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,001 Mod ✭✭✭✭Jim2007


    If you are going to earn and spend in Sterling, then a Sterling account would avoid FX issues.


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    #3
    J0E_90
    Registered Users Posts: 29 ✭J0E_90


    Jim2007 wrote: »
    If you are going to earn and spend in Sterling, then a Sterling account would avoid FX issues.

    Thank you!

    Therefore, would instructing the to pay to Revolut for the next few month (until relocation and the setting up of a Sterling account with a traditional UK bank) perhaps be the best bet?


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    #4
    KevinK
    Registered Users Posts: 659 ✭✭✭KevinK


    Pretty sure (maybe someone can confirm) that you can open a bank account in Newry with a ROI address.


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    #5
    athlone573
    Registered Users Posts: 726 ✭✭✭athlone573


    KevinK wrote: »
    Pretty sure (maybe someone can confirm) that you can open a bank account in Newry with a ROI address.

    Northern Irish bank accounts , at least a few years ago, were bastardized versions of their British parents and didn't have full functionality with respect to credit transfers etc.

    Recent years have brought in heightened regulatory scrutiny in terms of Anti Money Laundering. In simple terms this means banks are very fussy about proof of address and name.

    I would recommend Nationwide Building Society, despite the cheesy ads, if they'll accept you.

    In the short term maybe Revolut if the fees work out, however they're not officially a bank yet so I would be wary of relying on them long term.
    You would also need to make sure that your revolut account has an account number that can accept incoming transfers without them getting lost.


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    #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,001 Mod ✭✭✭✭Jim2007


    J0E_90 wrote: »
    Thank you!

    Therefore, would instructing the to pay to Revolut for the next few month (until relocation and the setting up of a Sterling account with a traditional UK bank) perhaps be the best bet?

    I would suggest you start by asking your employer what they will accept.


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