Your Complete Student’s Guide To Opening A Bank Account In Ireland

Taking a closer look at the different types of bank accounts would help you to understand what each type offers and to make the best choice when you’re deciding.

Designed for day-to-day use, the Current Account enables you to keep tabs on your spending, pay for things with a debit card or digital wallet and transfer money in a branch or via an online banking service, among other features.

Many banks offer student-specific accounts which function the same way as a Current Account.

As an international student, this account type would be most suitable for your daily needs. Also, it would be fee-free so you don’t have to worry about incurring additional costs each time you make a transaction.

Similar to the Student Account, the Basic Bank Account is also a type of Current Account, however, with fewer features.

For the first year, it does not charge any fees for everyday banking services.

If you have access to larger amounts of money, a Deposit Account (also known as a Savings Account) lets you earn interest on this money as well as build up your savings.

Depending on the banks, sometimes such accounts involve you making regular deposits at specific times – usually monthly.

The top banks in Ireland include Allied Irish Banks (AIB), KBC Bank Ireland, Bank of Ireland and Ulster Bank. Most of the population in Ireland have accounts with these banks.

Having said that, you should definitely shop around and explore your options before coming to a decision.

Take a closer look at the incentives and perks that come with the student-specific accounts to suss out which one is the best match for your personal preferences and lifestyle.

Not all Irish banks allow international students to open a new bank account online. Hence, you would have to check if your chosen bank allows it in the event you wish to open your account ahead of time.

In the event the bank allows it, you can fill out an online application form and submit a scanned copy of the required documents to kickstart the process.

These documents include a valid passport, student ID, proof of address, previous bank statements and utility bills from the last six months.

Since you’re a new international student, you will not have any bank statements or utility bills from Ireland, so do prepare some from your home country.

As with all your study trip essentials, it helps to open your bank account as soon as you can.

In the event your selected bank doesn’t allow you to set up the account online, you can book an appointment in advance to make a trip to the bank within the first few days of your arrival.

Once your account is ready, all that’s left to do is to make your first deposit and secure your funds. After that, you can start making transactions or pay with your debit card!

In the event you’re making an online transfer, keep a lookout for the exchange rate so that you can deposit your money when the rate is good – to get maximum value for your currency.

If you have plans to make it to Ireland to further your studies, we’ve got your back!

At IDP, we have a team of education counsellors that have the experience and knowledge to guide you through the application process as well as offer advice when it comes to your study essentials such as setting up your bank account.

Get started by booking your free counselling session today!