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Banking is one of those essential services that we often take for granted. We use our bank accounts on a regular basis, whether it’s to receive payment for wages, or to pay for bills, food, and transport. As a newcomer it can be difficult to open a bank account in Ireland but taking the time to research and understand the options and services available will make the process run smoother and hopefully be less stressful.
Follow this guide to assist you in:
- Choosing a Bank in Ireland
- Opening a Bank Account Before Arriving in Ireland
- Opening a Bank Account in Ireland
- Credit Cards
- Bank Accounts for Students
- Irish Government Stamp Duty Charges
- Transferring Funds in and out of Ireland
Choosing a Bank in Ireland
Banks in Ireland offer a range of services such as bank accounts, credit cards, loans, mortgages, investments, and insurances. The two most common types of bank accounts are current accounts and savings accounts. Most people in Ireland get their wages paid into their current account and use a bank card linked to this account to pay for everyday items such as groceries. In addition to a current account, people typically have a savings account which has a higher interest rate. They transfer some of their income into this savings account each month to create personal savings. These savings could be used for special purchases such as a car or holiday. These two accounts can be at the same bank or different banks.
When choosing a bank, it is important to shop around to get the best deal. To avoid paying high fees, look for banks that offer free services if you meet conditions such as, having a minimum amount in your account and/or depositing a minimum monthly amount into your account (this one is usually achievable if you are getting your salary paid into the account). Be careful to read the fine print, as some deals may only be temporary e.g. they might offer an ‘introductory rate’ which applies for the first few months after opening the account, but then may revert to higher fees after this period.
Banks usually provide a combined ATM and debit card with your current account. ATM’s are prevalent in Ireland, but it pays to check whether your new bank has plenty of accessible ones in the area that you live in. Banks also provide internet/online, telephone and mobile phone banking services, however the quality of this service can vary between banks.
Irish Banks
- Bank of Ireland
- Allied Irish Banks (AIB)
- Ulster Bank
- KBC
- Educational Building Society (EBS)
- Permanent TSB (PTSB)
Irish Bank Opening Hours
Banks are open weekdays 9.30am or 10am and close at 4pm or 4.30pm. Most banks have one evening per week where they open until 5pm e.g. in Dublin this is usually on Thursdays.
Most banks open their main branches in town and city areas on Saturdays for reduced hours 10am to 1pm.
Tips- The Money Guide website regularly publish articles comparing Irish banks and their fees.
- Irish often refer to a debit card as a laser card.
- If you need cash and your bank only allows you a limited number of free withdrawals each month, then withdraw cash from the retailer when purchasing items. Not all retailers offer this, but supermarkets usually do, so use this function when you buy your groceries. When paying for your goods, ask for the cash amount that you want to withdraw (be aware that they usually have a cap amount of about €100). They will add the cash amount to your total purchase and then hand you the cash with your receipt.[/su_service]
Opening a Bank Account Before Arriving in Ireland
Previously it was near impossible to open a bank account in Ireland prior to arriving. However, a few years ago it was made a bit easier by some banks. For example, the Bank of Ireland have a dedicated ‘Coming to Ireland’ page on their website which hosts information for those moving to Ireland for the first time and for Irish citizens returning. They offer Skype or Facetime meetings and can assist you to open a bank account prior to your arrival in Ireland and transfer funds to your new account.
Opening a Bank Account in Ireland
If you haven’t opened a bank account prior to your move to Ireland, then ensure you have other ways of accessing money whilst waiting for your account to be opened, as it can take up to a week to receive your bank debit card.
What You Will Need to Open a Bank Account in Ireland
1. Personal details: An address and Irish mobile phone number.
2. Photo identification: Such as a passport or a full Irish drivers licence – they may also accept a full UK drivers licence.
3. Evidence of your Irish residential address: Two forms of non-photographic identification. They need to be documents that have your name and residential address on them and they need to be dated within the last 6 months. Accepted forms are:
- Bank statement or credit card statement (if you are new to Ireland, then this will only work if your bank from your home country has been sending these to your home address in Ireland).
- Utility bill e.g. electricity, internet, water.
- Current household/contents insurance, health insurance or motor insurance certificate
- They may also accept your rental agreement as one form of evidence.
4. PPS Number: This is not essential when opening an account but they may ask you for it if you are working and paying your salary into the account.
TipsOne of the main difficulties you will face upon arriving in Ireland, is producing suitable evidence of your Irish residential address to meet the banks rather strict requirements. Here are some tips on how to overcome this problem:
- Ask your employer to provide an employment confirmation letter with your current Irish address on their company letterhead.
- If you are planning to get health insurance, then sign up as soon as arrive (you could even do this before you arrive if you already have an Irish address that can receive your mail). They will send you a new membership letter which can then be used as evidence of your address.
Credit Cards
A credit card is not essential to living in Ireland. In fact, when you first arrive it can be difficult to get one since you won’t have a credit rating in Ireland. As I mentioned above, when you open a current account in Ireland you typically receive a combined ATM and debit card. This debit card can be used for purchases such as groceries, online purchases, flights, and event tickets. However, you typically need a credit card when renting a vehicle because of the hold they place on it, but it doesn’t need to be an Irish credit card.
If you need a credit card, then consider keeping your current credit card until you have secured a credit card in Ireland. You should also consider the cost of having a credit card such as bank fees and the annual Government duty charges as outlined below.
Bank Accounts for Students
Most banks in Ireland offer special accounts for students. They often offer cash incentives or special conditions to attract students. However, always be cautious and read the terms and conditions. Don’t be tempted into taking out a loan or a credit card unless you absolutely need to and always ensure that you can pay it back. In order to open a student bank account you will need to provide evidence of your enrolment.
Irish Government Stamp Duty Charges
The Government charges a stamp duty on your financial cards i.e. your ATM and debit card. For cards that act as both an ATM and debit card (which most people have), you will be charged a higher duty. Credit card holders get charged an even higher duty.
These duties get automatically charged to your account annually, so there is no avoiding them. For further information visit the Irish Revenue Office.
Transferring Funds in and out of Ireland
Money Transfers Within the Republic of Ireland
When you open your bank account you will be given a National Sort Code (NSC, but typically referred to as the ‘sort code’). This 6 digit code identifies both the bank and the branch where the account is held. If you are transferring money within the Republic of Ireland (e.g. paying your rent), you will be asked to provide your sort code alongside your bank account number. This number is also usually printed on your bank statements.
Money Transfers Outside of the Republic of Ireland, but Within the Single European Payments Area (SEPA)
SEPA countries include all countries that are members of the EU:
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom. It also includes Norway, Iceland, Liechtenstein, Monaco and Switzerland.
If you want to carry out money transfers then you need an account with SEPA capabilities. This is a European Union initiative to simplify the process for bank transfers using the euro.
You will also need to use the banks Business Identifier Code (BIC). This is the address assigned to a bank in order to accurately send automated payments to the bank concerned. It uniquely identifies the name and country (and sometimes the branch) of the bank involved. BICs are often called SWIFT (Society for Worldwide Interbank Financial Telecommunication) Codes and can be either 8 or 11 characters long. SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.
The other number that you will need is an IBAN (International Bank Account Number), which is used internationally to uniquely identify the sort code and account number of a customer at a financial institution.
Your BIC and IBAN numbers should be given to you by the bank when you open your account. You can also find this information on your bank statement.
The Banking and Payments Federation Ireland website also provides a BIC & IBAN conversion tool which will convert any domestic sort code and account number to its equivalent BIC & IBAN.
International Money Transfers outside of the Single European Payments Area (SEPA)
The easiest, safest and cheapest way to carry out international money transfers to or from countries outside of the SEPA is via:
- International money exchange companies
- At a bank
- At any An Post office branch
Typically, the more that you transfer, the better the rate you will get. Be sure to shop around to get the best rate and look out for companies that may have hidden fees. If you are transferring large amounts of money, then many international money exchange companies waive the fees which can save you a lot of money.
John Tangney
Sadly, some of the info in this post is very outdated. BoI no longer has a “Coming to Ireland” package.
Also, when choosing a bank, don’t forget to consider one of the online-only banks. Here’s a resource: https://switcher.ie/current-accounts/
T Carney
Irish banks are messed up. Fees for everything and pushed all competition out. Get a loan you can’t get your own money out. Notice has to be given days a head for large sums of money. Treat people bad and very poor customer service. Force people to use machines so fees can be taken. Getting rid of staff. If you need person to person help waiting line for at least one hour. Government and banks are too closely related. All the laws for banking favors banks. Now all the banks from European community left or won’t do business in Ireland because red tape with government and Irish banks. Just my view banking in Ireland
Miriam
signing up for re locating to Ire newsletter
Ocha Onazi
After a TON of research. I find that N26 is the way to go for nearly all transactions. However for the purpose of having a physical bank, EBS is okay for the occasional cash, cheque, and ATM transactions. In this day and age of everything being mobile, on-the-go, and online, no one has the time to deal with being on-hold with customer service, least of all visiting banks for every goddamn thing. To start out in life, especially if you don’t have big expenses, loans, mortgages, etc to plan for anytime soon, N26 and EBS. However, for the big expenses, sadly one of these “normal” banks are the only way X(
Peter van Oevelen
Tip: As a EU resident, living outside Ireland, you can easily open online from your own home a current/bank account at KBC Ireland! You can upload or email your proof and do not have to certify them before sendin (as Bank of Ireland demands).
Maggie Murphy
You need to add that Irish banks will not let you open an account with them unless the funds going into the account originate in Ireland. So, basically, during the months you are here trying to resume permanent resident status, even as an Irish national, with family here, you cannot bank in Ireland, or have your funds in an Irish bank. I wonder how many people have decided not to return to live in Ireland because of such absurd rules. This piece here certainly makes me rethink my wish to ‘come home’.
https://www.irishtimes.com/life-and-style/abroad/good-lord-ireland-you-make-it-hard-an-emigrant-s-battle-to-become-irish-again-1.4096917
Colleen
Hi Maggie, you can move funds from a bank account in another country into an Irish bank account. I’ve done it myself many times. I’m not sure you read the article correctly.
Rachel Durand
the point she is making is how difficult it is to open an Irish bank alc, which is true
Peter van Oevelen
Not anymore in 2020 if you live in the EU! Banks like KBC Ireland can accept an apllication, online. And you can transfer into your Irish bank account from other countries, no worries.
Terence Kerrisk
My mother and father (recently deceased) have an account at Bank Of Ireland. They now live in California, U.S. my mother is trying to get the funds out of their account in Ireland but keep they keep requesting more and more information and are delaying the transfer into their U.S. account. My mother really needs this money to pay bills and other expenses. Is this a common practice? It seems the Bank of Ireland doesn’t want to give up this money, and keeps adding extra requirements each and every time she requests her money.
Colleen
Yes, the Irish banks seem to follow their own rules. My friend had a similar problem with the Bank of Ireland when she left Ireland and tried to get her money transferred out of the country and account closed. She even had to write a letter. For some reason they kept dilly dallying with the money transfer but she ended getting them to agree to send her a cheque instead. She also found she got most progress when she rang them.
Alberta van der Woude
Hi,
My son has moved from the Netherlands to Ireland in May this year. He has a job and a bank account, I believe the AIB. In the Netherlands it is very easy to do your banking. All banks have the possibility to transfer money with a customized app and none of the Dutch banks, to come to the actual question, charge extra money for transfers within the EU.
According to my son, banks in Ireland do charge extra.
Is this common and if not, which bank could you advise?
Colleen
Yes the banks are not very good in Ireland. Unfortunately most of them left during the economic crisis and the few remaining don’t have a lot of competition. Many of them do charge a variety of fees, but I’m aware that the Bank of Ireland don’t charge for UK, EA & EEU transfers
Kristina
I have an account with Bank of Ireland in Northern Ireland but I have moved to Cork in the republic, I get paid in euros which is then changed to sterling when going to my account and then I am withdrawing euros. Is this a straight forward thing to change it so I have a euro account and no longer sterling. What documents do I need in order to change this?
Colleen
You will need to contact the bank directly and discuss this with them. As I don’t work for the bank I can’t advise you on their policies and procedures and possible fees for transferring accounts between their two banking services. But I’m aware that the Bank of Ireland don’t charge for UK, EA & EEU transfers
milla
Hi Colleen, I have EU citizenship and I’m moving from South America to Cork. I’m taking cash with me and I’d like to open a bank account as soon as I arrive, for safety. But since I’ll be staying at an Air B&B and still have no job in Ireland (only my remote jobs), I don’t have an address to give to the bank. Apart from the health insurance tip, would you suggest anything else? I don’t want to keep that much cash with me,
Colleen
You could open a non resident bank account initially then change it to a resident account once you have an Irish address. For example here’s information on The Bank of Ireland website on how to open a non resident account.
Delfina
Hi Colleen. I am in the same situation as Milla. My question is: Can it be used a non resident bank account to request IRP? I mean, as I look in to rent a house.
Thank you!
Colleen
Hi Delfina,
I’m not sure I understand what your questions is? If you are eligible for an IRP, you will be issued it following your registration at immigration.
John Russel
Hello, i’m creating an offshore company in Ireland and i need an account in a Irish Bank. The company through which i’m creating my company suggests i use the banks in this list XXX . What do you think, which bank should i choose?
Colleen
Hi,
I am not a financial advisor so can’t provide financial advise. You will need to contact each bank to discuss your circumstances with them to make a decision that suits your circumstances.
Colleen