An Post Money Current Account: Your complete guide

The An Post Money Account is a current account which also gives you rewards on your spending. It’s also known as the An Post Smart account, or the Post Office current account. It works like any other current account at a traditional bank, but with a few key differences. These include easy ways to save and manage your money, and the chance to earn cashback on certain transactions.

Remember, if you’re thinking of opening a new account, make sure to compare all the available alternatives. Check all the features and fees, because there could be a better fit out there for you. For example, you can open a Wise multi-currency account to send, receive, spend and convert 40+ currencies all from one online account - or the handy Wise app.

Learn more about Wise

But more on that later. Let’s start with the basics for the An Post Account, including features, fees and how to open an account.

How does the An Post Money Current Account work?

The An Post Money Account works just like an ordinary current account. You can have your salary and other income paid in, then spend using bank transfers or your linked Mastercard debit card.

But where this account stands out from the others is its MoneyBack cashback feature. Shop at one of An Post’s MoneyBack partners and you could receive up to 10% back on your spending. The list of partners currently includes Lidl, SSE Airtricity, Intersport Elverys, Sunway and Outdoorliving.ie.¹

Another great feature of this account is the separate savings wallet. Save for specific goals, such as your first home or that dream holiday. You can manage all accounts online or through the An Post mobile app.

The An Post current account also offers the following features:

• SMS alerts on account transactions
• Access to emergency money if your card is lost or stolen
• 24/7 account access online or through the mobile app
• Pay with mobile wallets such as Google Pay, Apple Pay and Fitbit Pay.

How do you get money back with the An Post Money Current Account?

Interested in the MoneyBack feature of the An Post Current Account? The way it works is very simple.

All you need to do is shop at a participating retailer using your An Post account, and it will automatically keep a running total of your spend. The following month, your account will be credited with your cashback. You can also check in online at any time to see how much cashback you’re earning.

At the moment, there are only a small number of partners in the MoneyBack scheme. In some cases, you’ll also need to spend a minimum amount to get the purchase. For example, you’ll need to spend €25 or more at Lidl to get the 5% cashback¹.

But as long as you meet the minimum spend requirement, there’s no limit to the amount of cashback you could earn.

What are the An Post Money Account savings wallets?

When you open your An Post Money Current Account, you also get two extra wallets (or mini current accounts) which you can use to keep your savings separate from the rest of your money.

You can transfer money into these savings wallets from your main current account whenever you like, or set up regular transfers. But once the money’s in, it can’t be withdrawn from your main account. This protects each savings pot from accidental overspending, so you can get further in reaching your savings goals.

An Post Current Account fees: What are they?

It’s free to open a current account with An Post, but there are other fees you need to know about. These include a monthly maintenance fee, ATM withdrawal cards charges and fees for using your debit card abroad.

Let’s take a look:

Now, in terms of fees, how does the An Post Money Current Account stack up against others such as the Wise multi-currency account?

Wise is a great alternative in this case because it’s free to open an account and it charges no monthly maintenance fees. Plus, the fees are much lower compared to An Post when spending money in other currencies. For these payments, there’s only a tiny conversion fee to pay, and you’re always guaranteed the mid-market exchange rate.

Here’s a quick look at fees for exactly the same transaction types, but with the Wise multi-currency account:

What do you need to open an An Post Money Current Account?

If you like the look of the An Post Money Current Account, here’s exactly what you need to do to open one:⁴

1. Download the online application form, complete it and return to your local post office complete with supporting documents. Alternatively, you can complete the whole process in person at a post office branch.

2. To accompany your application, you’ll need proof-of-name documents such as a passport or EU driving licence. You should also bring a household bill or bank statement from the last six months to verify your address.

3. Once your application is submitted, you’ll receive a welcome pack within 5-7 working days. This includes your new debit card, which you’ll need to activate by calling customer services.

An Post Money Current Account review: Is it better than Wise?

The An Post Money Current Account is straightforward and easy to manage, especially if you prefer banking via mobile app. The MoneyBack cashback feature is a great way to make some extra money, or to claw back some of your monthly maintenance fees. And this is also a good account for aspiring savers. While it doesn’t offer interest on your savings, it’s separate savings wallets can help you to save for specific goals.

But when it comes to spending money abroad, there are far cheaper options available than the An Post Money account.

Open a multi-currency account with Wise and you can hold 40+ currencies and receive money in 9+ currencies.

If you have the currency in your account, you can spend fee-free worldwide using your Wise debit card. For all other currencies, there’s only a tiny conversion fee to pay and you’ll always get the real, mid-market exchange rate.

For savers, there’s a brand new feature at Wise called jars. This lets you set aside money in any currency to use in the future, or to save in your ‘new home’ or ‘dream holiday’ jar.

It’s quick, free and easy to open a Wise account online, and you can manage everything on the go in the Wise app.

So, that’s pretty much everything you need to know about the An Post Money Current Account. We’ve covered account features and fees, plus alternatives such as Wise which could save you money on spending when you travel.

Remember - always compare accounts carefully to find the best one for you!

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Sources used:

Sources checked on 20-February-2021.