GB resident opening an account with Ulster Bank and other questions

MyUsername

This may seem a strange question but I am a resident of Great Britain and I am regularly traveling to Dublin and each time I use my card at the cash machine I of course get charged a fee. I have accounts with RBS and Lloyds Bank.

I have been told however if I had a current account with the Ulster Bank in Northern Ireland I could then use the Ulster Bank cash machines in the Republic of Ireland without having to pay the fee.

Is this true and as a resident of Great Britain can I set up an account with the Ulster Bank as I don't live in Northern Ireland.

Also would it make more sense for me to open an account with a bank in the Republic of Ireland and as a resident of the United Kingdom would they let me do this?

Cheers to anyone who can help.

Rich2808

You can just apply on line - but while there is no cash machine withdrawal charge in the Republic you still lose 2.25% in euro to sterling conversion costs.

http://digital.ulsterbank.co.uk/personal/current-accounts/current-account.html

http://digital.ulsterbank.co.uk/personal/help-and-support/help-with-cards/help-with-debit-cards.html

You can open a bank account in the Republic - but its a performance as a non resident and they will want to know why (e.g. you own property there, have business there or are getting an Irish inheritance etc). Its not really worth the bother if all you need it for is to get commission free cash withdrawals at ATMs.

Alternatively open a flexplus account with Nationwide - you may get a £100 incentive if you use phone a friend.

That does cost £10 a month but you get free car breakdown cover, 3% interest on up to £2,500, world wide travel insurance (which you can use for your trips to Ireland), mobile phone cover, extended warranty and free cash withdrawals anywhere abroad with no currency weighting.

Post office mastercard (and others) also offer credit card commission free purchases anywhere in the world too.

bigadaj

Think you mean refer a friend!

It's not £1 million you know.

eDicky

The simplest way these days to avoid all fees and exchange rate margins is to sign up for Monzo on their smartphone app, then load pounds with your current debit card(s). Your card will arrive a day or two after you load £100, avoid the waiting list by using the MSE link:

http://www.moneysavingexpert.com/credit-cards/prepaid-travel-cards

Revolut is also very useful, although the physical card now costs a fiver.

An account opened with Metrobank in one of their SE England 'stores' provides a MasterCard without fees throughout Europe, issued on the spot as part of the process.

The Virgin Money Essential account provides a VISA debit card with no fees worldwide on purchases, £1.50 per ATM withdrawal.

Rich2808

bigadaj wrote: »

Think you mean refer a friend!

It's not £1 million you know.

I tend to phone a friend before I refer them!

System

The Ulster Bank links you've supplied explicitly states that there is no charge for using a RBS Group machine in the ROI. Their examples also back that up.

I assume you're confusing currency weighting with currency loading.

Metro Bank is also a good option with no ATM charge, no forex loading plus the Mastercard forex rate.

Rich2808 wrote: »

You can just apply on line - but while there is no cash machine withdrawal charge in the Republic you still lose 2.25% in euro to sterling conversion costs.

http://digital.ulsterbank.co.uk/personal/current-accounts/current-account.html

http://digital.ulsterbank.co.uk/personal/help-and-support/help-with-cards/help-with-debit-cards.html

MyUsername

Just found out that in the Republic of Ireland there is a a 12c "stamp duty" on cash withdrawals to a maximum of €5 per year. Basically the Irish Government taxes its own residents to access their own money. I don't think I will be opening an account in the Republic of Ireland.

Biggles

MyUsername wrote: »

This may seem a strange question but I am a resident of Great Britain and I am regularly traveling to Dublin and each time I use my card at the cash machine I of course get charged a fee.

As do I, and I have never paid a fee. I will use my Halifax Clarity, Nationwide or Aqua CC or my Norwich & Peterborough debit card, all of which give me Euros without charge.

Kernel_Sanders

MyUsername wrote: »

Basically the Irish Government taxes its own residents to access their own money. I don't think I will be opening an account in the Republic of Ireland.

That's outrageous! I expect they are using this money to help subsidise the companies flocking to Ireland so they are taxed more leniently than where they make the bulk of their profits (i.e. the UK).

MyUsername

Sort of it just seems strange to get charged a tax to take money out of your bank account.

I suppose though given the situation with Apple and their and the low tax rate the Irish Government has got to have some way of raising revenue.

Biggles

MyUsername wrote: »

Sort of it just seems strange to get charged a tax to take money out of your bank account.

It was the same here once. It was before the days of cash cards but we had to pay stamp duty on each cheque - and a cheque was the only way to get money out of your account.