New to Ireland and need to open Bank Account ASAP - Any advice?

Sarahsan

Hello,
I am moving to Ireland next week and need to open a bank account ASAP. I have done a lot of research but am at a bit of a loss as to which one to go for. If anyone has any advice at all as to which current account to go for, I would greatly appreciate it!
Many thanks

dennyk

Depends on your circumstances. Most banks offer fee-free accounts if you maintain a certain minimum balance. KBC offers one if you meet a certain minimum lodgement each month, with no balance requirement, but they also do not have traditional bank branches, so if you often avail of branch services, they might not be ideal for you. If you cannot meet qualifications for any fee-free accounts, you'll need to compare each bank's fee schedule against your typical banking and spending habits (e.g. do you do a lot of contactless transactions, a lot of chip-and-pin, withdraw cash from ATMs frequently, etc.) to figure out which one will cost you the least.

Personally, I'm with BoI (fee-free with a minimum balance except for a €5 per quarter account fee) and don't have any complaints. I don't believe they are the cheapest nor the most expensive as far as fees go, but I haven't really paid attention. I also have a KBC current account, but only for the attached savings account which pays a very good interest rate; I just make a monthly transfer from my BoI account to satisfy the lodgement requirement and then transfer it back a few days later (minus my monthly savings contribution). All done via standing orders, so it's hands-off. Otherwise I never use that account.

Sarahsan

Thank you very much!
I won't be able to lodge the amount KBC is looking for unfortunately, but am struggling to figure out the penalty for that - if it's a small quarterly fee then that's fine. I may well be looking for a mortgage in the next couple of years so keeping that in mind too. Mostly use it for chip and pin purchases, although interested in contactless. I'll also need a credit card but haven't seen much difference in that area.

dennyk

KBC's fees actually aren't too bad right now (though of course they could change at any time). There's a €6 quarterly account fee and €0.30 ATM transaction fee on their standard current account, but no transaction fees for electronic transfers, standing orders, or debit card transactions. Their fee schedule is at:

https://www.kbc.ie/KBC/media/Online-PDFs/fees-and-charges.PDF

Lodging €2500 a month would qualify you for an Extra Current Account, which has no fees at all and gives you an extra 2% interest over the variable savings account rate on an attached savings account. However, you still get an extra 1% interest if you attach a savings account to their standard current account, which works out to about 2% AER with their current variable rate, so it's still not a bad deal at all.

I believe all the other big Irish banks charge transaction fees for debit card purchases and the like if you don't meet their minimum balance requirements, so you're likely to come out ahead with KBC even with the quarterly fee, if you can live with the lack of actual bank branches.

You might also want to look at EBS, if you want a more traditional bank and don't care about the higher savings rate. They have a fee-free current account (MoneyManager). I have no experience with them, though, so couldn't give a personal recommendation.

Yggr of Asgard

If you are moving from another EU country that is in scope for SEPA you could continue using your current account until you have time to find an Irish bank (remember you will need to provide proof of ID/residency/pps etc.) so it might take a while for you to sort it out.

Your new employer should have not trouble to pay you via SEPA and most companies will accept SEPA accounts for direct debit (there are a couple of hold outs but most companies are now compliant) so that would make it possible for you to pay your bills easy.

Than once you have your first salary slips, a proof of address (utility bill or revenue letter), your PPS (public service number) you can go an open an Irish bank account (if you still think that you need one) after you have shopped around.

If you are not coming from a country which does SEPA, than that won't work.

As to credit card, you might find it hard to get one if you don't have a credit record yet. Your employer might be able to help you, but I would not get my hopes up to get one immediately.

AlmightyCushion

Sarahsan wrote: »

Thank you very much!
I won't be able to lodge the amount KBC is looking for unfortunately, but am struggling to figure out the penalty for that - if it's a small quarterly fee then that's fine. I may well be looking for a mortgage in the next couple of years so keeping that in mind too. Mostly use it for chip and pin purchases, although interested in contactless. I'll also need a credit card but haven't seen much difference in that area.

The KBC extra account only requires 2500 going into it a month. It doesn't have to be in one lump sum and it doesn't have to stay there. You could set up a savings account with them as well and transfer money between the two until you hit €2500. For example, if you only get paid €500 a month, you can transfer the €500 out of and back into your KBC current account 5 times and you will avoid fees.

dennyk

AlmightyCushion wrote: »

For example, if you only get paid €500 a month, you can transfer the €500 out of and back into your KBC current account 5 times and you will avoid fees.

This does not work with a KBC savings account; it would have to be an account with another bank.

AlmightyCushion

dennyk wrote: »

This does not work with a KBC savings account; it would have to be an account with another bank.

It definitely does work with a KBC savings account.