Want to relocate in Ireland? then you will have to consider opening a local or online bank account in Ireland that will ease your banking transactions.
It is of no doubt that you will need an Irish bank account whenever you want to receive money, pay your bills and taxes or even to buy property.
Well fortunately for the concerned, creating a bank account in the country is relatively simple and just as we have seen how to opening bank account in various countries can be easy, you will see that its also very simple to get started with banking in Ireland.
So if you have been in search of a guide that will help you on how to open a bank account in Ireland, then you have found the right article as I will walk you through the various documentations that it takes to open a bank account in Ireland as a resident, non resident or as an expat.
Banking and Bank Accounts in Ireland
The most prevalent bank account in Ireland is a current account which is an ordinary account with a debit card attached. You can also open a savings account which offers a greater rate of interest for your long term deposits.
In Ireland, you are able to choose from a variety of banks including national banks, international banks, and internet banks. It is often advisable to consider banks that are controlled by the Central Bank of Ireland which is a member of the European system of Central Banks when conducting your research.
Most of the banks in Ireland often levy a maintenance fee, which may typically be avoided by setting up a regular monthly deposit or maintaining a minimum level in the account. Since the minimum balance varies with every single bank, it is often necessary to compare it and see the one that suits you best.
Debit cards are also subject to a small "government stamp duty" of €2.50 per year. Furthermore, many banks in Ireland charge fees for using other ATMs, so see if your bank provides convenient ATM locations or free withdrawals from outside ATMs.
What do you need to Open a bank Account in Ireland?
As a resident or non resident of Ireland, you can legally open a bank account in Ireland and in both circumstances, you must show up with atleast one piece of photo identification as well as evidence of address. On the other hand, non residents accounts often demands a little more verification as you will see below.
Well, opening a bank account with a national bank is less complicated if you have a proof of residency in the country.
What Documents do you need to Open a Bank Account in Ireland?
In order to open a resident bank account in Ireland, you are going to be needing 2 types of documents which is a valid photo ID (example passport) and an evidence of address.
As evidence of address, you can come along with a recent utility bill or a letter from the Government agency to serve as your address. There are many others ways through which you can provide your evidence of address and some banks will even accept your rental contract or a health insurance certificate.
So incase you are not very sure of what the bank needs as proof, it is better you gather everything and come with it for your appointment.
There are several banks that will allow you to open a bank account with them especially if you are new in Ireland and cannot verify residency - in order words, you can register with your home country's address even though you will need more documentation.
In this case, they often demand 2 proofs of address (translated into English if necessary) and 2 kinds of identification.
These documents you provide must be approved by a solicitor, a public notary, an embassy or another approved certifier.
How Old Do you need to be to Open a Bank Account in Ireland ?
Just like most other countries, if you wish to open a bank account in Ireland, its an obligation that you have to be at least 18 years old even though AIB requires you to be 16 years of age to open a basic bank account with them. There are many banks in Ireland that provides current accounts for minors but they often demand parental or legal guardian authorization.
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Best Banks in Ireland
Ireland is home to numerous well established financial platforms such as Ryanair, Primark, Kerry, Apple , Facebook, Google, PayPal, Microsoft, Yahoo, eBay, AOL, Twitter, Boston Scientific and several others.
In the country Ireland, you are going to come across a so called Big Four which is a group of four banks that control the majority of the national market alongside smaller, local institutions and foreign companies.
Ireland is home to numerous financial institutions because of its strong business and economy and also due to its well established banking system. So below is a list of the best banks that you will find in Ireland;
1. Bank of Ireland
This the country's oldest and largest bank and it also boast of the country's largest network of branches and ATMs. You are able to open a personal bank account online and receive a visa debit contactless card, online banking and an overdraft.
With Bank of Ireland, you are also allowed to open a student account and business account so as to benefit from the bank's banking services but you must first of be a full time university student before being eligible to open a student bank account with them.
You are going to obtain a free contactless Visa Debit card with the bank taking charge of the government stamp duty and most importantly, you will not be charged for a variety of transactions that would otherwise be charged for normal other bank accounts.
2. Allied Irish Bank
Abbreviated as AIB, this bank is part of a corporate organization that has both private and corporate clients. This bank is based in the Northern side of Ireland, and has been owned by the government of this nation since 10 years now. They provide a variety of services to their customers, including insurance, investment, currency exchange, mortgages and loans.
In additional to personal banking, Private banking is available to high net worth individuals and you can choose from a variety of student and graduate accounts as well as a Sterling account to help you receive and send payments within the United Kingdom and also a foreign exchange option with a card that can be used to pay and withdraw cash a millions of locations around the globe.
You are only able to apply for an account in person or by filling out and mailing a form. More to that, contactless functionality on your Visa debit card is unusual and is dependent on your circumstances.
This means that the bank will decide whether or not you qualify for a contactless card based on your personal and financial circumstances.
In case you are a full-time university student, you can apply for a Student Plus Account. There are no account maintenance fees, and an interest-free overdraft of up to € 1,500 is available. If you're just getting started, AIB's business banking services can be extremely beneficial.
3. Ulster Bank
This is another popularly known and well established bank in Ireland. They offer personal, business and commercial customers a broad variety of banking and insurance services. This bank also provides wide range of accounts for different types of clients including student and graduate accounts.
Ulster Bank provides accounts that are in most cases paid for with monthly fee ranging from 2 EUR for a basic account to 50 EUR for a Ufirst private account, which include an interest fee overdraft limit of 1000 EUR, travel insurance for the owner and their family and a cashback reward system for concert, show and many other sporting events.
KBC shares this spot with the next coming bank. As compared to the other banks, this bank can be referred to as a relatively new institution with a history of less than 50 years and a recent history of national branches which started in the year 2012 and since then, the bank has taken on the offices and infrastructures of Halifax Ireland and Danske Bank both of which has relocated to the United Kingdom.
Similar to many other large bank, This bank provides its customers with a wide range of current accounts including those for students, youth, retirees and others. These current accounts also include amazing features such as mobile and internet banking facilities along side support for contactless payments and digital wallets.
4. Permanent TSB
Permanent TSB and KBC both share the 4th spot in the Big four rankings of banks in Ireland. Permanent TSB is an Irish bank that provides its customers with a variety of personal and financial services including current accounts, retail and corporate and institutional deposits, residential mortgages, term loans, credit cards and many others.
How to Open A Bank Account Online in Ireland
There are several banks in Ireland that can allow you open a bank account online with them and Bank of Ireland is of them.
This bank of Ireland features amongst the Big Four banks of Ireland and they offers secure banking facilities to huge and well established companies such as Google, Apple, Twitter and many more. Due to these facilities, you can easily open an Irish bank account online with this bank.
The what if you are a not a resident of that country? Well if you are a non resident, you can even start opening you account online from your home country and more to that, most of the banks in Ireland will let you open a non resident account with them if you are new to Ireland and cannot verify residency.
So if you want to open an Irish bank account online, below are the steps that you are called to follow keenly;
- You have to consult several banks in Ireland and then take one that offers online banking
- Check the bank's terms and services and fees charged for online banking
- You will now have to fill in the application form providing all your necessary and personal details as demanded
- Once you are done filling your form, check it once more before submission
Best Irish Bank Accounts for Expats
When it comes to dealing with expats in Ireland, then KBC was one of the first banks in Ireland to provide online account opening therefore making it a popular alternative for expats looking to open a current account even though they leave overseas in another country.
Also, Bank of Ireland is another amazing option for expats especially those that are considering to establish a financial institution in the country as it comes with more broad accounts types such as personal and business account.
Best Online Banks in Ireland
So as to ease your search online, we have made a list of online banks in Ireland, so below is list of digital banks in Ireland that offer you with the best online banking services in Ireland;
- Bank of Ireland
- Permanent TSB
- Ulster Bank
Can A non Resident Open a Bank Account in Ireland?
Yes, even if you are not a resident of Ireland, you can open a bank account there. All you will be needing is a proof of residence in your home country, as well as a scanned or original form of identification.
And as previously stated, several banks in Ireland permit non-residents to open accounts online without even having to travel to Ireland. The main difference is that some financial institutions will require two proofs of identity and/or residency instead of one.
Final Thoughts on How to Open a Bank Account in Ireland
It is of no doubt that online banking has expanded the banking industry's capabilities and as a result of this, most banks strive to establish online banking platforms in order to attract more customers and enable them to access their funds at any time and from any location.
When you open a bank account online in Ireland, you will be able to securely access your account through an online platform. As a result, you must ensure that the bank you choose provides a more secure and simple way to access mobile banking and does not charge excessive fees for mobile banking with them.
Frequently Asked Questions
Can a foreigner open an Irish bank account?
Legally, you can open a bank account in Ireland as a resident or a non-resident. In both cases, you will need to show at least one piece of photo ID and proof of address.
Can I open a bank account in Ireland online?
Yes, you can apply for a personal account online, and you'll get a visa debit contactless card, online banking and an overdraft facility as standard. You can also apply for a student account and business banking facilities.
Do you need a PPS number to open a bank account in Ireland?
Currently, opening a current account with PTSB, Bank of Ireland, or Ulster Bank does not require a PPSN. A PPSN is required in order to open a current account with AIB, EBS, and KBC. A person shouldn't be concerned about their PPSN being seen by a bank unless they may be hiding something from the taxman.
How much money do you need to open a bank account Ireland?
In general, most banks in Ireland do not require a fee in order to set up an account. And, although many will not demand a minimum deposit either, you may incur a fee if your account drops below 1,500 EUR (1,650 USD). Some banks even set this balance at 2,500 EUR (2,760 USD).
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