Can Irish Residents Open a Bank Account Outside Ireland?

Info_Seeker

Hi,

I live in Ireland. Are there any conventional banks (not Wise, Revolut, etc.) outside Ireland (preferably in UAE. If not, could be EU or elsewhere) which allow non-residents to open a bank account on Irish proof of address?

Regards,

sundodger5

Use N26, German bank. Similar functionality to revolut but an actual bank…others may be available..

Jim2007

Yes you are free to open an account anywhere outside Ireland so long as you are mindful of your Irish tax obligations. However you may discover there are local laws in the jurisdiction that may prevent you from doing so, or the local banks may not want to do business with you.

A typical example of this would be US citizens and green card holders, they are free to open foreign bank accounts, but the reality is that due to US compliance laws, most banks will not deal with them unless they are willing to put several million dollars under management with them as it is too expensive to deal with them for small fees.

I have no experience of the UAE, so I can't comment on the rules and regulations there. Perhaps someone else may comment. If you are putting any kind of sizable amount on deposit there or conducting serious banking activities then I'd advise you to seek proper advice.

walshtipp

https://www.boards.ie/discussion/comment/122458761#Comment_122458761

N26 is quite good. Just to note, Revolut is an actual bank also.

landofthetree

Right to a basic bank account under EU law.

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

If you're applying for a basic payment account outside the country where you live, banks in some EU countries may also want you to prove a genuine interest for doing so – for example if you live in one country but work in another.

https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm#:~:text=Right%20to%20a%20basic%20bank%20account,-You%20may%20want&text=If%20you%20are%20legally%20resident,where%20the%20bank%20is%20established.

Jim2007

https://www.boards.ie/discussion/comment/122472474#Comment_122472474

You left out all the criteria for qualifying for a basic bank account plus the national law implementing that directive in each member state. And yes banks can and will refuse to open such accounts for a non resident.

Sheep Shagger

I think the days of needing a physical bank account in a particular country are over, you can use a Neobank like Revolut and open a currency account in your app, that has a local bank account number/IBAN if that's what your looking for.

Obviously if you need credit facilities or want a branch service, that's a different story.