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Open a Bank Account in Ireland

Updated on Thursday 23rd March 2023

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Open a Bank Account in Ireland
Foreign citizens moving to Ireland, as well as companies set up by local or foreign investors need to comply with various requirements. Among these, setting up bank accounts in accordance with their needs is essential. Those who want to open a bank account in Ireland have several types of accounts they can choose from.
The opening of a bank account can be completed with an Irish bank or with the branch of a foreign bank established here. There are several types of bank accounts that can be created and our company formation specialists in Ireland can guide foreign citizens and investors to set up the ones that meet their needs. We can also assist with the incorporation procedure of companies in Ireland.
Quick Facts  
  Types of bank accounts  Current and deposit accounts for natural persons, corporate accounts for Irish companies

Document requirements for natural persons

Application form, ID/passport copy, recent utility bill, other documents as requested by the bank

Documents requirements for companies

Application form, company’s Memoradum of Association, ID/passport copy of company representative in 2 copies, proof of legal address
Address requirements for foreign citizens (YES/NO)

YES, for foreign citizens living in Ireland

Requirements to travel to Ireland (YES/NO) No, foreign citizens can open bank accounts in Ireland without having to travel here
Remote bank account opening possibility (YES/NO)

Yes, it is possible to open a bank account in Ireland remotely with certain banks

Timeframe for opening the account (approx.)

Several days, depending on the bank

Legal representative requirement (YES/NO) NO, however, such services can be used
Services attached to the accounts Debit/credit card, financing/loans, preferential fees in certain cases, online banking
Types of banks to open accounts with  National and foreign banks operating in Ireland
Merchant bank account availability (YES/NO) YES, for Irish e-commerce companies
Foreign currency availability (YES/NO) YES
Access to online banking services (YES/NO) YES
Advantages of an Irish bank account Easy to set up and use, possibility to create non-resident accounts, low administration fees
Bank account opening service availability (YES/NO) YES, we can help open any type of bank account in Ireland

Types of bank accounts in Ireland

Irish financial institutions and banks allow both nationals and foreign citizens to open bank accounts in the country. Moreover, these institutions also allow customers to select form various types of Irish bank accounts. Foreign investors who need to open a bank account in Ireland should know that the most employed types of banks accounts in Ireland are the current and the deposit account. Current accounts are provided by Irish banks and are used to manage day-to-day operations such as paying one’s bills, making purchases and receiving the salary.

Deposit accounts are saving accounts and are provided by banks and other Irish companies providing financial services. Deposit accounts allow citizens to earn interests on their savings and some accounts can be used to access certain funds. Individuals opening a savings account in Ireland will usually be required a PPS (Personal Public Service) number or the birth certificate.
If you want to open a company in Ireland, we invite you to use the services provided by our consultants. They can also assist you in case you need VAT registration services in Ireland.

Types of banks in Ireland

The Irish banking sector is quite developed as it hosts both national and foreign banks that operate through branch offices throughout the entire country. This offers local and foreign citizens and companies to access numerous services provided by Irish banks.
Foreign companies and citizens can also choose banks from their home countries to work with as long these are present in Ireland.
At the level of 2019, there were more than 60 banks providing their services to Irish clients. These financial institutions can be divided into retail banks which offer usual bank account opening and related services, and banks that operate under the supervision International Financial Services Centre (IFSC).
When choosing a bank to open a bank account with, there are various aspects to consider, however, most of them provide similar services, thus making the Irish banking system a uniform one.
If you want to open a company in Ireland and need assistance with the creation of the bank account, our local consultants are at your service.

What to consider when opening an Irish bank account in 2023

When deciding to set up a bank account with an Irish financial institution in 2023 there are various things to consider. The main aspect to take into consideration refers to choosing the type of account among which the ones presented above are available for Irish citizens and residents, however, Irish companies need to create corporate accounts which are slightly different than personal ones.
Then, the owner will need to consider how the account will be used: the most common uses of Irish bank accounts are related to making payments or savings. The fees and charges that come with the transactions and administration must also be verified as each bank has its own regulations in this sense.
With a vast experience in company formation in Ireland, our local agents can help foreign investors who want to open bank accounts for their businesses here.
You can find out more about the opening of a bank account in Ireland from the infogrpahic below:
Open a Bank Account in Ireland

How to open a bank account in Ireland 

Once a person has chosen the bank, setting up the Irish bank account is quite easy and requires few steps. Also, most banks have branches in all cities in Ireland. In order to open a bank account in Ireland the following documents must be provided:
  • - the national identity card, driver’s license or National Age Card for residents,
  • - passport for non-residents,
  • - a recent utility bill as proof of residence in Ireland,
  • - car or house insurance policy as proof of the Irish current address,
  • - any document released by the Government as proof of an Irish home address.
Where the proof of address cannot be submitted, the bank will may also accept a letter from the Irish company employing the individual. The letter must confirm the employee has just arrived and started working in Ireland. Considering each bank has its own regulations, some banks may ask for additional documents, such as proof of employment, the Irish residence permit, the PPS number, or details about previous bank accounts, if any.
Upon the opening of the Irish bank account, the account owner will receive a debit card, also known as a laser card.

How to open a bank account as a non-resident in Ireland in 2023


Not only Irish residents can set up bank accounts in Ireland in 2023, as banks here also allow non-residents to create accounts. The requirements for this category of clients aren’t many. The following documents must be filed by those who want to open bank accounts in Ireland as non-residents:
  • - proof of address in the applicant’s country;
  • - proof of address in Ireland;
  • - a bank statement from another financial institution;
  • - passport copy.
Based on these documents, the account can be set up in just a few days.
Our company formation agents in Ireland can offer more information on the requirements related to setting up as bank account as non-resident. It should also be noted that most banks in Ireland allow non-residents to create bank accounts.

Opening a bank account online in Ireland


The opening of a bank account with an Irish bank on the Internet is not possible with all financial institutions, as most of them will require setting up an appointment in order to provide and sign the documents requested by the chosen bank. Even where this option is available, the applicant must still go in person to the bank in order to certify to the authenticity of the documents.
When it comes to foreign entrepreneurs setting up bank accounts for their companies in Ireland, the procedure can be initiated by our agents through a power of attorney. This way, the account owner can come to Ireland when the procedure is nearly concluded.

The creation of merchant accounts in Ireland

Irish e-commerce companies must have merchant accounts alongside the corporate ones. The merchant account must be opened with a service provider that enables the company to offer online payment services and it is not hard to create.
The creation of a merchant account for an online store is quite quick and requires just a few documents. Moreover, this account can be linked to the company’s corporate account.
You can rely on us for guidance with all formalities related to the creation of an e-commerce business in Ireland.

How to open a corporate bank account in Ireland

One of our main services linked to the opening of an Irish business refers to the setup of the company’s bank account. This type of account will be used for all corporate transactions completed by the Irish company and its opening will imply more complex document requirements. Among these, we mention the following:
  1. two identification forms of the person in charge of opening the account (ID and passport, in most cases);
  2. a power of attorney or bank mandate confirming the person has the authority of acting on behalf of the company;
  3. proof of the business address (recent utility bills, no older than 3 months);
  4. the signature(s) of all the persons who will be authorized to complete activities related to the account;
  5. the Memorandum and Articles of Association or any other proof indicating the legal form of the business;
  6. the business name certificate issued by the Irish Trade Register in the case of sole proprietorships.
In most case an opening deposit is required. Also, the company will be allowed to deposit the share capital and obtain the bank statement that will be filed with Companies Registration Office for business incorporation procedure. When you set up a company in Ireland, you also need to consider the share capital requirements. These are not the same for every entity, however, it is useful to note that a company's authorized share capital is the maximum number of shares it can issue. The number of shares that have been allocated and purchased by the shareholders is known as the issued share capital. 
If you need assistance in setting up a bank account linked to your company in Ireland, our representatives can help you or even open it on your behalf as part of the company formation procedure. We can also help with the creation of the account separately from the business incorporation process based on a power of attorney.
Do not hesitate to get in touch with us if you want to open a bank account in Ireland.

The main aspects to consider after opening an Irish bank account

The creation of a bank account in Ireland comes with obligations for both clients and banks, which is why one should pay attention when choosing the financial institution. There are several aspects to consider when opening the account, among which:
  • - the fees related to opening the account;
  • - the administration fees;
  • - the services connected to the account;
  • - the possibility of making transactions in other currencies.
It should be noted that some services are charged extra by banks. If you need information assistance in creating a bank account, you can rely on our company registration advisors in Ireland.

Obtaining a credit with an Irish bank

Individuals may also apply for a credit with an Irish bank. Banks in Ireland will usually require certain information about the applicant’s financial status based on which it will establish a credit rating. Foreign citizens recently arrived in Ireland will be required to provide as much information as possible when applying for a credit. The Irish Credit Bureau (ICB) is the regulatory body of the credit rating system in the country.
If you are foreign citizen and need assistance in moving to Ireland and obtaining residency, we can provide assistance on such matters, especially if you want to take advantage from the Golden Visa Scheme.
If you decide to open a bank account in Ireland, our local specialists can guide you.
You can also rely on us for tailored company registration services in Ireland.

Foreign citizens and companies setting up Irish bank accounts

It is possible for both natural persons and companies not domiciled in Ireland to open bank accounts here, however, when it comes to setting it up remotely, it is best to check the available options with the bank. It is possible to open the account through an Irish branch of large banks around the world.
With respect to the opening of the account online, even if some documents can be submitted via email, the person requesting the account will need to visit the bank in order to finalize the formalities.
If you have any questions related to opening of a bank account as a non-resident in Ireland, our advisors can answer them. Clients interested in opening a bank account in other countries can receive assistance form our network of  affiliates. For example, in case you want to open a bank account in Hong Kong, we can put you in contact with our partners.

Banking Law in Ireland

The main regulatory body on the Irish banking system is the Central Bank of Ireland; the institution has the legal obligation to verify the activity of other financial institutions in Ireland. The functioning of the Central Bank of Ireland was established under the Central Bank Act 1942. If you are an investor interested in the banking system in Ireland, our Irish lawyers can offer you the necessary information. 
The Central Bank of Ireland has the legal right to ask commercial banks to disclose information, if requested. The legal structures of the banks in Ireland are mostly established as a limited liability company. If you want to open a bank account in Ireland, you should know that the Central Bank has the legal right to verify all commercial banks, in the following situations:
  • • it can conduct meetings and inspections to the other banks and, if any regulatory requirements are not met, the Bank can impose various sanctions,
  • • the commercial banks have the obligation to disclose any kind of information requested by the Central Bank.
One of the most important branches of banking system is represented by the retail banking. Retail banking comprises services offered to the individuals and to the medium sized companies. 
Businessmen who want to open a bank account in Ireland can find the main services offered by a bank in Ireland below: 
  • • providing bank deposits services;
  • • lending money to individuals or companies;
  • • money transmission services;
  • • issuing life insurance products;
  • • stockbroking. 
With respect to the banking industry in Ireland, the following data centralized by Statista.com is representative:
  • - at the end of 2018, there were 61 banks operating in Ireland;
  • - out of these banks, 24 were credit institutions and 36 were branches of banks located in the European Economic Area;
  • - more than 20% of these banks provided services for Irish customers;
  • - credit institutions employed around 28,000 persons at the end of 2018;
  • - in 2019, the number of banks 314, while in 2020, there were 301;
  • - for 2021 and 2022, Statista.com reports 288, respectively 271 financial institutions.
You can rely on us for assistance in opening a bank account in Ireland.

Why open a bank account in Ireland as a foreigner in 2023

At the level of 2023, Ireland is one of the most appealing countries to live and start a business in as a foreigner which also implies setting up a bank account for personal, respectively business purposes.
The procedure of opening a bank acount in Ireland in 2023 is quite simple and can be completed in a matter of days.
With the help of our company formation agents in Ireland, you can set up any type of bank account in Ireland in 2023. We also invite you to wacth a video below:

FAQ on bank account opening in Ireland


  1. Can I open a bank account with any Irish bank even if I am a foreign citizen?
Yes, you can. There are no restrictions related to the nationality of those who want to open bank accounts in Ireland.
  1. How long does it take to open a personal bank account in Ireland?
Opening a personal bank account in Ireland does not take more than a few days, depending on the bank.
  1. How long does it take to open an account for a company in Ireland?
The opening of a corporate bank account can take up to a few weeks, but this too depends on the chosen bank.
  1. Is it expensive to open a bank account in Ireland?
No, it is not, as most fees are quite low. Also, most banks no longer require a minimum deposit in the case of natural persons. In the case of Irish companies, the share capital must be deposited.
For complete details about the banking system and how to obtain a credit or how to open a bank account in Ireland you can contact our specialists in company incorporation in Ireland.

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Call us now at (+44) 203-287 0408 to set up an appointment with our lawyers in Dublin, Ireland. Alternatively you can incorporate your company without traveling to Ireland. All our clients beneficiate from the joint expertize of local lawyers and international consultants. 

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Mihai Cuc, Partner of MHC Law Firm

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