Woking in Ireland, paid from UK to UK account

sjct
sjct Posts: 2 Newbie
in Budgeting & bank accounts
Hi,
I'm moving to Ireland from the UK and the company I work for in the UK have agreed to let me work remotely from Ireland.

Because it's a UK-only company they'll be paying into my UK bank account.

This money will obviously need to go towards bills and rent and general living in Ireland.

My concern is that I'll be dealing with hefty transfer/currency exchange fees if I'm working from an English bank account.

Is there a particular kind of account or exchange service I should be using? I'm not moving fro another 3 weeks so there is still time to arrange something.

Any help is greatly appreciated.

Thanks.
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Comments

  • xylophone
    xylophone Posts: 44,336 Forumite
    Name Dropper First Anniversary First Post
    https://transferwise.com/gb/blog/opening-a-bank-account-in-ireland

    may be worth a look.
  • eskbanker
    eskbanker Posts: 30,920 Forumite
    First Anniversary Name Dropper Photogenic First Post
    sjct wrote: »
    Woking in Ireland
    I think you'll find it's in Surrey actually.... ;)

    On a more serious note, check out the MSE guide to international currency exchange at http://www.moneysavingexpert.com/banking/foreign-currency-exchange as specialist brokers are likely to be a more cost-effective way of shifting £ to € once you have your Irish account up and running.
  • qwert_yuiop
    qwert_yuiop Posts: 3,615 Forumite
    First Anniversary First Post
    Depends which part of Ireland.
    “What means that trump?” Timon of Athens by William Shakespeare
  • eDicky
    eDicky Posts: 6,565 Forumite
    First Anniversary Name Dropper First Post
    You will no doubt be opening a euro bank account in Rep. of Ireland, then needing to avoid bank fees and adverse exchange rates to transfer over from your UK account.

    TransferWise will give you the interbank rate and charge 0.5%, and their 'Borderless Account' may simplify further by allowing your salary to be paid in there directly.

    Revolut will be useful in the same way, interbank rate and 0.5% on conversions over £5k/mth, no fee until then. Their card (£5) would be useful until your local banking is set up, as would Monzo and/or Loot.io (free).
    Evolution, not revolution
  • sjct
    sjct Posts: 2 Newbie
    So with Revolut if I'm transferring less then 5k per month then there's no fee?

    I actually already have an Irish bank account - I lived and worked there a few years ago.
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    qwert_yuiop wrote: »
    Depends which part of Ireland.

    Why would that be?
    Are the Aran Islands or Cork better than Dublin?
  • eDicky
    eDicky Posts: 6,565 Forumite
    First Anniversary Name Dropper First Post
    sjct wrote: »
    So with Revolut if I'm transferring less then 5k per month then there's no fee?
    None at all. Straight interbank rate on weekdays, slightly off on weekends.
    Evolution, not revolution
  • qwert_yuiop
    qwert_yuiop Posts: 3,615 Forumite
    First Anniversary First Post
    Heng_Leng wrote: »
    Why would that be?
    Are the Aran Islands or Cork better than Dublin?

    Yes, they are, but Northern Ireland uses the pound.
    “What means that trump?” Timon of Athens by William Shakespeare
  • eskbanker
    eskbanker Posts: 30,920 Forumite
    First Anniversary Name Dropper Photogenic First Post
    qwert_yuiop wrote: »
    Yes, they are, but Northern Ireland uses the pound.
    ....but isn't part of Ireland and is therefore irrelevant to OP, who is "moving to Ireland from the UK", i.e. not moving from one part of the UK to another part of the UK.
  • unforeseen
    unforeseen Posts: 7,279 Forumite
    First Anniversary Name Dropper First Post
    Ireland is a physical entity comprising of two political areas.

    It is also the name of a political region of that Island.
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