day to day GBP account in Ireland

F

Fella

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Hi

Sorry if this is in the wrong place or covered else where but searched and couldn't find answer.

I send money to bookmakers in uk all the time, for reasons I don't want to get into I have to open these accounts in sterling, so I transfer money in and out of my euro ptsb account weather it be credit card or debit card daily and when I win I withdraw the sterling back to my card. On my statements daily I see currency conversion fees these add up ,I'm sure it's couple of hundred a week in charges, I am looking for an account that offers the same but everything is in gbp anyone know of one. doesn't need to be a credit card just a debit card facility would do.

Thanks in advance.
 
Hello,

Would the likes of a NETeller Account do the job (I am pretty sure there is a choice of currencies, between USD$, GBP£ and Euro) ?

It offers a debit card (has to be pre loaded needless to say), can provide an account in various currencies and can also be linked to a bank account for transfer of funds (in addition to cash machine withdrawls anywhere that takes mastercard).

There are costs, but if you were not changing currency regularly then it may be helpful.

Here's the bit that gives some comfort by the way :)

Copyright © Optimal Payments Plc. All rights reserved. Optimal Payments Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900015) for the issuing of electronic money and payment instruments. Optimal Payments Merchant Services Limited is licensed by the Financial Supervision Commission of the Isle of Man (Ref. 1357) to carry out money transmission services. NETELLER and Net+ are registered trademarks of Optimal Payments Plc. Net+ prepaid cards are issued by Optimal Payments Limited, pursuant to a licence from MasterCard International Inc. MasterCard is a registered trademark of MasterCard International Inc.
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Hi Mr Earl ,

Thanks for the reply I actually have a Neteller and a moneybookers (skrill) account there cards don't allow you to deposit at bookmakers. I have a GBP moneybookers but it's not a practical solution either as eventually I will have to withdraw back to my Euro bank account and take the hit.

Thanks for suggestion though
 
Just take a trip to Newry and open a current account with one of the banks there. Once you have the relevant documentation and ID it should be straightforward.

It can be managed online.
 
callybags said:
Just take a trip to Newry and open a current account with one of the banks there. Once you have the relevant documentation and ID it should be straightforward.

It can be managed online.
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Thanks Callybags

I didn't know it was that simple. I think theres a guide on here about opening accounts up north i'll search up that thread and see can I get all the info there.

I suppose its a decent hedge against euro anyway.

So ill go up north and open account then use a transfer service to transfer currency to GBP and they lodge it to account for me I think thats how it works will have a read about the threads here.

Thanks
 
Many but not all Northern Irish banks accept Republic of Ireland proof of address when opening an account.

You might be best ringing a few banks before you head up to Newry to ensure they will accept customers with RoI residency.
 
CiaranT said:
Many but not all Northern Irish banks accept Republic of Ireland proof of address when opening an account.

You might be best ringing a few banks before you head up to Newry to ensure they will accept customers with RoI residency.
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Cheers guys , rang a few banks today a guy going to ring me back from ulster bank (will report how it went ) , everytime I come on this site the help is amazing , feel bad taking info and giving nothing back but I am terrible with money things , literally spent about 5 hours reading posts here over last 2 days some really intelligent people here that know what to do with there money.

I was thinking of going to see a financial advisor but may be enough info on this site alone to do it all myself , i'm young-ish early 30's and luckily have 200k in savings but its sitting in a cash extra account at PTSB earning zero interest , I need quick access to it with my betting , i'm saving about 5k a month really need to get a plan sorted for future , would it be worth my while going to see a financial advisor ? I have a young family 2 kids , wife and a mortgage for around 200k ( tracker mortgage) would a finacial advisor just tell me to pay off mortgage ? That seems a waste .

Thanks in advance
 
Fella said:
would it be worth my while going to see a financial advisor ?
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Go and see as many as you like, but in the main these type of people work on commission. It's down to these so called advisers that have left thousands of people penniless in this country.

Look it's your money so spend it if you wish. Just think of your wife and family before you clean out your account. Anything that looks to be good to be true normally is.
 
mercman said:
Go and see as many as you like, but in the main these type of people work on commission. It's down to these so called advisers that have left thousands of people penniless in this country.

Look it's your money so spend it if you wish. Just think of your wife and family before you clean out your account. Anything that looks to be good to be true normally is.
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That's pigeon-holing advisors a little too much. Whilst I agree that a lot of the advisors can be dodgy, there are a lot of good ones as well. I haven't visited an advisor myself because I have the time and inclination to do my own research on every financial product that I may be interested in. I also don't have as much funds as the OP so the charges would represent to high a percentage of my overall portfolio.

Thousands of people have been left penniless by doing things like investing their entire retirement fund in the banks - "safe as banks" is a phrase I remember well. Advisors will typically advise a well diversified portfolio so most of the people that lost their shirts were DIY investors.

For someone with 200k in a PTSB account, saving 5k per month and with dependents, seeing a financial advisor will probably be money well spent.

OP, an advisor is likely to advise on things like:

  • Very tax efficient pension investments
  • Investments outside pensions
  • Insurance products to cover your family should the worst happen

As someone who can save 5k per month, you probably have a lot of income that can be sheltered from the tax man.

Also, 200k is a lot of savings. However, is it likely to see your kids through college if you were to pass away? Is it likely to cover the cost of care and the raising of children if one of your family were to get a critical illness or be unable to return to work through some sort of accident? These are all things someone with such a high amount of readily available cash needs to consider.

As you have a tracker mortgage, I imagine that paying down your mortgage is the last thing that a financial advisor will recommend. They're only likely to do this if they felt you were truly uncomfortable with the risk involved in other investments.
 
Thanks for both opinions ,

Rather naively I didn't think financial advisors would be trying to sell me things , I was of the impression that I would just be paying them for there professional advice.

I don't have a great pension ,I don't even have a Will made .
I have dabbled in the stock market before basically put 40k in and bought a few shares that I liked the look of , most of them done terrible since I bought them so I've basically lost 50% of that money already. But i've been reading about funds like vangaurd and stuff like that that may suit me better , my knowledge is limited about all this stuff and the capital gains tax etc. thats why I was thinking going to see a professional could just put me on the right path.

I work 2 days a week in the civil service so am entitled to a small pension from that, the rest of my money i make is tax free as there is no tax on sports trading , I could probably do with topping up pension, but I was hoping to save up to say 1million before im 40 and retire then , not sure if thats even possible and where the best place to leave that kind of money would be, there all things that worry me , read about euro collapse , punt nua , bank gaurantee schemes adn wonder how id feel if i lost everything because of any of these events.
 
Fella said:
200k in savings but its sitting in a cash extra account at PTSB earning zero interest , I need quick access to it with my betting
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You should be getting paid a lot more than zero.

Needing instant access does not mean getting paid nothing.

PTSB have an Online Instant Access product that pays 2.25% and allows unlimited online withdrawals including into your free PTSB current account.

You might be best moving the 200,000 EUR into a PTSB Online Instant Access product and earn an extra 4,500 EUR gross per year.
 
CiaranT said:
You should be getting paid a lot more than zero.

Needing instant access does not mean getting paid nothing.

PTSB have an Online Instant Access product that pays 2.25% and allows unlimited online withdrawals including into your free PTSB current account.

You might be best moving the 200,000 EUR into a PTSB Online Instant Access product and earn an extra 4,500 EUR gross per year.
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Legend thanks , I went onto my online and have just opened this this very second , its says I need to send in Identification documents for this account within 2 weeks , seems a bit strange.

You’ll receive your interest, minus DIRT (if applicable) on the first working day after the 20th November each year.
You can make withdrawals by transferring your money to your Current Account or your Demand Deposit Account.
If you don’t have either of these types of account you can make a withdrawal by writing to permanent tsb Deposit Services, 56 - 59 St. Stephen's Green, Dublin 2 and you will receive a cheque in the post.

Max transfer to this is 100k a day stuck that in for now , will put rest in next week , stupid question time (sorry) if you deposit and withdraw from that account and they only pay interest once a year, ( the account will probably fluctuate from 180-260k during the year ) how do they know what sum to pay interest on ? is it like the average amount that was in for the year , does it matter that ive missed that 20th of November date , because next november 20th i wont have money in for a year yet .

Thanks guys
feeling confident about getting my own finances in order note , literally you saved me a few thousand Ciaran thanks
 
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