Do you know how to open a bank account in Ireland to send money to Nepal? This article will talk about the important steps you must be aware of if you want to open a bank account in Ireland. We will discuss different steps in detail and try to answer a few questions concerning the matter. First, we will discuss the background briefly.
People from underdeveloped countries prefer to go to the West for different purposes, including seeking jobs and higher studies. The UK is home to some of the finest educational institutions in the world. To secure an educationally sound future, students from around the world come to this part. Besides, the job-seekers from countries with weak economies come to these countries and end up getting jobs and work as a routine. After settling down financially, they send money back to their families in their countries of origin through a few best online money transfer companies, including ACE.
As the West is shifting towards online payments, it is mandatory to have a bank account to get the money transferred, be it salary, wages, or payments of fees. Whatever the nature of payment, it will be done through banks. Let’s now take a look at the requirements to open a bank account in Ireland so that your money transfer to Nepal never gets late. But first, take a look at the types of bank accounts in Ireland.
Current account:- It is one of the most common account types in Ireland. It helps the holder carry out daily routine financial transactions with a debit card.
Savings account:- You have the option at your disposal to open a savings account also. The interest rate is higher in this savings account in case you plan long-term savings.
The range of banks to choose from is huge in Ireland, including national and international banks. Bear in mind that online banks are also available in Ireland in case you wish to engage with banks virtually. You must know that while choosing any bank to open an account in, make sure that the bank is regulated by the Central Bank of Ireland, which operates under the European System of Central Banks.
Different banks charge differently in terms of maintenance fees. Thorough research and comparison between this fess can be helpful. Furthermore, there is a small fee for debit cards which the Irish banks charge. This fee is called ‘’government stamp duty’’. This fee stands at 2.50 Euros currently. Also, make sure that the bank you choose to open an account in has multiple ATMs near where you reside. This is important since banks will charge you additionally in case you withdraw money from another ATM.
What is required to open an account:- You can easily open a bank account in Ireland, whether as a resident or a non-resident. Residents are required to provide their photo identity and proof of address, whereas non-residents, on the other hand, are required to provide these two documents and a few others in addition to these two. Non-residents like Nepali expatriates use bank accounts for an online money transfer to Nepal every month.
Age requirements:- You should at least be 18 years of age to open a bank account in Ireland. Some banks also provide the facility to open current accounts for the minors, but these minors have to be accompanied by their parents and guardians.
What are the required documents:- If you want to open a resident bank account, you will have to provide your valid photo identity and address proof. For the latter, you can present one of your recent utility bills. A few banks will also accept your rental contract or certificate of health insurance. In short, different banks will require different sets of documents with photo identity and address proof remaining constant.
For the non-residents, the Irish banks offer the facility to open a non-resident account. It will require your address in your home country. Banks will ask for two address proofs, two photo identities. Some of the banks also require character certificates but this requirement is uncommon. These documents have to be attested or certified by a public notary, a solicitor or an embassy staff member, or someone designated by the bank concerned.
Other steps:- After completing your documents, the bank will review all of them. Then the bank will give you the account number for you to make your first deposit. You will receive your debit card through the mail in due course of time.
Online bank account:- There is the facility of opening an online bank account, but the verification process is heavy and rigorous. But the best option is to open an online bank account in an online bank that is meant for this purpose across Ireland. You can send money to Nepal online through money transfer companies without having a bank account.
Conclusion:- From all of the above we can say that it is quite convenient for people to open a bank account. Of course, there is a difference between the documentation for a resident bank account and a non-resident bank account. This non-resident status covers both the expatriates and the students.