Opening EURO Bank Account

MSmith77

Hi,

I will be moving to Ireland in a few years and also looking to get married later this year. I need to transfer payments for the wedding in EURO and also given the strong exchange rate from GBP to EUR, would like to make the most of it and open a EUR account?

Does anyone know what is the best bank account to open to have a EUR account? I have looked at HSBC Expat, but they want £60k balance?

Should I open an account directly with an Irish bank account, although I have heard you have to pay government fees and bank charges?

Any thoughts welcome!!!

mgdavid

you can open a UK-based Euro account with, for example, Barclays (other retail banks are available). However whichever bank you go with I wouldn't recommend just using the bank to transfer the funds; DIY via an FX broker, like currencyfair.com and you will save a packet.

zerog

MSmith77 wrote: »

given the strong exchange rate from GBP to EUR

In a few years when the rate is 1.6 you won't think 1.38 is so strong any more!

If you're moving to Ireland then you'll want an Irish account. Don't know about fees but why not get a UK card with fee-free cash withdrawals and withdraw cash in Ireland for the wedding as required. There will be plenty of time to exchange your life savings when the rate gets even better.

Graham1

MSmith77 wrote: »

Should I open an account directly with an Irish bank account, although I have heard you have to pay government fees and bank charges?

Any thoughts welcome!!!

Government fees are for ATM or debit cards - you don't have to have these if not needed. Monthly fees are standard for current accounts. KBC are less expensive than most at €6/quarter. Permanent tsb offer fee-free if you pay in €1,500 a month.

PaulW922

In Ireland there is annual stamp duty of €5 on a debit card and €2-50 on an ATM-only card. There is also a 50c stamp duty fee on each cheque issued. All banks charge for accounts but some are better than others. For example Ulster Bank and Permanent TSB just levy a monthly fee (about €4-5) whereas the others charge per transaction. Needless to say they will all waive fees for massive balances!

You will need a residential address in Ireland and most likely a PPS number (an Irish NI number). The latter is easy to get once you have proof of residence in Ireland.

I live in both the UK and Ireland concurrently and I've been through the whole thing - my advice would be to wait until you are in Ireland before trying to open bank accounts as having the right documents makes it much easier. The one and only Irish credit reference agency is not up the standard of Experian or Equifax and the ICB will not be able to help verify your address - it will all be based on bits of paper - before you go try to get together some real statements with your (current) UK address (rather than downloads) to take with you to prove your 'previous' address.

You could do what I did and get a Euro denominated currency card such as Caxton FX. This is free once you have paid the annual card fee and you can load it up with quite a bit of money right now to take advantage of the current exchange rate.

Finally - be prepared for the costs of living in Ireland. Petrol and diesel are cheaper but other taxes are not. VAT is higher and there is a universal social charge (another income tax) which goes directly to paying the banking debt. Road tax is much higher and whilst you must pay property tax that does not extend to the local council emptying your bins. You will also need to take out health insurance unless you qualify for state aid. If you take your car across you will need to prove you have had it in the UK for six months and you will need to maintain ownership in Ireland for at least a year - otherwise you will be liable to car tax on the importation.

Having said that I find it a great place to live - most people are very friendly and whilst it rains a lot being British I was of course prepared for that!

PaulW922

Graham1 wrote: »

Government fees are for ATM or debit cards - you don't have to have these if not needed. Monthly fees are standard for current accounts. KBC are less expensive than most at €6/quarter. Permanent tsb offer fee-free if you pay in €1,500 a month.

I've not looked at KBC. They seem to have a refreshing approach to personal banking in that they don't charge for every ATM withdrawal. I pay Ulster Bank €4 a month - and that is it.

Toe-Jam

You can open a Permanent TSB account over the phone and send your ID to their head office in Dublin, it takes a bit longer obviously.

MSmith77

Thanks and apologies for the late response. Very helpful information. Much appreciated (special thanks to Paul for very informative details!)