Euro account Ireland

Iolanthe54

I'm about to receive €30000 from a Trust in Eire. I live in Uk and given the current exchange rate, I am keen to keep euros rather than have them sent/exchanged to sterling here in UK. I have made appointment at bank of Ireland next week when I am in Dublin to possibly open an account there. Is this a good idea? Any comments/recommendations/advice would be most welcome. Thanks.

MARTYM8`

I received an inheritance in Ireland and set up an AIB current account exactly for this purpose from my UK address. They will obviously want to know the source of funds and see ID/proof of address but that shouldn't be a major hurdle.

AIB gave me a card reader and debit card - so I can manage it remotely in the UK via internet banking etc.

Iolanthe54

Many thanks for reply. I'm hoping that provided I keep over €2500 in account I won't incur bank charges. I may approach AIB if BOI charges. Are there any tax implications for me over here?

Graham1

The Irish bank should allow you to register as a non resident so they do not deduct DIRT (their tax at source which is much higher than the U.K. rate). Take proof of U.K. tax residency. Then you declare the gross Interest on your U.K. return. Interest rates are close to zero and you'll received the interest in € but pay the tax on it in £ so you may gain or lose a bit depending on the timing and exchange rates (mainly lose at the moment). Or you can let the Irish tax it and probably won't have any further U.K. liability. That's just the interest, of course, regarding tax on the capital received I have no idea - best to consult an expert.