# Sterling deposits into Irish banks



## dhoun (13 Dec 2011)

I will be receiving a monthly sterling payment (UK pension) into my bank account from next month. What deductions or charges are usually made on such payments by Irish banks? For instance, if a payment of 100 pounds sterling is deposited in my account, will I normally end up with more (taking the exchange rate into consideration) or less than 100 Euro?


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## Contactless (13 Dec 2011)

You will need to check the Terms and Conditions with your bank for both the charges that will apply and the 'margins' they will add to the exchange rate.  Currently your £100 is worth about €118 (before any charges or margins) but this will change as the euro/Sterling exchange rate fluctuates.


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## rayn (13 Dec 2011)

My English pension arrives directly into my account as Euro from Citibank. No info re exchange rate or fees.


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## Gervan (13 Dec 2011)

Same as Rayn. The November pension exchange rate meant £1 was received as €1.165.


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## Brendan Burgess (13 Dec 2011)

The costs of these transactions are very significant. 

You should consider opening a sterling bank account to receive the money. 

If you have sterling expenses, or if a friend has sterling expenses, e.g. a child at college in the UK, you can exchange it directly with them and avoid the bank's exchange rate margin and charges.


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## rayn (13 Dec 2011)

Brendan,
As Gervan in previous post.
On the 9th. Dec. my pension was converted at Rate of 1.166€ to £UK1.
This included all charges.
UK Pensions Service says "will be automatically converted into the local currency *at a favourable rate*"
Seems ok to me. What do you think.


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## roker (14 Dec 2011)

I set up a Sterling account here to accept my private UK pension, but they absolutely refused to send Sterling from the UK they convert it to Euros first, I think it is the same with UK state pension, but I stand to be corrected on this matter


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## dhoun (15 Dec 2011)

Thanks for the replies, will wait to see what happens ...


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## Slim (15 Dec 2011)

Perhaps you could open a bank account in NI and park a bit of it there until the current uncertainty is resolved?


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## Lightning (16 Dec 2011)

Slim said:


> Perhaps you could open a bank account in NI and park a bit of it there until the current uncertainty is resolved?


 
Exactly. Take control of the FX rate on your pension by ensuring the money is paid into a UK GBP account which they will have to accept.


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