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.
 

 

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.

 

What to consider when opening an Irish bank account in 2023

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:

 

 

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

 

• - proof of address in the applicant’s country;
• - proof of address in Ireland;
• - a bank statement from another financial institution;
• - passport copy.

Opening a bank account online in Ireland

 

The creation of merchant accounts in Ireland

How to open a corporate bank account in Ireland

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.

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 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

 

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:

 

 

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: 

 

• - 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.

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

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.