Irish bank account that can be opened through the mail by non-resident?

nauru · 08-07-2012 05:56AM #1

Hi just wondering if there is an Irish bank account which can be opened through the mail by a non-resident. And which one is the best in terms of low-cost for the user (low monthly fees or none at all). Many thanks.

jay-me · 08-07-2012 06:28AM

I sincerely hope not! Fraud would be rampant!

Condatis · 08-07-2012 08:44AM

Any bank account can be opened through the mail. Whether or not the customer is resident in the State does not matter.

fasttalkerchat · 08-07-2012 12:00PM

You should have a PPS number but I opened one without one.

nauru · 08-07-2012 01:41PM

The UK has an account that can be opened through the mail. It's with Natwest International and it's based in Jersey. It's not advertised, but all you need to do is call them and have them email you the application form. Then you need to get a photocopy of your passport notarized by a bank official and stamped, and provide some other ID as well. And then you get a brand new bank account, based in Jersey, within the UK clearing system, from anywhere in the world without ever visiting the island. I have this account myself -- no monthly fees, no minimum balances, no transaction fees for everyday withdrawals/deposits/transfers, no transaction limits, it's great. I was able to get the account while living in Canada, and once I got to the UK I already had a bank account without having to go through the utility bill/payslip catch22 nightmare that most expats are forced to deal with (due to lack of knowledge about alternatives such as Natwest International)

If the UK can do it, then surely other countries can do it as well? The authentication of ID helps prevent fraud.

I don't have a PPS number and don't think I'll be getting one since I'm not living in Ireland...

melekalikimaka · 09-07-2012 10:41AM

nauru wrote: »

The UK has an account that can be opened through the mail. It's with Natwest International and it's based in Jersey. It's not advertised, but all you need to do is call them and have them email you the application form. Then you need to get a photocopy of your passport notarized by a bank official and stamped, and provide some other ID as well. And then you get a brand new bank account, based in Jersey, within the UK clearing system, from anywhere in the world without ever visiting the island. I have this account myself -- no monthly fees, no minimum balances, no transaction fees for everyday withdrawals/deposits/transfers, no transaction limits, it's great. I was able to get the account while living in Canada, and once I got to the UK I already had a bank account without having to go through the utility bill/payslip catch22 nightmare that most expats are forced to deal with (due to lack of knowledge about alternatives such as Natwest International)

If the UK can do it, then surely other countries can do it as well? The authentication of ID helps prevent fraud.

I don't have a PPS number and don't think I'll be getting one since I'm not living in Ireland...

need to lodge 50k in there or 75k going through it in a year, fail

nauru · 11-07-2012 03:48AM

melekalikimaka wrote: »

need to lodge 50k in there or 75k going through it in a year, fail

If you read the website again, more carefully this time...

From the website: http://www.natwestinternational.com/nw/criteria.ashx

"To open an account with International Personal Banking, you must have at least £75,000 annual income mandated to the account or more than £50,000 to deposit (or the currency equivalent).

If you don't meet this criteria, we may be able to offer you a non-relationship managed service. Please note that a non-relationship managed service is available subject to our absolute discretion."

The non-relationship managed account is exactly what I have. It's just a normal bank account based in Jersey. International Personal Banking is one of their premium products, you can just get free banking with no minimums if you prefer instead--all you have to do is ask.

As I said everything for opening an account with Natwest International can be done through the mail and over the phone -- no need to ever visit the Channel Islands or the UK.

whomitconcerns · 11-07-2012 08:04AM

Read this and called them seems pretty straightforward, as I did want a sterling bank ac. But is there any real benefits to the average Joe whos not involved in mass scale money laundering?

nauru · 12-07-2012 01:20AM

whomitconcerns wrote: »

Read this and called them seems pretty straightforward, as I did want a sterling bank ac. But is there any real benefits to the average Joe whos not involved in mass scale money laundering?

Well if average joe includes expatriates, and anyone else who may have revenue and/or expenses denominated in GBP, this is very convenient. Most banks in the UK won't open an account for you if you are not a resident of the country, and even if you are a resident, it can be extremely difficult if you don't have a utility bill in your name (new expats who have just moved and are living in a hotel, for example, but can't be paid by their employer until they have a UK bank account).

It allows people who are moving to the UK to open a UK bank account before they arrive, so that everything is set up before they get there. It also allows them to avoid the utility bill requirement, as many people live in places where the utility bill is not in their own name (serviced apartments, hotels, sublets, relatives' homes, etc).

I've been through that personally and it's not fun. If I'd known about this Natwest International account earlier I would have had a way easier time.

Also, expats in the UK are eligible for tax breaks, namely tax exemption on income earned abroad so long as it is not brought into the UK. So expats in the UK who go on a business trip outside the UK, and are paid by a UK employer, don't have to pay any tax on their salary for the days/weeks/months that they spend working outside the UK -- as long as their salary is paid into an offshore bank account. It's called remittance basis taxation and there's a big section on HMRC website about that. For this reason loads of people in the UK have offshore bank accounts in the Channel Islands. The vast majority of them are not doing anything illegal; simply playing by the UK tax rules and paying no more tax than they are legally required to pay.

I'm sure there are many other perfectly reasonable motivations for getting a Channel Islands bank account without visiting the Channel Islands; I've only described the reasons I've encountered in my travels.

The stereotype of offshore bank accounts being only for money laundering is really unfortunate and I dare say inaccurate-- sure there are some bad apples, but visit the UK and you'll find loads of average middle class people who have offshore accounts because the way the UK tax code is set up many people need one to play by tax the rules.

whomitconcerns · 12-07-2012 07:41AM

Now thats an answer!! Thanks for the info, its what I thought and teh reason that I have requested to set one up!

nauru wrote: »

Well if average joe includes expatriates, and anyone else who may have revenue and/or expenses denominated in GBP, this is very convenient. Most banks in the UK won't open an account for you if you are not a resident of the country, and even if you are a resident, it can be extremely difficult if you don't have a utility bill in your name (new expats who have just moved and are living in a hotel, for example, but can't be paid by their employer until they have a UK bank account).

It allows people who are moving to the UK to open a UK bank account before they arrive, so that everything is set up before they get there. It also allows them to avoid the utility bill requirement, as many people live in places where the utility bill is not in their own name (serviced apartments, hotels, sublets, relatives' homes, etc).

I've been through that personally and it's not fun. If I'd known about this Natwest International account earlier I would have had a way easier time.

Also, expats in the UK are eligible for tax breaks, namely tax exemption on income earned abroad so long as it is not brought into the UK. So expats in the UK who go on a business trip outside the UK, and are paid by a UK employer, don't have to pay any tax on their salary for the days/weeks/months that they spend working outside the UK -- as long as their salary is paid into an offshore bank account. It's called remittance basis taxation and there's a big section on HMRC website about that. For this reason loads of people in the UK have offshore bank accounts in the Channel Islands. The vast majority of them are not doing anything illegal; simply playing by the UK tax rules and paying no more tax than they are legally required to pay.

I'm sure there are many other perfectly reasonable motivations for getting a Channel Islands bank account without visiting the Channel Islands; I've only described the reasons I've encountered in my travels.

The stereotype of offshore bank accounts being only for money laundering is really unfortunate and I dare say inaccurate-- sure there are some bad apples, but visit the UK and you'll find loads of average middle class people who have offshore accounts because the way the UK tax code is set up many people need one to play by tax the rules.

nauru · 18-07-2012 09:24PM

You're welcome, still looking for an account like this denominated in euros, which is within the Single European Payments Area.

wonski · 19-07-2012 06:23PM

nauru wrote: »

You're welcome, still looking for an account like this denominated in euros, which is within the Single European Payments Area.

Not to be open in Ireland, i'm affraid...

There is HSBC account in UK that can be opened prior to arrival, too

They have different criteria when it comes to opening an account.

In Ireland, to open the account you need id, and proof of address. The easiest way is to have passport as proof of id, and exchanging your driving license to an irish one - which will prove your address.

No way around this.
You either live in this country, or you don't....

soirish · 01-11-2014 11:10AM

From 1 January 2015, the Jersey Government will withdraw the option for customers to pay Retention Tax on savings income. Therefore, we will be required to provide information on all EU resident customers who earn savings income on deposits or investments.

Any savings interest will be paid to customers without the deduction of Retention Tax and we will send the local Jersey tax authority information regarding their identity and residence, the amount of savings income earned and the period it relates to. This information is then forwarded to the tax authority of the country where customers are resident.

This information is collated and submitted annually for the calendar year, 1 January to 31 December.

Please note that it is the customer’s responsibility to declare any relevant returns to their local tax authority.

http://www.natwestinternational.com/nw/offshore-banking/savings-and-investments/g11/savings-guides/eu-savings-directive.ashx

Irish bank account that can be opened through the mail by non-resident?

Comments