UK bank account for Irish resident

M

Michael

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Hello, I am an Irsh resident and will be completing on a Studio Apartment in Manchester shortly (bought 2 years ago off plan).

I need to open a UK Bank Account for rent collection purposes. Would anyone have any advice on the best/easiest option? (I currently have a Bank of Ireland A/C here) .

Thanks
 
just pop into google and 'uk bank acount' and it shouldnt be a big problem. If you dont need the rent immediately leave in an account earning high interest and only take it back when rate goes in your favour
 
I know a few of our customers - I work for BOI - requested bank references which were required by English banks for opening a/c's there.
If you are going to the UK to open an a/c it might be wise to bring one of these references with you, as well as the usual passport & proof of address.
I'm sure their regulations on anti-moneylaundering are as strict as ours.
BOI branches in the Uk are quite different to our Irish ones. It may be possible to get a referral though, so check with your branch.
 
Michael, I opened an account in BoI Newry and am using this to pay a mortgage that I have in the UK.
 
Call bank of ireland global markets they will open an account for you if you are an existing customer without much hassle (they are based in Dublin and will open accounts in different currencies. They are good to deal with but the fees are high for lodgements, etc But from an ease of use point of view its great. It will prob b the fastest way for you to get sorted too.
 
Thanks a lot for the feedback .

Newry sounds like an interesting option. I remortgaged in Euros here so my repayments are in Euros in my Irish bank. I wouldn't need the Newry account to pay offf the mortgage, just to receive the rent monies in Sterling,so will definitely check out that option.

BOI Global Markets also sounds interesting but if fees are high for lodgements I wonder if the fees are similarly high for an incoming regular
standing order in Sterling. I will check that out too.

cheers.
 
Do you know what bank your tenants will be paying from in the UK i.e natwest, barclays etc?
 
any 1 know which UK banks do free banking - no charges
 
No, I haven't got a Tenant yet. That could take some time to get up and running, but I need my Sterling Bank Account details first for the management company.
 
Michael, as far as I'm aware it's not possible to have s/o's from one jurisdiction to another.

Also I think a stg a/c with BOI GM might work out rather expensive. Those a/c's mostly suit business people who deal a lot in another currency zone. I don't think your rental income/payments to your mgt co would warrant the cost that it would involve.

The most important thing you need is a good online service so's you can keep an eye on your a/c & also be able to transfer to your Irish a/c to pay your mtge.
 
I have enquired with Bank of Ireland in the UK and they say that the minimum annual turnover/balance is 20K Sterling for an Irish Resident here to take out an account over there .

Also the Newry option doesn't seem to fit as Northern Ireland is deemed to be a different Jurisdiction from the UK for tax purposes.

Has anyone taken out a UK bank Account from Ireland to receive Sterling Rent/receipts in a similar situation?

Thanks
 
Hi Michael, you can open 2 Lloyds acc, First you open a Sterling acc and then Euro with same bank. Funds are transfered to your sterling and then from sterling to Euro. there is a cost to go from S-E, so only do minimum transferes when funds build up. You have to travel to UK to do this
 
Thanks, I only need the one account in Sterling for now(but will consider that 2 Accs option also as it sounds good). I don't mind the Rent buliding up in the Sterling account for a period of time.

Anyone set up an Account in the UK without having to travel there?
 
Michael said:
Hello, I am an Irsh resident and will be completing on a Studio Apartment in Manchester shortly (bought 2 years ago off plan).

I need to open a UK Bank Account for rent collection purposes. Would anyone have any advice on the best/easiest option? (I currently have a Bank of Ireland A/C here) .

Thanks
Click to expand...

Let me guess - Abito??
 
Hi Michael,
Also have a rental property in Manchester, opened BoI a/c in enniskilleen, manchester managment co deposits the rent directly into this account. Easy to setup, just phoned a couple a days prior and made an appointment,they told me what to bring...... customer service in the North seems far better than down here.
 
If you have any connection or can get an introduction to Ulster Bank, they have a desk in their College Green branch in Dublin whihc will open an account in an Ulster Bank branch in Belfast. You need only go the Dublin branch with the necessary documents to open one.​
 
Thanks for the advice.

I am dealing with BOI Northern Ireland. After a bit of a rigmarole they now say I can fill out a Northen Application in a Branch in the South (for a Branch up North, Newry). So they will send down the App. and we will take it from there. Cheers
 
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