How to Open a Bank Account in Ireland

Ireland is known for its incredible culture and friendly citizens. There is a lot to enjoy in the country for people from all walks of life, ranging from tourists, investors, students and workers. The country has a thriving economy and beautiful sceneries that will capture your attention.

Documents Needed to Open an Account

The following documents are necessary while opening an account in Ireland.

  • Passport or driving license or national ID.
  • Passport photo size
  • Proof of address. You can use a utility bill from your home country
  • Recent bank statements that are less than six months old
  • Correspondence from government authority

There are instances where you may not have some of these documents. Luckily, in Ireland, you can open an account as a non-resident. In such a case, some banks will ask you to provide a utility bill, bank statement and a government correspondence.

How to Open a Bank Account Remotely

Few banks will let you open an account online. You will need to visit a branch to have to open an account. However, you can download an application form. Fill the form and then mail it to the bank. Attach the documents mentioned above. Make that the copies of ID and proof of address are certified by either a charted accountant, embassy official or a practicing solicitor. The person certifying the documents must:

  • Ascertain that the documents are true copies of the original
  • Indicate his or her name and contact details
  • Sign and indicate the date and then stamp the document

However, some banks will insist that you visit their branch before they can approve your application.

Types of Bank Accounts in Ireland

Current Bank Account

You can open a current account to assist you with your daily banking needs. It also comes with additional benefits. There are many banks you can use to open a current account like AIB, Revolut, N26, Bank of Ireland, Permanent TSB and Credit Union. The banks that win for current accounts are TSB, N26 and Revolut.

Savings Bank Account

If you are looking for a savings account, there are several accounts you can open in Ireland. They include the following:

  • Fixed deposit account. You can deposit money that you only withdraw after a maturity date.
  • Notice account. It requires you to notify the bank before making a withdrawal.
  • Demand account. It does not require a notice for you to make a withdrawal.
  • Regular savings account. The account allows customers to deposit savings regularly.
  • Savings account bank of Ireland. It offers some of the best banking services for those that want to save. It offers online savings accounts, regular savings accounts, fixed term savings and demand and notice accounts. There is usually a deposit guarantee scheme that protects deposit in the event that the bank is unable to repay deposit.

Business Bank Accounts

If you have a business in Ireland, then you need to consider opening a business bank account. The business bank account comes with several features. For instance, some business bank accounts come with a business relationship manager and business advisor to help the business manage their finances.

You can use the following banks to open a business bank account:

  • AIB. It is suitable for startups that are less than three years old. It does not have transaction or maintenance fees and offers 100 EUR discounts off cash handling fees. It also supports women entrepreneurs.
  • Permanent TSB business banking. The bank does not offer banking services tailored for startups. It is best suited for established businesses. It does not charge transaction fees within Europe. TSB business banking transaction limit is 10,000 EUR. It also provides Visa debit card.

Best Banks in Ireland

Due to its thriving economy, many banks are offering excellent services. You can choose between local and international banks, depending on your preference.

Bank of Ireland

Bank of Ireland is the largest bank and one with the highest number of branches and ATMs in Ireland. It has several services which you can access online. Some of its services include student’s account, business banking, current and savings account. To open a student’s account, you must be a fulltime student. In addition, you get a contactless debit card and the government to pay for you the stamp duty. When you open a business account, you qualify for overdraft and cashback.

The Bank of Ireland is the largest bank and one with the highest number of branches and ATMs in Ireland.

Allied Irish Bank

When you maintain a minimum balance of 2500 euros, Allied Irish Bank offers a free personal current account. You can open an account online with the help of phone and SMS help. Those opening business accounts get offers such as financial advice for startups. Students can apply for Student Plus Accounts, which comes without account maintenance fee and interest-free overdraft of up to 1500 euros.

Ulster Bank

Ulster Bank account has fees starting from 4 euros every month. However, if you maintain 3,000 euros if you are aged over 60 years, you get an exemption of the 4 euros fees. When you open an account, you will get a free visa debit card, overdraft facilities and emergency cash facilities. In case you lose your card, this facility can help you to withdraw cash from an ATM using one code. Student accounts do not have a maintenance fee. You can also get an overdraft of up to 1,500 euros. To open a business account, the fee is 5.08 every three months.

Permanent TSB

Permanent TSB offers a free basic account if you deposit 1500 euros and 1 percent interest of the amount. There are various types of accounts and one can choose a debit card or credit card to use. The bank also offers loans and insurance services. The bank has excellent banking services.

Permanent TSB student account: The permanent tsb Student Current Account is available to students 18 years of age or over and in full-time third level education (including full-time post-graduateship studies with a minimum duration of 1 year) for a maximum period of 5 years only. Only 1 account per student is permitted.

Banking Fees Charged on Accounts

One peculiar thing about banking in Ireland is government stamp duty. The fee is charged on debit cards which starts from as low as 2.5 euros every year. Some banks charge a fee to close a bank account and over the counter transactions. You can request for fee’s list from the relationship manager.

To send money abroad with the banks, it is expensive and the cost can be as high as 10 percent of the amount being transacted. It is because of the SWIFT fee, which is usually between 20 and 30 euros. To cut only on costs, you can use a virtual bank account to send money oversees. Besides, you get IBAN, which could work well for you while sending money abroad.

 

Research: Vincent Nyoike

Vincent is a writer with an interest in finance, business, technology and health niche. He holds a Bachelors degree in Applied Statistics with computing. Read more about Vincent and see our complete editorial team at FiFi.