Question about money back in Irish bank acct?

[Missrubyslippers]

Hi,
Just wanted some advice from people from Ireland that have done the same thing.
We are moving to Oz in Feb, and are renting our house out in Ireland.
Our mortgage comes out of my bank account which is with Ulster bank, so the people that will be renting our house, will be paying their months rent into that account each month, but after the mortgage is paid I want to be able to withdraw the remainder money in Oz, how do I do that?
Just wondered what you do? Somebody said to get a Laser card here in Dublin first, and then I can just withdraw from my account in Oz, what do you think?
thanks a million.:)

[Seekrit]

Hi :)
My sister has recently moved from Cork to Aussie, and she said the Laser card is fine but be careful of exchange rates and charges, as well as international withdrawal fees.

She also said see if you can set up a "standing order" to your bank account.

[Seekrit]

Or if you want add a relative or trusted friend from Ireland to be an authorised person on your account who can do your banking for you - arrange international transfers, withdraw your money, etc.

[Chickadee]

We do electronic (online) transfers between bank accounts in Canada and Australia. I'm not sure if you can set something like that up with Ulster bank. No matter how you do it there seems to be some sort of bank or transfer charge, so it's worth speaking to them to find the cheapest method.

[missie_mack]

I think having a maestro card is the way to go. Thats what I used when I was in Ireland but it was that long ago I wouldnt know the fees. I dont think there is anyway of avoiding the fees either :no: because its exchanging currency. Probably the best thing would to try and make it large amounts of cash instead of minimal but I dunno how realistic that is to your lifestyle etc

[Lastcenturymum]

Good luck with the Irish Banking system:laughing:

We are BofI, anything internet is so way out of date there, I could write a book on their banking system and our experiences with it!

I already have a laser card, use it there and use my mastercard (with maestro) before I had it and here. You will incur bank charges though. Dunno about the renting thing, other than the rent is exhorbitant in Dublin!!

[MariaO]

Depending on the amounts that you want to transfer consider looking at a company like www.hifx.co.uk/hifx.com.au - their exchange rates are way better than retail banks.

I have an aib internet account that I use to transfter money to and aib credit card so that is another option.

Whatever way you do it, there will be some transaction charges if you use the retail banks.
Neither Australia or Ireland are too good on fee free banking, the UK is way better in that regard.

[Missrubyslippers]

Ahhhh thank you all for your replies.
I also have internet banking set up with my Bank of Ireland account, so I might just transfer the money from my rental income into my credit card by the internet banking and then I could withdraw from any ATM in Oz.
Will also look into the Hifx thing too, thank you.
:)