- Is opening a bank account in Ireland necessary?
- What are the documents usually required to open an account?
- What choice of bank account do I have?
Is opening a bank account in Ireland necessary?
We recommend that when studying in Ireland, you open a bank account for the following reasons:
1. Direct Payments: You are likely to be required to make certain payments by direct debit especially if these payments are to be made in installments. This could be your tuition, rent or phone bill. Having a local bank account would make such payments easier.
2. Converting Currency: This is especially relevant if you are coming from outside the Eurozone. It used to be the case that students with foreign currency would arrive with travellers’ cheques to then convert them into cash. This is no longer necessary as most banks have built-in conversion instruments that allow you to convert funds from your home currency into euros and vice-versa. Once converted, the funds can be spent immediately whether in Ireland or at home.
3. Proof of Address: There are several reasons you may be required to establish proof of address such as when applying for a job or for accommodation. A bank statement is one of the surest documentations you can use for this.
4. Getting Paid: If you plan on getting a job you would almost certainly be paid via bank transfer hence the need for a local bank account. Most employers would not want to pay wages into a foreign account.
What are the documents usually required to open an account?
For most basic student accounts, the documents you are generally required to provide are:
- Photo ID (Passport or National ID card);
- Student ID card (if opening the account prior to receiving your student ID, the bank may accept your University offer letter and/or proof of fees paid as evidence of student status);
- Proof of address: such as a utility bill or housing contract (if you are yet to have a utility bill in your name).