Questions to ask a UK bank before moving money

I

iamaspinner

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After reading this forum with interest for the last few weeks, I have decided to move some of our money abroad and I thought of a UK account in GBP. At the moment I am more concerned about safety than interest. We'll see about the latter at a later stage.

I realised only yesterday I still have a current account open with Bank of Scotland from my student years in Scotland in the late 90s early 2000s!! I logged into it and I still have 22GBP...

So I was wondering if I could or should transfer some money into it. If I decided to go ahead and considering I am far from experienced in money matters, what should I ask BoS beforehand and what should I be aware of? Here a few things I thought of myself, some by reading other posts:

1. Can I still have that account open being a resident in Ireland? I did change my address to an Irish one when I moved to Ireland so I presume that shouldn't be a problem.

2. Do I transfer euros or make the exchange in Ireland (AIB)?

3. What happens with tax on interest? Do I pay it in England or Ireland?

4. How much money can I transfer online at one go?

5. What are the account maintenance, charges and/or comissions?

Thanks in advance for your replies.
 
You seem to have the right questions to ask the bank.

BoS may not allow this account with a non resident status.

iamaspinner said:
2. Do I transfer euros or make the exchange in Ireland (AIB)?
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You can probably do it either way. BoS should be able to convert the EUR sum into GBP on receipt.

iamaspinner said:
3. What happens with tax on interest? Do I pay it in England or Ireland?
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You are exempt in the UK, you need to declare your deposit interest in Ireland and pay DIRT to the Revenue.

iamaspinner said:
4. How much money can I transfer online at one go?
Click to expand...

With AIB, I think it is 5,000 EUR ??? Can someone confirm ?
 

Thanks CiaranT!

Re 3. Would it make sense to use an exchange company for say 25,000EUR?

Re 5. I can confirm max with AIB is 5,000EUR online. I meant asking the question to BoS when/if I need it back quickly and in one go.
 


sterling while safer than euro ( in the short term) is going to suffer due to the uk reliance on the european and irish economy , a better bet right now is to open an american dollar account , you can still do that in a bank in northern ireland
 


its vital that you change your money into sterling ( or dollars ) before you make the transfer to your new account in a british bank , i got screwed by hsbc by not doing this

as regards DIRT , the british bank will sort out tax regarding the british revenue commisioners , you will probabley have to declare to the irish revenue commisioners what interest you earn on your new account , should only be a case of providing bank statements etc , account charges will vary according to each bank
 
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