Arranging an Irish Bank Account

Opening a bank account in Ireland is not an overly extensive process though it is great to know how best to go about it. By knowing what to do, you can speed up the process and ensure you get an Irish bank account.

If you are coming from abroad to live in Ireland it is generally a request across Irish banks to see you in person before you open an account. This will mean you will have to be in the country to open up the account.

Research the banks online and ensure you get a good idea of the bank you think will best suit you before you open your account. To do this talk to people, get advice from the Internet and visit the banks websites.

When you are opening your account you will need to bring documentation and fill in an application form. The identification will include a utility bill and a passport or an ID with a photo.

Open the account if you can before you move permanently to ensure an easy transition. To do so you will also need to be 18 years old and you will also more than likely need to pay a deposit into the account.

To do this visit a branch of the Irish bank abroad and get an application form, this can also be gotten from direct contact with the bank in Ireland. Opening an account by mail will mean you will have to provide some evidence about yourself and also money you lodge.

You will also need to pass a credit check; this is different in other countries than it is in Ireland. If you wish to keep a good credit rating in the country you leave then talk to you financial company about freezing it at that level as credit cards from Ireland won’t show in America or outside Europe. If you need to question an issue with credit in Ireland, this can be done through the Irish Credit Bureau (ICB).

Irish banking regulations are exactly the same as those of the rest of the ECB. People who are non residents will need an Irish bank account to pay Irish utility bills even if their predominant expenditure and income is from abroad.

Some banks cater for non residents and allow them to open savings accounts within Ireland. You will also be allowed to use long term deposit accounts ‘” useful for leaving money in accounts for long periods and receiving interest. Though, you will need proof of identity for the above and a letter from your current bank.

Residents of Ireland can open accounts quite easily with the aforementioned documentation. They however will be subject to Direct Income Retention Tax on all interest.

If you are forever moving between two countries, it is also advisable to keep an account open in both as it is cheaper to have money in the local currency and won’t involve you having to pay charges on changing currencies, so having a current account in Ireland can save you big bucks if you are working both in and out of the Eurozone. So if you open an Irish bank account it is advisable to keep it open unless you think you will never need it again.