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Moving to Ireland, Which bank should you use?

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By Bas Leferink

November 25th 2015

 

Moving to Ireland, Which bank should you use?


Are you moving to Ireland for a new job and not sure who will look after your money? Well do not worry we have put together a quick list of what banks are on offer which we think is best.

If you’re looking to start your new job abroad in Ireland there are many banks to choose from. Which one would be the best fit for you to put your Money in? Well at Job Coconut we like to be smart with our money so we have done the hard work and put together a list of what Irish banks have to offer.

 

If you want to avoid senseless bank charges from your bank back home just to take your first salary out then you need to create a current account with an Irish bank.

Here is a list of the choices on offer.  

Bank of Ireland
AIB (Allied Irish Banks)
Ulster bank
KBC


To find an overview of all banks available in Ireland, click here:

 

To open an account is very straight forward. You just need the following:

 

Proof of address which can be a phone, electricity or gas bill (which will have your Irish home address). But if you’re still on the house hunt, many banks are willing to accept an official employment contract as proof of address, which you can get as soon as you secure the language job in Ireland.

Photo ID. Your passport will be perfect for this.

 

Quick tip it will be easier to create a bank account after you find a place to stay because that will give the bank an address to send your bank card when application is processed.  

 

Bank of Ireland

Plusses:

  • Internet banking available and in branch banking available
  • Visa debit card with contactless payments provided
  • Overdraft is available (manage your money with an agreed overdraft amount)
  • Online banking, Mobile banking and Telephone banking available – you can bank whenever you want, wherever you want
  • Simple pricing structure so that you can control how much you spend on transaction fees
  • Quick and easy ways to pay bills and other payments – Top up your mobile phone or pay your utility bills by direct debit and set up standing orders
  • €0.25 cents withdrawal fees

 

Minuses:

  • Fee-Free banking is not available, however you will be charged reduced fees if you maintain €3,000 at all times

 

  • €5 Quarterly fee is applied
  • €0.25 cent costs for ATM withdrawal
  • €0.10 fees for Debit card purchases
  • €0.10 Telephone banking Transactions fees
  • €0.60 Cheque transaction fees
  • ATM non-euro cash withdrawal 1.75% (currency conversion fee of up to 3.5%. Minimum commission €3.17 and maximum commission of €11.43)

 

AIB (Allied Irish Banks)

Plusses:

  • Fee-Free banking if you maintain on average €2,500 at all times
  • Internet banking available and in branch banking available and eStatements available
  • Pay your bills in any AIB branch or through AIB Phone and Internet Banking. Manage your money on the move.
  • No Fees when you drawdown a new Mortgage with AIB.
  • Top up any Meteor, Vodafone, eMobile, Three* and Tesco mobile on the move. Quarterly fee of only €4.50

                                                                                              

Minuses:

  • *Top Up by Text is not available to Three mobile customers.

 

  • €0.35 cents ATM withdrawal fees
  • €0.20 cents Debit card purchase fee
  • €0.20 Internet transaction fee
  • €0.39 Cheque transaction fee
  • 1.75% (Currency conversion fee of up to 2.5% plus commission of 1%. Minimum commission of €2 and maximum commission of €6.

 

Ulster bank

Plusses:

  • Fee-Free banking if you maintain €3,000 on average at all times
  • Internet banking available and in branch banking available and eStatements available
  • Availability of using online, telephone banking or banking app services
  • Easy setting up or cancelling Direct Debits or standing orders
  • Online security: Ulster Bank Secure, provided in association with Verified by Visa, protects your card against unauthorised use when you shop online.
  • No fee for ATM withdrawals

 

Minuses:

  • A €4 monthly maintenance fee applies to the Standard Account - so you know exactly what you’re paying each month.

 

  • Quarterly fees of €12,-
  • %1 ATM non-euro cash withdrawal charge fees.

 

KBC

Plusses:

  • Internet banking available
  • Mobile banking available
  • Free Contactless Debit Card purchases
  • Free Cashback
  • Bonus rates on Personal loans, mortgages and regular savings with a KBC current account
  • Secure Online Shopping (Your KBC Debit Card is protected by MasterCard SecureCode.)

 

There are no fees for:

  • Online and Mobile banking
  • Electronic payments into or out of your account
  • Direct debit set up or processing
  • Standing order set up or processing
  • When you use your card in store, online and over the phone
  • ATM or cheque processing if you maintain a minimum daily credit balance of €2,000 in your Current Account each fee paying quarter

 

Minuses:

  • Fee-Free banking is not available, however you will be charged reduced fees if you maintain €2,000 at all times

 

  • Quarterly Fee €6.00
  • ATM Withdrawals €0.30 each
  • Cheque Lodgements €0.30 each
  • 3.5% ATM non-euro cash withdrawal charge fees. (minimum €3.17 and a maximum of €11.43)


Graduate accounts

Just graduated and looking to start a job. Most Irish banks have a good deal for graduates. They often don’t have to pay any fees for their accounts but still have the same benefits. Find this out here: 

The best of the best

Now after you have seen all the pros and cons of what is on offer you see that the difference between irish banks is not that different. However at Job Coconut we would go with Ulster Bank or KBC because there you know exactly what the fees will be which means no nasty surprises. This makes budgeting easy to manage and ensures you’re on top on your finances.

Remember whoever you choose it does not have to be a life long commitment. Switching banks can be easy.   

If you need more advice check out these sites:

http://www.bonkers.ie/compare-current-accounts/

http://compare.consumerhelp.ie/currentaccount

 

 

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