NI Bank Account

T

tech

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I'll be in Belfast shortly, Can i pop into a bank and open an Account and lodge Euro / convert to £

Thanks
 
You can open a ulster bank account easily enough by post, in person be even easier I would imagine. HSBC is also an option but you need an appointment I believe.

You should use Oanda/transfermate to convert your deposit rather than using the bank.
 
is there any issues, opening a Bank account and having money in it Tax implications and so on ??
 
you will be taxed by UK revenue unless you fill in a form from UK revenue to be exempt from there DIRT, then you have the obligation to declare that revenue to Irish revenue. I have a euro Account with barlcays in the UK, they send you the form when you setup the account, I don;t know if Ulster bank/HSBC are setup/willing to do this for non-resident accounts in the North...

all depends on the size of your deposit, if its sizeable I,m sure they will accommodate you i would guess
 
tech said:
I'll be in Belfast shortly, Can i pop into a bank and open an Account and lodge Euro / convert to £

Thanks
Click to expand...
You will need ID and proof of address. There is a thread by Brendan on taxation of foreign deposit interest. In my case, I declared I was not liable to UK tax so it is paid gross. You need to declare it here in the year it is paid.
 
do you not need an NI address to open a NI account then?
I'm in NI til Wed and have my driving license with me so was thinking of opening up an account in Ulster B around the corner from the hotel while I'm here
 
my understanding is that if one is paid deposit intertest on an account in eg Northern Ireland and it is paid without deduction of tax one must then declare the gross interest figure to the Irish Revenue and the interest will be taxed at your marginal rate, not at the prevailing Irish DIRT rate.
Should retention tax be deducted by the N I bank the Irish Revenue will not allow an offset of UK tax against the Irish tax figure - which will be calculated on the gross N I interest at the marginal rate on the gross interest.
Is this correct ?
 
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