Banking in Ireland: A Quick Guide

If you are planning to move and stay in Ireland to study for more than a year, opening a bank account can help you have a smoother financial transaction anywhere in the country. Moreover, opening one in Ireland is easy. If you are an international student who wants to learn about banking in Ireland, including opening one, read below to know more.  

Why You Should Open a Bank Account

Opening a bank account in Ireland brings in a lot of benefits to international students, especially those who have plans of staying in the country for a long time. For one, it brings convenience in paying tuition fees, accommodation rent, utility, internet, and phone bills. Aside from that, when traveling around Ireland, there’s no need to bring a huge amount of money when you can just withdraw from ATMs. 

Moreover, when you have an Irish bank account, you can save more money. When you open a bank account in Ireland, there’s also no need to pay a huge amount of foreign fees when withdrawing money or doing any bank transactions.

Lastly, if you have plans of staying in Ireland for a long time, like working there after graduating, it’s a good way to start saving and investing money. Even for international students, there are bank account types that can let you save and invest money if you apply for it.

Consider These First

There are a lot of banks to choose from in Ireland. However, before you open one, it would be wise to look into them first and check if they fit your needs as a student. 

To help you decide, here are some considerations you can check: 

Current or Savings Account – If you are only going to use your bank account to do common bank transactions such as paying bills, online, mobile, or telephone banking, making purchases, and getting your salary, then a current account may be the right one for you. Many current accounts for students usually come with a number of perks such as no maintenance fees or lower opening fees. Moreover, if you want to just save money and not use them immediately, you can apply for a savings account. A savings account also lets you gain interest with the money you save. 

Accessibility – Is the bank near your accommodation or school? Are there any ATMs you can access in different parts of Ireland? These are some of the things to consider when it comes to accessibility. 

Cost and Fees – When you open a bank account, many banks have a required fee to open them and the required amount to maintain them. If you are a student, you are likely to benefit more from accounts that do not require a fee to open, or a very low maintenance fee. 

Top Banks in Ireland

If you are still thinking of which bank to choose in Ireland, here are five of the country’s main banks you can choose from: 

• Allied Irish Banks (AIB)
• Bank of Ireland
• Ulster Bank
• Permanent TSB
• KBC Bank Ireland

How to Open a Bank Account

When you open a bank account in Ireland, you only need to go to the bank of your choice and bring the following requirement: 

• Proof of residence
• Student ID/Passport/Driver’s Licence, or another identification card
• Money for those requiring a deposit fee for opening an account

MSM Unify has an array of articles to help students adjust to life abroad and learning about banking in Ireland is just one of the first steps you can take to start living well as an international student in the country. 

If you want to work in Ireland and you don’t know where to start, you can check out MSM Unify’s article on How Do You Start Working Part-Time in Ireland?