Dominic Coyle answers your questions.
Finding a bank account for a holiday
A relative in Germany wants to open a bank account for someone visiting Ireland. He said: "You can get bank cards here based on a type of savings account, for example from the post bank, usually with close to 3 per cent. You don't pay bills with them, simply draw out your money. Are there any Irish banks offering anything similar?"
I do not know of any such accounts. Do they exist? The Irish Banking Federation seem unwilling/unable to help.
Mr B.McS., email
Assuming your relative manages to circumvent the increasingly frustrating anti-money laundering bureaucracy that regularly hinders short-term visitors, they are likely to find the system over here different to Germany. For a start, even with this week's European Central Bank rise in interest rates, they are unlikely to find anyone offering 3 per cent on a standard on-demand deposit savings type account - particularly so at An Post. Most of the truly competitive interest rates on deposit accounts these days come with online offerings. However, it may well be possible to get a straightforward savings account that could be used with an ATM card to make withdrawals. I would suggest you contact the main banks - AIB, Bank of Ireland, Ulster Bank and National Irish Bank - directly.
Transferring parental stocks
Recently you advised regarding the use of a Stock Transfer Form in transferring stock between spouses. Is there any similar simple way of transferring stock from mother to son? What duties would be payable, assuming gift tax does not arise.
Ms T.G., email
Stock transfer forms can also be used to transfer equities in the circumstances you outline. However, you will be liable to stamp duty on the transaction. It will be charged at 1 per cent of the value of the transaction.
• Please send your queries to Dominic Coyle, Q&A, The Irish Times, D'Olier Street, Dublin 2 or e-mail to dcoyle@irish-times.ie. This column is a reader service and is not intended to replace professional advice. Due to the volume of mail, there may be a delay in answering queries. All suitable queries will be answered through the columns of the newspaper. No personal correspondence will be entered into.
