Open bank account in Ireland for South Africans

In 2023, Ireland saw its biggest wave of inward migrants⁵ - it seems to be getting more popular every single year, and with beautiful natural features, great cities, and friendly locals, there’s no doubt why.

If you’re thinking of relocating to Ireland, or even just visiting for a long period of time, there’s a lot to be excited about but there’s also a lot to prepare. One of the main things you need to think about is how you're going to access, withdraw, and send money while you’re there.

In this article, we’re going to take a look at how you can open a bank account in Ireland as a South African.

Plus, we’ll also be introducing Wise*, an alternative way that allows you to both hold money in Ireland and transfer money back to South Africa.

Learn more about Wise

Good to know: Currently, Wise allows you to send money back to South Africa. In the near future, more features will be added for those in South Africa.

*Wise Europe is not a bank. Wise Europe is an authorised Payment Institution incorporated as an SA in Belgium, supervised by the National Bank of Belgium.

What documents are needed to open a bank account in Ireland?

It’s fairly easy to open a bank account in Ireland, but there are some specific documents that you will need to provide the bank with to be able to open an account.

The documents you need to open a bank account in Ireland are as follows⁶:

• Proof of identity (valid passport)

• Proof of address - this must be the original copy so it can be verified

  (e.g a utility bill, financial institution statement, letter from approved university/college, letter of course acceptance, letter from Department of Social Welfare, naturalisation and immigration service letter)

Can I open a bank account in Ireland without a proof of address?

Some banks allow you to open a bank account without a proof of address if you want to open a non-resident account. However, you will still need proof of address from your home country and valid ID - this will also need to be certified by a solicitor or police officer⁷.

Send money to South Africa from Ireland using the mid-market rate

If you’re a South African expat living in Ireland, Wise can help you save money¹ on an international money transfer by providing low fees and also do away with the markup on the mid-market exchange rate when making international money transfers back to South Africa.

Although the majority of banks may allow their account holders to make an international transfer, it is possible that a markup is added to the mid-market exchange rate. It is recommended to check the exchange rate offered by your bank against the mid-market rate, which is similar to the exchange rate shown on Google. Say no to hidden fees!

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the fairest rate in the market. Find out what you would pay for an international money transfer with Wise:

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Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

With Wise, South African expats can save money¹ on fees when making international payments from Ireland to South Africa.

Join Wise!

Can I open a bank account before I arrive in Ireland?

Some Irish banks do allow you to set up a bank account before you arrive in Ireland.

However, it can often be easier to set up an account in a local brand in Ireland, especially if you need assistance about the documentation you need to submit or you’re needing your documentation to be verified by a notary or member of the police before you can apply to open an account.

However, if you are looking to open a bank account before you arrive in Ireland, you could try to open one online, as we discuss below…

Can I open a bank account online?

Yes, as mentioned above, you can open a bank account before you arrive in Ireland online. However, it might be easier to head to a branch of the bank you would like to open an account with and open it in person, with all of your verified documentation.

However, if you do want to attempt to open a bank account before you arrive in Ireland, the simplest guide to opening an account online is for opening a Personal Account with AIB⁹. The process is as follows¹²:

• You will need to download the AIB banking app and choose the option to become a new customer.

• You will then need to verify your email address.

• You’ll then have to enter your personal details and they will offer the most suitable accounts for you. You can then choose which one to open.

• There will then be a short video call through the app with a customer service representative, during which you will need to present your valid ID (passport).

• Once the video call is over, you will then need to provide your valid documentation and this will be reviewed. During this time you can choose your local branch and register for their online banking service.

• You will then receive a letter through the post to confirm your proof of address and you can use the code on the letter on the banking app to open your new account and start using it.

  It’s important to note that depending on where your proof of address is, the process may differ. However, the customer service representative you speak with will guide you through the process.

Which bank in Ireland is best for my needs?

There are three main banks in Ireland that are the most trusted and reliable. Although the offerings they provide are similar, they’re unique in what they offer.

The Top Three Irish banks

It’s quite easy to open bank accounts with any of the top three Irish banks, as long as you have the documentation that they require. Let’s take a look at the top 3 banks and the accounts that might be suitable for you as a South African in Ireland.

Bank 1 - Bank of Ireland

Bank of Ireland is the biggest bank in Ireland and is therefore the most trusted. If you’re a resident of Ireland after relocating (with the documentation to prove it) you can apply for a bank account online with the Bank of Ireland⁸.

The Bank of Ireland Personal Account has a €6/month maintenance fee, but doesn’t charge for transactions or payments⁸ (apart from fees on international payments and transfers). You will also receive a debit card and have ATM withdrawals for free.

If you are a non-resident you can also open a non-resident bank account with the right documentation, with the Bank of Ireland. There are also student accounts and basic accounts available.

Bank 2 - AIB

AIB (Allied Irish Banks) is a popular Irish bank that allows you to open an account using their app if you’re an Irish resident⁹. The AIB Personal Current Account has a maintenance fee of €6/quarter maintenance fee and ATM withdrawals are €0.35 per transaction⁹.

If you are a non-resident you can also open a non-resident bank account with the right documentation, with AIB. There are also student accounts and basic accounts available.

Bank 3 - Permanent TSB

Permanent TSB is another popular bank in Ireland that’s trusted. You can open an account easily with them online if you are a resident of Ireland¹⁰. However, you may want to head to a branch for extra assistance with your documentation.

The Explore Account, the main current account available with Permanent TSB, has a maintenance fee of €6/month until 1st April 2024, then the fee is €8/month¹⁰. ATM withdrawals with this account are free.

There are also student accounts and basic accounts available.

Wise: Alternative way to make international transfers to South Africa

If you want a truly international payment account that works pretty much anywhere³, take a look at Wise. Wise is an international money transfer service provider, offering a multi-currency account, international money transfer services and a debit card³, depending on where you are located⁴ and product availability.

Open a Wise Account online and you can manage your money in multiple major currencies, including ZAR, USD, CHF, GBP, EUR, and many more¹ depending on the region you are located in and according to product availability.

When sending money internationally or converting currency, you’ll only pay a low, transparent fee while also getting the mid-market exchange rate every time¹.

Plus, you can spend just like a local in multiple countries worldwide with a Wise card³, giving you the ability to automatically convert currency whenever you spend.

Sign up with Wise today 🚀

What are the fees to open a bank account in Ireland?

- ATM fees:
In Ireland, the majority of the banks allow you to make ATM withdrawals fee-free. However, some banks do charge for ATM withdrawals depending on the account you hold. For example, the AIB current account charges €0.35 per transaction⁹. So, make sure you confirm this before opening an account.

- International Transfer Fees:
International transfer fees differ from bank to bank in Ireland. However, most banks do have a small markup added on top of the mid-market exchange rate or charge a percentage of the amount you’re sending. For example, AIB charges between €15-€20 for payments sent outside of the EU¹¹.

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Although opening a bank account as a South African in Ireland is relatively simple, as long as you have the correct documentation they need.

However, there are often high international transfer fees charged on these accounts.

So, if you’re looking for a way to both spend money like a local in Ireland and send money back to South Africa, Wise might be a good choice for you⁴.

Join Wise!

It’s also useful to know that although Wise users can use other products and services in some locations, South Africa has limited product availability at the moment and you can only send money to South Africa - more features will be added in the near future.

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Sources

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
2. Eligibility is subject to verification of customer identity. Wise may request additional documents to verify a customer's identity.
3. Please note that certain products or features may not be available in all regions.
4. Please visit www.wise.com to check for availability and learn more about our offerings.
5. CSO - Key Findings
6. Bank of Ireland ID Documents
7. Bank of Ireland - How To Open a Non-Resident Account
8. Bank of Ireland - Personal Banking
9. AIB Personal Current Account
10. Permanent TSB - Current Account Support
11. AIB - Schedule of International Transaction Charges
12. AIB - Steps To Open Current Account