Digital banking is becoming a new trend especially due to the convenience of online banking. Online banks are much cheaper compared to brick and motor banks since they have fewer expenses. It is also convenient in that you can withdraw cash from anywhere and anytime and easily transfer money. 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.
Revolut is an online Lithuanian licensed bank launched in 2015. It operates in Ireland as payments facilitating company with over 1.5 million customers. It has applied for an e-money licence in the country, which means it will be regulated by the Central Bank of Ireland and customers’ funds fully protected. Irish customers will be moved back to Ireland and Revolut IBAN and BIC will also change.
To open its virtual account in Ireland, you need to download Revolut app available on Play Store or App Store. Then fill in some 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.
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.
Can a non resident open a bank account in Ireland? Yes, you can open a bank account in Ireland for non-residents with accounts such as the Bank of Ireland non resident account.
Monese was launched in the UK and it an app only bank. It does not have banking halls and all banking services are offered through Monese app. You can down its app from the Play Store or App Store. You can then fill in your personal details to sign up. You can open a Monese IBAN account if you are in the European Economic Area (EEA).
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.
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.
Monese has some interesting features such as multi-currency accounts, instant spending notifications, spending tracker, MasterCard debit card and free cash withdrawals for a certain amount. You can opt to use Simple, Classic, or Premium plans.
Read: Revolut vs Monese
N26 is a German bank that is available in Ireland. You can use the bank in over 25 countries in Europe. When you open N26 in Ireland bank account, you will be issued with an IBAN and BIC number. Your IBAN will be a German IBAN, which should work in Ireland. 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.
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).
When you open N26 account, you will be issued a MasterCard debit card. You can use it for cash withdrawals. You will enjoy up to 5 free ATM withdraws in any currency around the world every month. You also get to enjoy in-app support chat and phone customer support. It also has a money management app that helps customers to plan their money.
Read also: N26 vs Revolut
Wise, formerly Transferwise, is an online bank that has been in existence since 2010. The virtual banks boast transparency and mid-market exchange rates. You can download Wise app from Play Store or App Store 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 or pay your employees.
Wise uses mid-market rates to send money across the borders. It does not charge an exchange rate margin while its overall fees are low. Also, it doesn’t have hidden fees and you will be notified of all the fees before initiating a transfer. You will also be notified of how much the recipient will receive and the progress of the transfer.
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.
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. It is built using blockchain technology. You can download Bankera app on Play Store and enter your personal details to sign up. If you are an investor, you can use Bankera to grow your money. The app comes with user-intuitive features like investment tools. Bankera offers excellent interest rates for customer deposits. It also has investment tools like ETF’s that will help you grow your wealth. Bankers has a crypto exchange for its customers to buy and sell cryptocurrencies and it also offers crypto backed loans. The bank offers business account for virtual currency businesses in Ireland.
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.
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. 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.
Read: Bunq vs Revolut vs N26
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.