Open an Online Bank Account in Ireland

How to open a bank account in Ireland

With an incredible mixture of culture, friendly people and a thriving economy, Ireland is in the eyes of many a pot of gold for expats, pun intended. It has lots to offer including bustling cities, wonderful nature and the feeling you are welcome from the Irish which is the icing on the cake. If you are thinking of making it your home as a student, worker, retiree or investor, you will need a bank account. Here is our guide on how to open a bank account in Ireland.

With its ultra-low corporate tax rate, vibrant English culture, friendly people, great location, growing economy, and EEU zone, Ireland has been among the top few choices for business incorporation. It has large cities, beautiful countrysides, and thriving youth culture, many are driving ahead to make it their home.

If you are among the many who is thinking, or has already incorporated in Ireland, welcome! Now, you need a bank account in Ireland to do business.

Opening an online business bank account with no limit in Ireland generally requires physical presence or additional steps, especially for non-resident businesses. However, Monvenience allows you to open your IBAN account without the need of any physical visit or any physical address in Ireland. The application, approval and transacting of the accounts are completely online.

Yes, you can open an unlimited transfer, safe IBAN account online, with your local address proof and passport, without even going to Ireland, and being a non resident.

You can also have your international prepaid card, linked to your IBAN account, for spending online, at POS, or withdrawal at any ATM An online, virtual prepaid card is also possible, along with your physical prepaid card.

Running operations of the account can be performed from your laptop or mobile phone app, from anywhere in the world. Fees are transparent as well, check link below. Current accounts can be for your personal name, and also for your Company Name

Open your Ireland Bank Account Online

The documents that will be required for application for your account

Know the charges for running your off-shore Bank account

How to open bank account in in Ireland online for non-residents

Upon establishing a business in Ireland, you have the choice to initiate the opening of an account with a European bank, as Ireland companies are not mandated to maintain an account with a local bank.
Company documents are essential for commencing the account-opening process with a European bank.

Document Preparation:

Typically, the required documents include:

Copy of the business owner's passport (or ID, applicable only to citizens or residents of the EU or the EEA).
Proof of address.
Detailed business description.
Corporate documents.
Supporting documents related to clients/suppliers.
Documents providing information about initial funding.
Video Verification through the mobile app.

Online Application:

Commence the online application process on the website provided. Complete the necessary information and upload the required documents, ensuring accuracy and completeness. Access the application form at https://www.monvenience.com/#iban.

Wait for Approval:

Subsequent to submitting your application, await the bank's processing, which may take a few days to a few weeks depending on document submission and the thoroughness of your application.

Receive Account Details:

Upon approval, the bank will furnish you with your account details, encompassing the account number and any pertinent information.

Activate Your Account:

Adhere to the bank's instructions to activate your account, which might involve making an initial deposit or facilitating a transfer to the account.

Here are some general steps you can follow:

Research Irish Banks:

Start by researching banks in Ireland that offer business accounts and cater to online businesses. Popular banks in Ireland include AIB (Allied Irish Banks), Bank of Ireland, Ulster Bank, and Permanent TSB.

Check Eligibility and Requirements:

Review the eligibility criteria and documentation requirements for opening a business account with your chosen bank. Some banks may have specific requirements based on your business type and residency status.

Choose the Account Type:

Select the type of business account that suits your needs. Some banks offer specialized accounts for online businesses or startups with additional features.

Prepare Required Documents:

Gather the necessary documents for opening a business bank account. These typically include:

• Certificate of incorporation or business registration documents
• Proof of business address
• Passport or national ID of company directors and shareholders
• Proof of identification for beneficial owners
• Business plan and financial projections (depending on the bank)

Visit Ireland or Establish a Presence:

Many banks in Ireland require physical presence or a registered presence in the country to open a business account. This may involve setting up a physical office or establishing a branch in Ireland. However, with Monvenience, you can apply with your home country address and credentials, with no address in Ireland required. Infact, you are not required to visit Ireland either.

Contact the Bank:

Get in touch with the chosen bank to inquire about their specific process for opening an online business account and any additional requirements.

Complete the Application:

Once you have gathered the necessary information and meet the bank's requirements, complete the application process. This may involve filling out an application form, providing business details, and submitting the required documents.

Verification Process:

The bank will review your application and documentation for verification. They may contact you for additional information or clarifications.

Account Approval:

If your application is approved, the bank will provide you with the account details, including the IBAN.

Fund Your Account:

Deposit the required funds into your new business account. You can do this through bank transfers or other payment methods offered by the bank.

Please keep in mind that the process of opening a business bank account in Ireland can be complex, and some banks may have stricter requirements for non-resident businesses or those operating purely online. It's advisable to consult with a financial advisor or directly contact the banks you are interested in to get precise information based on your specific business situation. Monvenience offers you the convenience of applying for your account from the comfort of your laptop, with minimum documentation. The IBAN accounts offered by Monvenience are valid in Ireland, as well as in the rest of EU.

Documents needed to open a bank account in Ireland

It is pretty straightforward, and you will be asked for the following document at the branch to apply for your account:

• Passport or photo ID
• Proof of address such (utility bill)

Best banks in Ireland

Ireland has a large option of full service banks and you can also choose from local banks such as the Bank of Ireland or international giants such as Barclays.

Bank of Ireland: They have the largest network of ATMs and branches across Ireland, and their debit cards come with all their accounts. Online applications are allowed but visits may be necessary before accounts are approved. They have different types of accounts like current, basic business and student accounts. You may also qualify for loans and overdrafts if your records are good. Minimum balances are required for most accounts.

Allied Irish Banks: Their basic account come with minimum balance of 2500 Euros. Most accounts can be opened online and includes debit card, online banking, a phone help desk and SMS service. Business accounts require more deposits and minimum balances and financial advices can also be availed.

Ulster Bank: Basic account comes with 4 Euros of monthly fee, which can be waived if you keep a minimum balance of 3000 euros. Accounts include overdraft, contactless debit card and emergency cash that you can withdrawal with a code from an ATM if you lose your card. Student’s accounts are free, if the student is a full time student.

Permanent TSB: The basic account is free with 1% interest if you keep a deposit of 1500 Euros. Service are similar with other bank’s basic account services.

Caution: Fees of Ireland Banks:

Ireland banks have a government stamp duty on Debit cards. Banks may also charge to close accounts, will certainly charge for overseas card use including withdrawals. Some banks charge for over the counter transactions as well. Read the fine print carefully, and ask for charge list from your bank relationship manager.

The virtual bank account alternative

• Transferring money abroad from Ireland is expensive when you use a bank.
• Moving money abroad is expensive with a bank because they have a lot of costs to cover. In fact, it can get to 10% of the total transaction even though they will say all there is a SWIFT charge between 20 and 30 euros. This is not the whole truth. Take an example of sending 10,000 Euros to India. You only get 9000 Euros worth of rupees back in India if you use certain banks. In other words, you pay close to 1000 euros to send your money one way!
• It might be cheaper to carry the money yourself in an airplane all the way!
• The more affordable alternative is a virtual bank account with International IBAN from www.Monvenience.com. You get close to 9900 euros worth of rupees in India. You save close to 900 euros on every transaction. Please note that local bank charges are not taken into consideration.
• Additionally, you can use your IBAN account as a local bank across Europe, and can transact business anywhere with this account. No visits to bank, no exorbitant fees, easy documentation, and convenience of transaction through your laptop or mobile phone. Visit www.Monvenience.com.

Online Payroll Prepaid cards for Ireland to anywhere in the world

Monvenience: Your All-in-One Prepaid Solution

Monvenience offers a flexible prepaid payroll card program that goes beyond just salaries. Our cards can be used for:

• Payroll: Disburse salaries and bonuses to your employees quickly and securely.
• Employee Expenses: Simplify travel and expense management with prepaid travel cards.
• On-Demand Funds: Provide instant access to funds for cardholders and stakeholders.
• Special Events: Issue prepaid cards for event participants for easy spending.

Benefits for Everyone

• Control for You: Track your spending precisely.
• Flexibility for Employees: Make purchases at stores, withdraw cash at ATMs, or pay bills online - all with one card.

Monvenience makes managing prepaid cards easy and efficient.

Click here to know more

Frequently Asked Questions (FAQ)

1. Can I open a bank account in Ireland as a non-resident?

Yes, it is possible to open a bank account in Ireland as a non-resident.

You will need:

• Proof of address from your home country
• Proof of address in Ireland
• Passport
• And your financial history in your country via a bank statement, which will be verified

Do not want to furnish such details? Personal visits to the bank a problem? You should try the online IBAN account from www.Monvenience.com, which will give you an International IBAN account with SEPA and SWIFT transfer to transact business, and accessible from anywhere, through your laptop or mobile phone

2. Can foreigners open bank accounts in Ireland?

Yes, generally foreigners can open bank accounts in Ireland. The process might be slightly different for non-residents regarding documents, but it's achievable.

3. What documents do I need?

• Completed application form: Available online or at the branch.
• Proof of identity: Passport (most likely required for foreigners) or a valid Irish ID card (if applicable).
• Proof of address: A recent utility bill (under 6 months old) or rental agreement in Ireland is common.

4. Can I open an account online?

Some banks allow starting the application process online, but completing it and verification often require a visit to a local branch.

5. What are additional considerations for non-residents?

• Proof of Irish residency permit: This might be required by some banks for non-residents.
• Limited account features: Non-resident accounts might have limitations compared to resident accounts.

6. What else should I consider?

• Compare bank offerings: Research account types, fees, online banking features, and foreign currency exchange rates before choosing a bank.
• Resident vs. non-resident: Requirements and account features might differ.
• Tax implications: Understand any tax reporting requirements for holding a foreign bank account.

Click Here To Open Your Account

Monvenience extends fiat bank account or IBAN Account online for acting as the fiat account counterpart for your digital exchange or crypto assets trading exchange. However, the exchange must be a reputed one, and you should have sufficient proof of holding your account with the exchange. It is a compliance decision, when your application will be reviewed, for extending our services. Please apply for your bank account online to find out the requirements.