Online banking in Ireland is becoming a new trend especially due to its convenience and affordability. Online banks in Ireland are much cheaper compared to brick and motor banks since they have fewer expenses. Some of the attractive features of best online banks in Ireland include multicurrency accounts, personal and business IBAN, SEPA transfers and crypto banking. The following are some of the virtual banks you can consider in Ireland.
Can I use a foreign IBAN in Ireland? Yes, you should be able to use a foreign IBAN in Ireland because it is a member of the European Economic Area. It is against the law to be discriminated against because of having a foreign IBAN. This is what you need to know about IBAN discrimination and what to do about it.
6 Best Online Banks in Ireland
Revolut
Revolut operates in Ireland serving over 1.7 million Irish customers. The bank has a full banking licence by the European Central Bank (ECB) allowing it to cover Irish customers by the deposit guarantee of up to €100,000 per customer. Revolut Ireland offers personal accounts, business accounts, junior accounts, debit cards, personal loans, budgeting tools and investment options, which include stocks and cryptocurrency.
To open Revolut account in Ireland, you need to download Revolut app available on Play Store or App Store. Then fill in your personal details to sign up. When you open Revolut Ireland account, you will be issued with an IBAN and BIC.
Revolut moved its Irish users’ accounts to Revolut’s business in Lithuania because its e-money licence was no longer be valid post Brexit. This means Revolut stopped using IBAN starting with’GB’ in Ireland to IBAN starting with ‘LT’. You’ll still be able to receive payments to your old GB IBAN until June 30th 2021.Irish businesses should accept your foreign Revolut IBAN that starts with ‘LT’. If you experience IBAN discrimination through your Revolut bank account in Ireland, you need to report to the authorities. This is what you need to know about IBAN discrimination.
As a crypto friendly bank, you can use Revolut to hold, buy and exchange cryptocurrencies. Users can easily save money by setting recurring savings contributions. As such, users can track their spending using a tracker. Every time you make a payment you will get a notification.
Is Revolut a good bank? Review of Revolut Bank for Fiat Money and Cryptocurrency
Monese
Monese is an app only British bank. It does not have banking halls and all banking services are offered through Monese app. Is Monese available in Ireland? Yes, you can open a Monese IBAN account if you are in the European Economic Area (EEA). Monese offers personal and business account, multi-currency accounts, joint accounts, insurance (bill protection and purchase protection, contactless MasterCard debit card, money transfer and free cash withdrawals for a certain amount.
If you’re based in the UK, your Monese EUR account’s IBAN will have the GB country code. If you live outside of the UK (with the exception of France), your IBANs will start with BE.
You can download Monese app from the Play Store or App Store. You can then fill in your personal details to sign up. Once you have signed up for an account, you need to order a contactless MasterCard debit card. You will have to wait for it to be delivered to your location. You can use the debit card to make online purchases, in-store purchases and ATM withdrawals.
Is Monese Bank any good? Complete Review of Monese Bank Account
N26
N26 is a German bank with a full banking licence from the European Central Bank that is available in Ireland. It was voted #1 on Forbes’ list of the world’s best banks in 2021. The bank offers personal and business accounts, physical and virtual MasterCard, travel insurance, money transfer and up to three free ATM withdrawals per month. Its money transfer service is supported by Wise, formerly TransferWise. The standard N26 account is free to set up.
All our IBANs start with DE (Germany ), IT (Italy), or ES (Spain) followed by the check digits (two numbers), then our bank code 10011001 and end with your 10-digit account number (start at 26).
You can download the N26 app available on Play Store or App Store. Then fill in some details to sign up. You can set up direct deposits, standing orders and receive your salary through it.
Is N26 bank any good? Find out from our Complete N26 Bank Review
Wise
Wise, formerly Transferwise, is an online bank that has been in existence since 2010. The bank is known for offering cheap and fast money transfer. In addition, it offers personal and business multicurrency accounts, 10 local account details (including EURO IBAN, US routing number, GBP, etc), banking for ecommerce businesses, and debit card. Its multicurrency account allows you to hold and convert over 50 currencies.
You can sign up for your account on Wise website or Wise app for Android or iOS and fill in personal details to sign up. If you are a freelancer or have an online business, you can open Wise business account and use it to receive payments in 10 local currencies like a local or pay your employees worldwide.
In December 2019, Wise launched a new IBAN for all its European customers that starts with ‘BE’ (a Belgian IBAN). Some banks and merchants around the world don’t always accept Wise IBANs because they are non-local IBANs. It is illegal. Merchants are required by EU law to accept IBANs from other member states of European Economic Area (EEA). If you experience IBAN discrimination, you can report them to the Central Bank of Ireland and the CCPC.
Is Wise Bank good for you? Learn all about Wise Multicurrency Account
Bankera
Bankera, as opposed to banks such as N26, charges monthly inactivity fee (after 12 months of inactivity) of 5 EUR to Personal clients and 10 EUR to Personal+ clients
Bankera is a Lithuanian-based mobile bank that serves European customers including Ireland. The bank provides European personal IBAN, business IBAN, Visa debit cards and business loans. As a crypto friendly bank, it supports fiat currency transactions to/from cryptocurrency exchanges, crypto trading platforms, etc.
You can sign up for an account on Bankera website or by downloading Bankera app on Play Store and enter your personal details.
Bankera does not offer Irish IBAN but dedicated Lithuanian IBANs assigned to Personal Accounts. Since Ireland is a member state of European Economic Area (EEA), you should be able to use a foreign IBAN in Ireland. It is against the law to be discriminated against because of having a foreign IBAN. Learn more about about IBAN discrimination.
Interested in Bankera Bank? Go to our in depth review of Bankera Bank
Bunq
Bunq is a virtual bank founded in 2015 in the Netherlands, which allows European citizens to open virtual accounts. It is a fully licensed European bank in the Netherlands and therefore clients’ funds are protected by the Dutch Deposit Guarantee up to €100,000. The bank offers personal accounts, prepaid MasterCard credit card, mobile payments (Google Pay and Apple Pay), Bunq travel card, and joint accounts.
The bank intends to offer mortgage products this year through its partnership with lending platform Tulp. It has acquired Irish SME lender, Capitalflow, so that it can start offering loans to micro and small businesses in Ireland.
To open Bunq account in Ireland, you need to enter your phone number and the bank will send you an invite link via SMS, which will have a link for you to download Bunq app.
Bunq accounts in Ireland come with Dutch IBAN, which has 18 digits. Irish IBAN has 22 digits. According to EU laws, this should not be a problem when dealing with local businesses. However, some people have reported IBAN discrimination. If this happens to you, you should report to the Central Bank of Ireland and the CCPC. Make sure you document how the company is infringing on your right to use a foreign IBAN (for example with screenshots of your communication with the company).
One of interesting features from Bunq is the Bunq Travel Card. It is a MasterCard without any foreign exchange fees. The bank uses standard rates for MasterCard. It does not add markup fee.
Please, feel free to compare Bunq vs Revolut vs N26
Final Thoughts on Online Bank Account in Ireland
Online banking in Ireland is a convenient way to access our funds. You can pay bills, make purchases and transfer money right from your mobile phone. Online banks differ when it comes to features, fees and speed. As such, finding the right online bank in Ireland is critical. You can use the above banks for your banking needs.
Can a non resident open a bank account in Ireland? Yes, you can open a non resident bank account in Ireland with banks such as the Bank of Ireland non resident account.