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  • FIRST POST
    • sjct
    • By sjct 30th Aug 17, 9:32 AM
    • 2Posts
    • 0Thanks
    sjct
    Woking in Ireland, paid from UK to UK account
    • #1
    • 30th Aug 17, 9:32 AM
    Woking in Ireland, paid from UK to UK account 30th Aug 17 at 9:32 AM
    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.
Page 1
    • xylophone
    • By xylophone 30th Aug 17, 10:18 AM
    • 23,480 Posts
    • 13,652 Thanks
    xylophone
    • #2
    • 30th Aug 17, 10:18 AM
    • #2
    • 30th Aug 17, 10:18 AM
    https://transferwise.com/gb/blog/opening-a-bank-account-in-ireland

    may be worth a look.
    • eskbanker
    • By eskbanker 30th Aug 17, 11:12 AM
    • 5,818 Posts
    • 5,711 Thanks
    eskbanker
    • #3
    • 30th Aug 17, 11:12 AM
    • #3
    • 30th Aug 17, 11:12 AM
    Woking in Ireland
    Originally posted by sjct
    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
    • By qwert yuiop 30th Aug 17, 11:25 AM
    • 2,097 Posts
    • 1,217 Thanks
    qwert yuiop
    • #4
    • 30th Aug 17, 11:25 AM
    • #4
    • 30th Aug 17, 11:25 AM
    Depends which part of Ireland.
    • eDicky
    • By eDicky 30th Aug 17, 11:44 AM
    • 2,927 Posts
    • 1,283 Thanks
    eDicky
    • #5
    • 30th Aug 17, 11:44 AM
    • #5
    • 30th Aug 17, 11:44 AM
    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).
    • sjct
    • By sjct 30th Aug 17, 12:19 PM
    • 2 Posts
    • 0 Thanks
    sjct
    • #6
    • 30th Aug 17, 12:19 PM
    • #6
    • 30th Aug 17, 12:19 PM
    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.
    • Heng Leng
    • By Heng Leng 30th Aug 17, 1:43 PM
    • 4,220 Posts
    • 1,296 Thanks
    Heng Leng
    • #7
    • 30th Aug 17, 1:43 PM
    • #7
    • 30th Aug 17, 1:43 PM
    Depends which part of Ireland.
    Originally posted by qwert yuiop
    Why would that be?
    Are the Aran Islands or Cork better than Dublin?
    • eDicky
    • By eDicky 30th Aug 17, 2:20 PM
    • 2,927 Posts
    • 1,283 Thanks
    eDicky
    • #8
    • 30th Aug 17, 2:20 PM
    • #8
    • 30th Aug 17, 2:20 PM
    So with Revolut if I'm transferring less then 5k per month then there's no fee?
    Originally posted by sjct
    None at all. Straight interbank rate on weekdays, slightly off on weekends.
    • qwert yuiop
    • By qwert yuiop 30th Aug 17, 3:48 PM
    • 2,097 Posts
    • 1,217 Thanks
    qwert yuiop
    • #9
    • 30th Aug 17, 3:48 PM
    • #9
    • 30th Aug 17, 3:48 PM
    Why would that be?
    Are the Aran Islands or Cork better than Dublin?
    Originally posted by Heng Leng
    Yes, they are, but Northern Ireland uses the pound.
    • eskbanker
    • By eskbanker 30th Aug 17, 4:05 PM
    • 5,818 Posts
    • 5,711 Thanks
    eskbanker
    Yes, they are, but Northern Ireland uses the pound.
    Originally posted by qwert yuiop
    ....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
    • By unforeseen 30th Aug 17, 4:34 PM
    • 1,872 Posts
    • 2,382 Thanks
    unforeseen
    Ireland is a physical entity comprising of two political areas.

    It is also the name of a political region of that Island.
    • eskbanker
    • By eskbanker 30th Aug 17, 4:43 PM
    • 5,818 Posts
    • 5,711 Thanks
    eskbanker
    Ireland is a physical entity comprising of two political areas.

    It is also the name of a political region of that Island.
    Originally posted by unforeseen
    There's a time and a place for that sort of discussion but my point is that OP made it quite clear where they're heading and that currency exchange is a matter under consideration, so in the context of this thread (and the sufficient clarity in the OP) it's completely pointless to engage in linguistic pedantry about that particular part of the world, sensitive as it always is....
    • Heng Leng
    • By Heng Leng 30th Aug 17, 5:20 PM
    • 4,220 Posts
    • 1,296 Thanks
    Heng Leng
    Have you looked into Ulster Bank?

    You could open a Sterling account based in NI and use it free at it's ATMs in the ROI.
    • unforeseen
    • By unforeseen 30th Aug 17, 6:09 PM
    • 1,872 Posts
    • 2,382 Thanks
    unforeseen
    There's a time and a place for that sort of discussion but my point is that OP made it quite clear where they're heading and that currency exchange is a matter under consideration, so in the context of this thread (and the sufficient clarity in the OP) it's completely pointless to engage in linguistic pedantry about that particular part of the world, sensitive as it always is....
    Originally posted by eskbanker
    I like that phrase 'linguistic pedantry'

    Thank you for your total over reaction in believing that pointing out that something has 2 meanings will somehow cause problems between certain peoples.

    If it is so sensitive then it may be an idea to have that word proscribed and put in the same category as the n word etc.
    • qwert yuiop
    • By qwert yuiop 11th Sep 17, 3:39 PM
    • 2,097 Posts
    • 1,217 Thanks
    qwert yuiop
    There's a time and a place for that sort of discussion but my point is that OP made it quite clear where they're heading and that currency exchange is a matter under consideration, so in the context of this thread (and the sufficient clarity in the OP) it's completely pointless to engage in linguistic pedantry about that particular part of the world, sensitive as it always is....
    Originally posted by eskbanker
    You might be surprised how many people I meet who think Northern Ireland uses the euro.
    • Rich2808
    • By Rich2808 11th Sep 17, 6:03 PM
    • 525 Posts
    • 415 Thanks
    Rich2808
    I do actually think the location is relevant. If they live near the border they could potentially do their shopping in NI so avoid the problem.

    Clearly if they are moving to Kerry or Cork that isn't an option.

    There are of course a number of currency transfer providers - some also do cashback on first transactions with cashback sites. So worth shopping around.

    http://www.money.co.uk/money-transfers.htm

    Of course if you are planning to relocate to the Republic long term it would make sense to open a local euro account - you will presumably be paying utility bills etc so this would make life easier. Also helps build up a local credit rating.
    • stevenhp1987
    • By stevenhp1987 12th Sep 17, 7:35 PM
    • 404 Posts
    • 358 Thanks
    stevenhp1987
    More importantly, have you considered the tax implications?

    Living in Ireland, working in Ireland (remotely) - you may need to pay Irish tax etc instead/in addition to UK tax/NI...

    Edit: Google'd it, your employer needs to register in Ireland and pay Irish PAYE etc for you instead of UK PAYE.

    I'm surprised an employer is happy with that, I assume it's a large organisation!
    Last edited by stevenhp1987; 12-09-2017 at 7:38 PM.
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