Woking in Ireland, paid from UK to UK account

sjct

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.

xylophone

https://transferwise.com/gb/blog/opening-a-bank-account-in-ireland

may be worth a look.

eskbanker

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

Depends which part of Ireland.

eDicky

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

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

qwert_yuiop wrote: »

Depends which part of Ireland.

Why would that be?
Are the Aran Islands or Cork better than Dublin?

eDicky

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.

qwert_yuiop

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.

eskbanker

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

Ireland is a physical entity comprising of two political areas.

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