New to Ireland - Which bank?

aussie_mella

I'm looking to open up a bank account in Ireland as I'm new to the country. Coming from 'no fee' banks in the UK and Australia, I'm a little unsure as to which bank to go with given what I've read about the banks and baffling fees.

Any advice would be great, thank you

BuffyBot

It really depends on what's important to you? Access to branch network? Good online banking?

All the major banks, with the exception of Ulster Bank, now have fees for day-to-day banking in some form. Ulster may yet follow later this year. AIB/BOI/ptsb all have different ways to get "free" banking but the two former are quite onerous and the latter slightly more achievable.

They all now issue Visa Debit cards with the exception of Danske Bank (coming soon) which are much more multifunctional than the previously used Laser debit card system in this country.

TamTaRam

I was with Barclays in the UK and chose Ulster Bank in Ireland. I like it, there are no fees for withdrawing the cash from ATM, shop transactions or maintaining the account. I have 2 accounts with them actually: current account and savings account (nice interest rates), both are great. Although they did have some major problems in summer and ppl couldn't access their accounts for weeks.

I wouldn't recommend BOI, they charge for everything, even checking balance or withdrawing cash from their own ATMs.

srsly78

TamTaRam wrote: »

I wouldn't recommend BOI, they charge for everything, even checking balance or withdrawing cash from their own ATMs.

No bank in Ireland charges for atm withdrawals that I am aware of, whether it be their own machine or someone elses (you do however pay govt stamp duty on card annually). This is unusual because most other countries have the opposite situation. Was pretty funny, I could even use my BoI card in London without charge - (BoI run the post office atm network there).

In Ireland they do charge for cash advances on credit card, but this is completely different from withdrawing cash from a current account. Did you mistake one scenario for the other?

But yes, BoI and AIB are pretty terrible. Ulster Bank are by far the best.

aussie_mella

Thank you all for the info. I've since found this article which was quite eye opening to say the least: http://www.moneyguideireland.com/current-bank-account-charges-and-fees.html

I too am with Barclays in the UK and do remember the system glitch with Ulster Bank as I worked in payroll and had numerous unhappy punters, even more so with RBS!

BuffyBot

RBS/NatWest/Ulster = all the same, so no wonder.

At the moment, if you're really after fee-less banking, I'd opt for UB.

28064212

srsly78 wrote: »

No bank in Ireland charges for atm withdrawals.

AIB: 20c. BOI: 28c. Danske: 25c

TamTaRam

srsly78 wrote: »

No bank in Ireland charges for atm withdrawals that I am aware of, whether it be their own machine or someone elses (you do however pay govt stamp duty on card annually).

I was thinking that too! But when I looked closely at my statements I realised BOI charged me 28c for each ATM withdrawal and I never withdrew any cash from other ATM than theirs. I thought they would only charge for withdrawing cash from ATMs that do not belong to them. They charge for everything!

Also, interest rates for savings are a joke in BOI.

TamTaRam

aussie_mella wrote: »

I too am with Barclays in the UK and do remember the system glitch with Ulster Bank as I worked in payroll and had numerous unhappy punters, even more so with RBS!

If you like Barclays I think you would like Ulster too

28064212

TamTaRam wrote: »

I wouldn't recommend BOI, they charge for everything, even checking balance or withdrawing cash from their own ATMs.

They don't charge for checking your balance

aussie_mella

Thanks everyone, the shortlist is now AIB (as I'm sure I can keep to the €2500 limit) and Ulster.

Thinking of keeping my Barclays Savings acct open too - interest is pretty good and free account keeping!!

ATM Withdrawals is quite shocking, esp with same bank machines!! Looks like they also charge for direct debits and credited salary (automated lodgements). That one baffles me - they get your hard earned money before you to! FECKED to say the least!!!!

TamTaRam

28064212 wrote: »

They don't charge for checking your balance

OK, thanks for the info I should have specified that I was not sure of that, my friend told me so and I believed him but I actually never check balance in ATM myself.

I wonder if they also charge for printing statements from their ATM?

aussie_mella wrote: »

Thinking of keeping my Barclays Savings acct open too - interest is pretty good and free account keeping!!

I am still with Barclays, although I don't live in the UK any more. They do have a few branches in Northern Ireland, one is just across the border in Newry.
They know my Irish address and send me statements or any other post to ROI

28064212

aussie_mella wrote: »

Thanks everyone, the shortlist is now AIB (as I'm sure I can keep to the €2500 limit) and Ulster.

Just for clarity, you realise that you have to keep a minimum of €2500 in your account at all times to avoid charges? If your balance drops below €2500, even for an hour, you will be charged the full fees for the entire quarter

Apologies if you did understand this, was just confused by your use of the word limit

28064212

TamTaRam wrote: »

I wonder if they also charge for printing statements from their ATM?

Nope. They have a breakdown of what they charge for here: http://www.bankofireland.com/help/personal-fees-and-charges (PDF)

• Automated transactions, e.g. direct debits (domestic and SEPA), 365 Phone/ Online or Mobile Banking transactions, standing orders, ATM withdrawals and Debit card transactions

If you check your quarterly statement, you should get a breakdown of all the fees charged for the quarter

srsly78

TamTaRam wrote: »

I was thinking that too! But when I looked closely at my statements I realised BOI charged me 28c for each ATM withdrawal and I never withdrew any cash from other ATM than theirs. I thought they would only charge for withdrawing cash from ATMs that do not belong to them. They charge for everything!

Also, interest rates for savings are a joke in BOI.

That's the transaction charge, applies to all card transactions including atm. It's not a charge for using the atm as such. I don't get charged it (coz I meet the free banking criteria).

Contrast this to the UK: pretty much all accounts offer free banking (and even give you 1% interest on current account). But if you use another banks atm you will pay a charge.

tregan

we were with the ulster bank yesterday and guy told us about a new current account called ufirst .. more info here http://www.ulsterbank.ie/roi/personal/daily-banking/current-accounts/extra-benefit-accounts/ufirst.ashx which has a lot of little extras e.g. mobile insurance, 25% off ticket bookings, travel insurance etc so we think we'll be changing to that. currently our joint account is with Danske Bank and as there isn't even a branch in the country left and you have to even make an appointment to just talk to them can't see any reason to stay with them!

Philipblue12

Choose bank of Ireland if you want to be screwed... Seriously avoid

gabbytheking

Ulster Bank have good savings plans too especially with the instant access accounts. To my knowledge the best of BOI, AIB, UB, PTSB. The only thing is though Ulster Bank are bad at giving Loans or overdrafts. So if you going for one in the near future it may be worth thinking about the alternatives.

Re the 2500 I'd personally rather have that in a Savings account earning 2% from Ulster bank than using it with an awful quarterly catch all! Over a year its only €33 after dirt but that €33 they give you if you go under it fair enough with the AIB you'll probably pay a €15 quarterly fee if you go under. Its a no brainer for me even with their stupidity as late re computer systems.

Best of luck with it