Last Updated on December, 2024
If you plan to move to Ireland, have just arrived there, or are just looking for an account you can maintain from abroad, the Irish banking system has different options for you. And the best part is that this procedure might not require you to provide them with proof of residence in Ireland.
In this comprehensive guide, we’ll provide all the details you need to open a bank account in Ireland from overseas and much more. So continue reading till the end,
Quick Summary
Ireland offers various banking options, including traditional high-street banks (like Bank of Ireland and Allied Irish Banks), digital banks (such as N26 and Bunq), and non-banking alternatives (like Wise and Revolut). These cater to different needs, from comprehensive banking services to lower-cost, flexible options for non-residents.
Opening a bank account in Ireland often requires an in-person visit, though some banks allow for remote opening through a notarized process. Essential documents include a valid photo ID and proof of address, which can sometimes be from the home country.
Irish banks generally charge maintenance fees, transaction fees, and government stamp duties on cards. It’s crucial to understand and compare these fees, especially for international money transfers, as traditional banks can be expensive. Fintech solutions like Wise offer lower fees and better exchange rates for such transactions.
Contents
Irish Banking System Overview
The European Systems of Central Banks (ESCB) regulate the Irish banking system. Therefore, you can have plenty of options when it comes to choosing different banks as they have online banks, internal banks, and national banks as well.
The largest bank in the country is the Bank of Ireland, but you can also find digital banks such as N26 and Bunq. Online banking with these digital banks has disrupted the market and is giving pretty stiff competition to traditional or high-street banks.
A non-banking alternative is Wise, which is a fintech solution that features a multi-currency account. It enables you to hold money in multiple currencies and use it anywhere as a local. You can use it for online banking and to receive and send money in Ireland in home currency.
All Irish banks charge a maintenance fee if your bank account balance drops under some specific limit. Moreover, an annual fee under government stamp duty is also collected on ATM cards, debit cards, and credit cards.
Credit cardholders have to deal with a higher duty and if you use your debit card outside the bank’s network, there are additional charges. Based on the bank, these duties and charges change so, it’s better to compare them beforehand.
Can I Open a Bank Account Online (or Remotely) in Ireland?
Now, there are not many Irish banks that will allow you to open a bank account online or remotely. In most cases, for opening a bank account, you must make an in-person appointment or visit a branch.
However, you can open a bank account online by downloading your bank’s application form, filling it up, attaching all the required documents, and then mailing it.
Now, these copies need to be signed or attested by a notary public, a chartered accountant, a commissioner for oaths, an embassy official, or a practicing solicitor.
While attesting or signing, the official must confirm that this document is a true copy of the original document. Plus, the official must write their name, contact details, and position and sign and stamp the document with the date.
Step-By-Step Guide on How to Open a Bank Account in Ireland
Here are the steps that you need to follow to open a bank account in Ireland:
Irish Bank Account Types
Before you go to open a bank account, you must consider what type of bank account you should go for. There are two most common types of bank accounts in Ireland. One is the current account and the other is a savings account, which is pretty standard for all countries.
The current account enables you to manage your money using a debit card daily. While a savings account offers a higher interest rate and you can use it to transfer your savings for the long term.
In Ireland, you will also come across student current accounts with no maintenance fee for a limited time. Business owners in Ireland can open a business bank account. Sole proprietors can open an account online. But for that, you need to be a registered taxpayer in the country.
If you are a director of any company or a partner, you don’t have to be a resident or citizen of the country.
You must make an in-person appointment with the business advisor of the bank to make sure that your business entity is legally registered with the Companies Registration Office of Ireland or an equal authority in your country.
Required Documents to Open a Bank Account in Ireland
To open a bank account here, you need to provide them with mandatory documentation for verification. If you’re new in the country or still haven’t entered, you can open an account in Ireland.
For this, you need to provide a couple of documents, including your valid photo ID and a document that shows proof of address.
Valid Photo ID
You can show them your passport, your driver’s license, or an EU national ID card
Proof of Address
For this, you need to provide a utility bill that is less than six months old. Or you can show a statement that is less than six months old. You can also provide them with written correspondence from any government department or authority.
These documents can be from your home country if you don’t have an Irish address.
However, non-residents need to provide any two of the following documents here instead of one proof:
Useful guides:
Different Kinds of Banks in Ireland
As mentioned above, the Irish banking system has a range of different options that you can consider opening a bank account. Let’s shed some light on each of them and discuss them in more detail so you can have a better picture regarding what to consider to open a bank account in this country.
Basic Bank Account
One option is to go for this bank account in Ireland as a non-resident or a foreigner. This bank account provides basic banking services at a low cost or even free.
But this is only an option for EU residents. Therefore, it works well for you if you are an EU national or an EU visa holder. It also works for those with refugee status.
You need to open a bank account in person in Ireland at any local branch with your proof of identity, including your passport and proof of address.
For this non-resident account, you must not have a current account with any of the conventional banks, and they will ask you for two sets of documents if you’re a non-resident in Ireland.
These include your utility bill or bank statement or a letter of correspondence from your home government along with your photo identity including your passport, etc.
A basic bank account offered by any major high-street bank doesn’t charge any maintenance fees for the first year. You can use this Irish bank account for deposit processing, withdrawals, cashless payments, direct debits, etc.
This bank account is suitable for European Union residents working in Ireland or planning to start soon. Moreover, this bank account is suitable for anyone who doesn’t plan to take loans or overdrafts.
High Street Banks
The Irish high-street banks don’t require you to be a registered Irish resident. But you need to keep in mind that if you’re looking to open a bank account, these banks will be costlier than most other banks.
Some banks might have all their maintenance fees or even transaction fees in the first year of opening a current account.
But they will charge you an annual or monthly fee for account maintenance, checkbook usage, ATM withdrawals, overdraft usage, making bank transfers, and using daily financial services.
Some of the top conventional banks of Ireland include the likes of Bank of Ireland, Allied Irish Banks, and Permanent TSB.
These banks work best for those who have newly arrived in Ireland and have proof of residence or are going to get one soon. These banks also work well for those who are looking for full-fledged services and don’t mind the extra charges.
Digital Banks
Another option you can go for is digital banks. These banks are gaining immense popularity across Europe because they offer low fees and more convenience.
Some of these digital banks are fintech, but they don’t have full banking licenses. However, some of them are full-service banks. However, they differ from conventional banks as these digital banks don’t have any branch network. Some of the best digital banks in Ireland are N26, Bunq, and Fire.
With their flexibility and low costs, digital banks are suitable for those who only need standard financial services from their banks and those who are looking to save more money under banking charges. If you don’t have proof of residence in Ireland, Bunq or N26 are suitable options.
Non-Banking Alternatives (Wise, Revolut, Remitly)
Another option you can explore is non-banking alternatives, such as Wise, Revolut, and Remitly. This option works well for non-residents in Ireland.
For example, with this account, you can get your debit card along with your unique bank details. You can use this account in Ireland to pay and get paid like any other local in Ireland and anywhere in the Eurozone.
As a non-resident in the Republic of Ireland, you can open an account with Wise and verify your ID using their interface instead of opening a bank account. Moreover, you don’t need to show your proof of address or residence in Ireland to sign up for your Wise account.
These non-banking alternatives work well for those who have newly arrived in Ireland and want to spend or withdraw cash without using any local bank debit card.
It also works well for those who want to make money transfers at low cost in Euros from foreign currencies outside of Europe. Moreover, anyone looking for a dedicated EU IBAN without the need to show proof of residence can use these fintech options.
What are the Banking Charges in Ireland?
For your bank account in the country, you might have to deal with different fees. If you want to open a bank account in Ireland, the main fee that you must deal with is a maintenance fee.
This is either monthly, quarterly, or annually charged. In most cases, you can avoid this fee by crediting your account with a minimum deposit.
You must leave your account in credit at that minimum deposit, otherwise the fee will still apply. Moreover, all Visa debit cards are subject to a stamp duty by the government, which can be around EUR 2.5 annually.
Now, this might be a low amount, but you still need to know about it if you’re looking to open a bank account in the country.
Furthermore, some banks might also charge you for your ATM deposits and withdrawals for all your debit card transactions, including your contactless transactions. Apart from that, some banks might also charge you for OTC (over-the-counter) transactions with the teller.
Now, you need to know all these monthly fees before you open a bank account in Ireland. Therefore, you need to know the terms and conditions of your bank. This way you will be informed ahead of time and see if there’s a way to avoid these fees.
Of course, you’re looking to open a bank account in Ireland from overseas, so you need to know about the international money transfer charges as well. When doing these transactions, you might have to deal with hefty fees from your Irish bank or even the bank in your home country.
And there’s a good chance that you won’t get a favorable exchange rate. This is because using your bank to make international transactions is not always the cheapest way.
How Can Wise Help Here?
To open a bank account, go for the Wise multi-currency account that you can use to top up, hold, and exchange multiple currencies. It’s effectively your Euro account that can hold multiple currencies.
Furthermore, you’ll get a Wise multi-currency debit card for this Euro current account that you can use to pay in foreign currencies, and that too without worrying about any hidden fees.
Above all that, you’ll have access to Wise’s international money transfer service directly from your Wise account. So there’s so much on offer here, and this is exactly the reason why fintech solutions are growing rapidly across the globe.
With Wise, opening a bank account isn’t an issue, and you won’t have to worry about high bank charges. Moreover, for international transfers, Wise has a pretty low markup on the mid-market exchange rate as compared to conventional banks.
FAQs
Final Thoughts
The Republic of Ireland has a pretty strong financial sector and if you are looking to open a bank account here from overseas, you need to do some research. However, there are different types of banks in Ireland that you can use to open a bank account.
There are conventional banks, there are digital banks, and fintech solutions are also available. Conventional banks are suitable for anyone who is looking to use all banking services.
But if you’re looking for limited services, you can use a digital bank to open a bank account. Fintech solutions, such as Wise and others, are even better because they don’t require any proof of address, and they can service you for most of your transactional needs.
These fintech solutions offer much cheaper transactional charges, and they have pretty low mid-market exchange rate markup.
Therefore, if you’re looking to make plenty of international transfers and want to spend and withdraw in Ireland just like a local, don’t open a bank account. Instead, fintech solutions, such as Wise, are the best.
These fintech solutions are ideal for non-residents to access online banking services with ease. Students and business people can benefit from such a service to transact conveniently.
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