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Foreign Bank Accounts - worth keeping?

Financial discussion for any financial queries for Expats
Maylix
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Foreign Bank Accounts - worth keeping?

#189374

Postby Maylix » December 26th, 2018, 5:02 pm

Hi
Having done a couple of stints abroad, I have some bank accounts abroad (US and Eire) which I don't use now, but have kept them open as I think I will need them when I retire (I have a 401K in the US and company pension in EIre). Is it easy enough to get money out of those countries when it happens, so I should close them now, or is it worth keeping them open to use when I need them? They don't cost me anything, but it's irritating getting statements with zero balances and there's a small amount of admin involved. Anybody got a similar experience?
TIA
Maylix

stevensfo
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Re: Foreign Bank Accounts - worth keeping?

#189398

Postby stevensfo » December 26th, 2018, 8:29 pm

Maylix wrote:Hi
Having done a couple of stints abroad, I have some bank accounts abroad (US and Eire) which I don't use now, but have kept them open as I think I will need them when I retire (I have a 401K in the US and company pension in EIre). Is it easy enough to get money out of those countries when it happens, so I should close them now, or is it worth keeping them open to use when I need them? They don't cost me anything, but it's irritating getting statements with zero balances and there's a small amount of admin involved. Anybody got a similar experience?
TIA
Maylix



I have no idea about banks in the USA, but having spent nearly half my life working around Europe, I would strongly advise against closing any bank account, anywhere! You never know when they may come in handy, and if they're free to run, just keep them going. However, if they are not used for some time, they may become dormant and disappear. You normally receive a warning about this but it's very easy to forget, as I did one time!

It may be a good idea to get yourself a Revolut card and link it to both your Eire euro account and a UK account. Or forget about the Eire account and have the pension paid direct to Revolut. Just that it's very easy to manage and you have instant euro-pound conversion at very competitive rates, are able to transfer to wherever you want and can use the card everywhere.

Steve

dspp
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Re: Foreign Bank Accounts - worth keeping?

#189520

Postby dspp » December 27th, 2018, 4:43 pm

I'd keep them open for now provided:
- they are low cost
- they are in a language you understand (and I guess RoI and USA count)

It is extremely difficult to open these things, and likely to get more so. They can be very handy to have.

regards, dspp


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