The banking system in Ireland

Updated 2021-07-19 15:00

The process of opening up a bank account in Ireland is a straightforward one. It is a lot easier to do than a lot of other nations. Once you have all of your information and documents in order, it will be a seamless process from start to finish.

The different banks in Ireland

There area few different banks in Ireland that cater to current account users. The leaders in terms of market share are Allied Irish Bank (AIB) and Bank of Ireland (BOI). Then you have the likes of the EBS, Ulster Bank, KBC Bank and Permanent TSB.

All of them will have their associated pros and cons. Generally, AIB is one of the more innovative of the banks and tends to have strong attention to details and quality.

Different types of accounts and benefits in Ireland

There are different types of accounts you can open in Ireland. Your decision depends on what your needs may be. The most common option is the current account. This is where you will keep your money needed for day-to-day expenses.

You will get a debit card with this type of account, and it also allows you to apply for a credit card. You can open a savings account where you will get higher interest on your money, but you will have less flexibility in terms of access.

Conditions to be met for opening a bank account in Ireland

The main two pieces of documentation you will need when opening up a bank account in Ireland are proof of identity and proof of address. You can use a passport, driving licenses or an EU national identity card to prove your identity. The proof of address needs to be a bill that is no more than six months old.

For the most part, you will have to go to the bank in person in order to open the account. You can open an account as a non-resident if you do not currently have an address in Ireland. There may be a few extra steps involved if this is the case.

Formalities for opening an account

There will be some fees associated with your bank account. There will be quarterly bank charges, as well as stamp duty on debit and credit cards. You may be charged for making transactions in another currency and when making withdrawals from ATMs.

It is important to remember that you pay off your credit card bills at the end of each month. Your credit will be vital going forward, so you will want to have a strong record. In the beginning, you may only have small credit limits, but these will rise over time as you consistently showcase your ability to repay the money.

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