In this article, we’re taking a look at the best bank in Ireland to open accounts with.
Of course, the best bank for you ultimately depends on your specific banking objectives and client profile. But, we’re going to share how to approach choosing the best bank and the specific criteria you should consider to help you make the right choice.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Best Bank in Ireland
- Factors to Consider When Choosing the Best Bank
- Can a Non-Resident Open a Bank Account in Ireland?
- Frequently Asked Questions
- Ready to Explore Your Options?
Best Bank in Ireland
The best bank in Ireland for each client will require a number of personal considerations, including banking needs, client profile, willingness to pay fees, level of desired support, and ability to overcome account opening requirements. However, if you can navigate those considerations, Irish banks may be worth considering, even for foreigners.
In fact, Irish banks may be the EU banking option you’ve been searching for if you’re willing to jump through some hoops. Generally speaking, the following clients can consider opening accounts in Ireland.
- Foreigners & non-residents seeking EU banking
- Foreign companies with clear ties to Ireland
- EU businesses seeking EU banking facilities
- EU businesses in need of EU payment processing
- Nom-domiciled residents of Ireland
- Irish LP (Irish limited partnerships)
However, it’s important to note that there are far easier accounts to open in the EU, including in popular jurisdictions like Portugal. In fact, foreign non-residents from most countries can open accounts in Portugal 100% remotely, without ever visiting the country.
In contrast, while certain non-residents can open bank accounts in Ireland 100% remotely, the process is difficult to navigate and can be relatively time-consuming.
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Factors to Consider When Choosing the Best Bank
When choosing the best bank to open accounts with in Ireland, you should consider the following criteria:
- How long does the account opening process take?
- What is the monthly fee that the bank is planning to charge?
- Does the bank require authenticated documents?
- Will the bank accept a foreign address?
- Does the bank require a local (Irish) phone number?
- Will the bank realistically open accounts for you remotely?
- Does the bank have a history of opening for foreign non-residents?
- If the account is ever frozen, will you need to travel there to access your funds?
Of course, there are also general account opening requirements that need to be taken into consideration. These general requirements include copies of government identification, proof of address, mobile number, proof of income, opening deposit, etc.
Can a Non-Resident Open a Bank Account in Ireland?
Yes, a non-resident can open a bank account in Ireland. However, Irish banks do have strict account opening requirements. Banks in Ireland will require applicants to demonstrate clear EU connections, have strict proof of address requirements, and have unique authentication requirements.
In the following sections, we’ll take a closer look at the account opening requirements and several additional non-resident considerations.
Account Opening Requirements
- Clear connection to the EU
- Proof of address mobile phone not accepted)
- Documents must be certified
- All documents must be in English
- In-person meetings in many cases
Other Non-Resident Banking Services
Alternatively, if you are opening a bank account for a business, you will find that there are additional banking services that you can access. These services range from integration with payment processing to receiving direct (low-cost) transfers from your customers. With this in mind, if you have an EU business and have been struggling to open elsewhere, Ireland may be an option worth considering.
Access to a Credit Card and/or Debit Card
All things considered, many foreign non-residents may also be wondering whether they will receive a debit or credit card with their accounts. This is important as it provides fast and easy access to funds. In most cases, Irish banks provide debit cards to individual customers while EU businesses may be eligible for credit cards, if they can demonstrate creditworthiness.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking for the best bank in Ireland. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Most Popular Bank in Ireland?
The two most popular banks in Ireland are Bank of Ireland and Allied Irish Bank (AIB). These two banks also make up half of the “big four” Irish banks, along with Ulster Bank and Permanent TSB.
What Bank in Ireland Does not Charge Fees?
Several banks in Ireland do not charge fees if the customers meet certain criteria. This includes both traditional and digital banking options, like AIB and Revolut. However, it’s important to note that “fee-free” accounts tend to be limited in service and may have restrictions on transaction and account activity, depending on the bank you choose.
Which Irish Bank Is Best for Non-Residents?
There are a number of Irish banks that could be considered the best for non-residents. However, the best bank for you will depend on the account opening documents that you can provide, where in Ireland you will be visiting, and the specific reasons you want to open an account here.
Additionally, it’s important to note that Irish banks are not the easiest to open accounts with for non-residents. In fact, non-residents can open accounts in other EU countries 100% remotely with minimum deposits.
Ready to Explore Your Options?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.