If you're thinking of relocating in Ireland, then, considering to open a local or online bank account in Ireland will ease your banking transactions. You'll definitely need an Irish bank account whenever you want to receive money, pay your bills and taxes or even to buy property.
Fortunately (or is it Irish luck? ), creating a bank account in the country is relatively simple. Just as we recently saw how to open a Finish bank account as well as in other European countries, you will see its very simple to get start with banking in Ireland
In this guide, I will walk you through all you need to know about opening a bank account in Ireland as a resident, non-resident or as an expat.
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Banking and Bank Accounts In Ireland
A current account, which is an ordinary account with a debit card attached, is the most prevalent bank account in Ireland. You might also open a savings account, which offers a greater rate of interest for long-term deposits.
You can choose from a variety of banks, including national banks, international banks, and internet banks. 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.
Banks in Ireland usually levy a maintenance fee, which may typically be avoided by setting up a regular monthly deposit or maintaining a minimum level in the account. Because the minimum balance differs with every bank, it's worth comparing.
A tiny "government stamp duty," which costs €2.50 yearly, is also charged on debit cards. Furthermore, many banks in Ireland impose fees for utilizing other ATMs, so check to see if your bank offers handy ATM locations or free withdrawals from outside ATMs.
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What Do You Need to Open a Bank Account in Ireland?
All residents or a non-residents can legally open a bank account in Ireland. In both circumstances, you must present at least one piece of photo identification as well as evidence of address. Non-resident accounts, on the other hand, usually necessitate a bit more verification, as outlined below.
If you can wait, opening a bank account with a national bank is easier if you have proof of residency in the country.
How Old Do You Need to be to Open a Bank Account in Ireland?
To open a bank account in Ireland, you must be at least 18 years old. However, AIB requires you to be at least 16 years to age to open a basic bank account with them. Many banks provide current accounts for minors, however they usually require parental or legal guardian authorization.
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What Documents Do You Need to Open a Bank Account in Ireland?
You'll need two types of documents to open a resident bank account: a valid photo ID, such as a passport, and evidence of address. Bring a recent utility bill or a letter from a government agency to establish your address. As evidence of address, some banks will accept your rental contract or a health insurance certificate. Gather a few documents and bring them all to your appointment if you're unsure.
Many banks will let you open a non-resident account if you're new to Ireland and can't verify residency. This means that you can register using your home country's address, but you'll need more documentation. Two proofs of address (translated into English if necessary) and two kinds of identification are usually required.
A solicitor, a public notary, an embassy employee, or another approved certifier must certify these documents. Some banks may also need a character reference, however this is unusual.
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Can a Non Resident Open a Bank Account in Ireland?
Yes, you can open a bank account in Ireland even if you are not a resident. All you'll need is confirmation of residence in your home country, as well as a scan or original proof of identity. As previously stated, several banks allow non-residents to open accounts online without having to travel to Ireland. The main distinction is that some financial institutions will want two proofs of identity and/or residency rather than one.
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Best Banks in Ireland
Ireland is home not just to Ryanair, Primark, and Kerry, but also to Apple, Google, Facebook, PayPal, Microsoft, Yahoo, eBay, AOL, Twitter, and Intel, as well as Pfizer, Boston Scientific, and Johnson & Johnson. Great financial institutions follow a strong business and economy.
In Ireland, you'll discover the so-called Big Four, a group of four national banks that control the majority of the national market, as well as smaller, local institutions and foreign companies.
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Bank of Ireland
Bank of Ireland is Ireland's oldest and largest bank. It also boasts the country's largest network of branches and ATMs. You can open a personal bank account online and receive a visa debit contactless card, online banking, and an overdraft as standard.
You can also open a student account and business account to use the bank's banking services. You must be a full-time university student to open a student account. You'll obtain a free contactless Visa debit card (the bank will cover the government stamp duty) and, more significantly, you won't be charged for a variety of transactions that would otherwise be charged.
A contactless visa debit card, overdraft capabilities, and business adviser support are all available through Bank of Ireland's business banking services, which is extremely useful if you're just starting off.
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Allied Irish Banks
Allied Irish Banks, or AIB, is part of a corporate organization that has both private and corporate clients. The bank is based in Northern Ireland and has been owned by the Irish government for the past ten years. They provide a wide line of services to their customers, including insurance, investments, currency exchange, mortgages, and loans.
Private banking, in addition to personal banking, is available to high-net-worth individuals. You can choose from a variety of student and graduate accounts, as well as a Sterling account to receive and send payments within the UK and a foreign exchange option with a card that can be used to pay and withdraw cash at millions of locations worldwide. The official Visa exchange rates is applied on a daily basis
If you keep your account in credit at all times, AIB's Personal Current Account is free. You'll also receive a Visa debit card that entitles you to rewards at select stores.
Only in-person or by filling out and mailing a form may you apply for an account. Furthermore, contactless functioning on your Visa debit card is not typical and is dependent on your situation. This means the bank will determine if you are eligible for a contactless card based on your personal and financial circumstances.
You can apply for a Student Plus Account if you are a full-time university student. There are no maintenance costs with this account, and an interest-free overdraft of up to € 1,500 is available. If you're just starting off, AIB's business banking services are incredibly useful.
You can acquire a complete business startup package in addition to a specialized business current account. This includes a checking account, a business startup loan, and internet tools, business document templates, and a company advisory service, among other things.
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Ulster Bank
Ulster Bank offers personal, business, and commercial customers a broad variety of banking and insurance services. They provide a variety of accounts for different types of clients, including student and graduate accounts.
The accounts are mostly paid for, with monthly fees ranging from 2 EUR for a basic account to 50 EUR for a Ufirst Private account, which includes an interest-free overdraft limit of up to €1000, travel insurance for the owner and their family, and a cashback reward system for concert, show, and sporting event tickets.
People over the age of 66 and students are exempt from the basic account fee. You can also apply for one of their credit cards, which include a conventional Maestro card, a special black Maestro card, and a student Maestro card. Their accounts contain an overdraft, a contactless debit card, and emergency cash that can be withdrawn from an ATM using a code if your card is lost. You can even receive your own cheque book with some of the accounts.
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Permanent TSB
Permanent TSB is an Irish bank that offers a wide range of personal financial services, including current accounts, retail and corporate and institutional deposits, residential mortgages, term loans, credit cards, overdrafts, general insurance, pensions, investments, and life insurance.
Debit and credit cards, loans, and insurance are among the accounts available. You'll have access to mobile and online banking, as well as phone banking and customer service.
KBC
KBC and Permanent TSB are tied for fourth place in the Big Four rankings. It is a relatively new institution, with a history of less than 50 years and a recent history of national branches, which began in 2012. Since then, the bank has taken on the offices and infrastructure of Halifax Ireland and Danske Bank, both of which have relocated to the United Kingdom.
As with any large bank, you may expect to discover a variety of current accounts here, including those for students, youth, retirees, and others. These current accounts include mobile app and internet banking facilities, as well as support for contactless payments and digital wallets, as well as debit and credit cards (optional).
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How to Open a Bank Account Online in Ireland
Some Irish banks such as Bank of Ireland let you open a bank account online. Bank of Ireland is amongst the "big four" and offers secure banking facilities for great companies such as Google, Apple, Twitter and many more. Because of its banking facilities, you can easily open an Irish bank account online with this bank.
If you are a non resident or expat, you may even start opening your account online from your home country. In addition, most banks in the country may allow you open a non-resident account if you're new to Ireland and can't verify residency. This means that you can register using your home country's address, but you'll need more documentation to establish your account.
Here's what to do to open an Irish bank account online:
- Consult different banks in Ireland and grab one offering online banking
- Check the bank's terms of services and fees charged for online banking
- Fill the application form, providing all necessary information
- Submit your application.
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Best Online Banks in Ireland
To facilitate your researches on online banks in Ireland, here's a list of digital banks that offer the best online banking services in Ireland:
- Bank of Ireland
- AIB
- Permanent TSB
- N26
- Revolut
- Ulster Bank
- KBC
Best Irish Bank Account for Expats
KBC was one of the first banks in Ireland to provide online account opening, making it a popular alternative for expats looking to open a current account while living abroad.
On the other hand, Bank of Ireland is another great alternative for expats if considering to establish a financial in the country that comes with more broad accounts types such as personal and business account.
Do I Need an Irish Bank Account to Work in Ireland
If you work in Ireland, then you definitely need to get paid and to get paid, you will definitely need an Irish bank account that can receive funds in the country.
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Final Thoughts On How To Open a Bank Account Online in Ireland
Online banking has brought more facilities to the banking industry. Because of that, most banks thrive to establish online banking platform to bring more customers helping them access their funds anytime and anywhere.
When you open a bank account online in Ireland, you will have the possibility to access your bank account securely from an online platform. Which is why, you will need to make sure the bank you choose offer a more secure and easy way to access mobile banking and doesn't charges excessive fees for mobile banking with them.
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