Living
Bank Accounts
The banking sector in Ireland is quite strong and, although the market is dominated by home-grown banks, these are perfectly well-equipped to handle international transactions. The main types of accounts that can be opened are current accounts or savings accounts. A current account is your basic account, in which you can deposit or lodge money and withdraw from it at any time. You usually get a debit card that you can use in ATMs and many shops, and while you do not normally get a cheque book, you can always go to the bank and get a bank draft, which is the equivalent of a cheque, if you ever need one.
With savings accounts there are various interest rates and returns. There are also different types of accounts for students and children. Once you have an account, you can apply for credit cards, loans and overdrafts. All the banks also provide other banking and financial services including mortgages, pensions, investments and business banking.
To open an account you need photo ID and proof of your address, preferably a utilities bill. This can be a bit of a ‘catch 22’ because you often need a bank account to put household bills in your name when you move into a new home. However, employers often pay directly into your bank account and you can get a letter from your employer saying they do so, which will help you open the account. You might also need to bring in your PPS number.
Most banks charge fees for transactions, including withdrawing money from an ATM (fees vary depending on which ATM you withdraw from), going into your overdraft and foreign exchange. However, there has been a lot of media coverage about the high fees and banks are increasingly moving away from them.
The opening hours of banks are not very customer friendly and this can be a bit frustrating. Most banks are usually open 10:00 to 16:00 Mondays to Fridays, except for Thursday, when they are open until 17:00. However, opening hours do vary, with some branches open until 17:30 and on Saturday mornings.
With savings accounts there are various interest rates and returns. There are also different types of accounts for students and children. Once you have an account, you can apply for credit cards, loans and overdrafts. All the banks also provide other banking and financial services including mortgages, pensions, investments and business banking.
To open an account you need photo ID and proof of your address, preferably a utilities bill. This can be a bit of a ‘catch 22’ because you often need a bank account to put household bills in your name when you move into a new home. However, employers often pay directly into your bank account and you can get a letter from your employer saying they do so, which will help you open the account. You might also need to bring in your PPS number.
Most banks charge fees for transactions, including withdrawing money from an ATM (fees vary depending on which ATM you withdraw from), going into your overdraft and foreign exchange. However, there has been a lot of media coverage about the high fees and banks are increasingly moving away from them.
The opening hours of banks are not very customer friendly and this can be a bit frustrating. Most banks are usually open 10:00 to 16:00 Mondays to Fridays, except for Thursday, when they are open until 17:00. However, opening hours do vary, with some branches open until 17:30 and on Saturday mornings.
