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. 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.
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.
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.
For complete details about the banking system and how to obtain a credit you can contact our specialists in company incorporation in Ireland.