Current Account: which bank?

pabloazazel

I have to open a current account, which bank with less fees?

greenman09

Check this out
http://m.boards.ie/vbulletin/showthread.php?goto=newpost&t=2056912785

ridelm

Permanent TSB wins for that since it only requires 1500 EUR lodge into the account.
For BOI and AIB, you need to have 3000 EUR on your account otherwise they will charge you every quarter about 12 EUR (BOI).

If you can maintain above that amount soon enough, I would not bother about changing bank. Otherwise go ahead.

pabloazazel

ridelm wrote: »

Permanent TSB wins for that since it only requires 1500 EUR lodge into the account.
For BOI and AIB, you need to have 3000 EUR on your account otherwise they will charge you every quarter about 12 EUR (BOI).

If you can maintain above that amount soon enough, I would not bother about changing bank. Otherwise go ahead.

Is it 1500 per month or per quarter????

murphaph

pabloazazel wrote: »

Is it 1500 per month or per quarter????

Per month.

If you can't hit that (and you can do it by withdrawing and lodging the same money until you hit 1500) then BoI is an option for you if you have a limited number of transactions as you can pay per transaction only (28c) with them.

pabloazazel

murphaph wrote: »

Per month.

If you can't hit that (and you can do it by withdrawing and lodging the same money until you hit 1500) then BoI is an option for you if you have a limited number of transactions as you can pay per transaction only (28c) with them.

what do you think of ulster bank?

murphaph

pabloazazel wrote: »

what do you think of ulster bank?

€4 per month flat fee from July.

Cathyht

Is it true that there are no Bank Charges for customers of UK branches of Bank of Ireland? I read it in a paper, but can't find details online. I'm with AIB and find the quarterly charges are high enough, I will be changing banks soon. TSB seems good but no branch here.

murphaph

Cathyht wrote: »

Is it true that there are no Bank Charges for customers of UK branches of Bank of Ireland? I read it in a paper, but can't find details online. I'm with AIB and find the quarterly charges are high enough, I will be changing banks soon. TSB seems good but no branch here.

That's correct. The UK market still won't tolerate charges it seems. There is too much competition for one bank to take the risk of introducing them. In Ireland it's more of a closed shop....but in a few years people will be free to open current accounts anywhere they want in the Eurozone, sending thieving Irish banks packing hopefully.

JTMan

murphaph wrote: »

but in a few years people will be free to open current accounts anywhere they want in the Eurozone, sending thieving Irish banks packing hopefully.

Yip and the sooner the better. Pan-European web-based current accounts are going to change banking here forever. Few people realise that there is big change on the horizon.

dobsdave

Fungus wrote: »

Yip and the sooner the better. Pan-European web-based current accounts are going to change banking here forever. Few people realise that there is big change on the horizon.

Next February I heard mentioned.

Cathyht

dobsdave wrote: »

Next February I heard mentioned.

Dobsdave does this mean you can set up a current account online and the usual direct debits, ATM cards etc, with a Bank which could be based in Germany or some other country? How does it work regarding initial paperwork for setting up, they must have some ID required and signatures. Or is it still being drawn up?

murphaph

Cathyht wrote: »

Dobsdave does this mean you can set up a current account online and the usual direct debits, ATM cards etc, with a Bank which could be based in Germany or some other country? How does it work regarding initial paperwork for setting up, they must have some ID required and signatures. Or is it still being drawn up?

The SEPA deadline is next February. From then on, there will be no such thing as an "Irish" or "German" sort code/account number. Only IBANs and BICs will be valid and all payments will be SEPA payments, even "internal" ones that cros no border. There will be no difference between a payment domestically and one that crosses a border. The payment must arrive the next working day as well ;-)

From February (if you can open a German online current account and of course use the German interface) you will be able to instruct Bord Gais or whoever to draw their direct debit from the German (or Dutch etc.) account using the IBAN/BIC.

So, from a purely technical perspective yes, you will be able to operate a German etc. current account like one in Ireland and use it to pay bills or buy stuff on the debit card (debit cards MUST work everywhere in the SEPA by February as well, that's why Laser is dead and all banks are moving to VPAY or Maestro) The only remaining hurdle is that a German bank currently does not have to open an account for a non-resident (though some do, but usually only if you are capable of conversing with them in German). This is also set to change as the EU seeks to implement a directive that would prevent banks discriminating in this way.

EDIT: My online only bank, DKB, do open accounts for non-residents but everything is in German and I've heard for non-residents the bar (income) can be quite high, but this is speculation based on threads I've read.

Cathyht

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

just looking through it myself, can't vouch for it.