Paid in Euros

Financial Chat
1

Hi folks, had a quick look at other chats on this, sorry if I am repeating!

I am based in Northern Ireland and was wondering if there are any tips / what is best if I was to get a job in ROI and get paid in Euros. Obviously day to day life for me is in GBP, but would be paid in Euros.

Lets not even go down the Brexit rabbit hole lol.

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2

I had a friend from Belfast but worked just south of the border. He agreed his salary in GBP, that may be worth asking the company if they do?

3

Receiving foreign currency payments is a little unreliable/slow for now:

https://monzo.com/blog/2018/07/24/receiving-international-payments/

But they’re working on it:

https://community.monzo.com/t/more-reliable-bank-transfers-from-europe/48784

4

I think I’d use a TransferWise Borderless account. You can either transfer Euro to GBP within the account for spending, or transfer it out to Monzo.

Given recent £/€ exchange rate movements, it might be advisable to keep as much as you can in € for as long as possible (I’m not really advising you to do anything of the sort). But you’d at least have the option

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5

I live in Northern Ireland (Tyrone)and work just over the border in Donegal and get paid in Euros and have been doing so this past 6 years. I use TransferWise to transfer to my Monzo account every month and it’s done in a matter of seconds and better rate than using my ulster bank euro account.

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6

I live on the UK mainland but I have a €uro basic current account with KBC Ireland. Very easy to set up.

https://www.kbc.ie/our-products/kbc-current-account/current-account/basic

Some Northern Irish banks will open you one up in the Republic too.

I also have a Bunq €uro bank account too from the Netherlands.

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Thanks for this advice. Def something to look into! Just wanted to make sure I am not wasting money when there could be better options out there!

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@BrianC just wondering, how does things like tax etc work?

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@Andy987 I pay all my taxes down south as you have to register and get a PPS number (similar to NI number) and you are classed as a Frontier worker

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10

For Euros, I’ve been using the Transferwise Borderless Account

I have had no issues at all and has come useful when my friends from Italy and Germany owe me and pay me back in Euros

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@BrianC thanks for this. It all seems pretty straight forward. Do you owe anything at the end of the year to HMRC / UK?