Online banking is gaining popularity in Ireland due to its convenient and cost-effective nature. Compared to traditional brick-and-mortar banks, online banks in Ireland have lower overhead expenses, resulting in affordable banking solutions. These virtual banks offer attractive features like multicurrency accounts, personal and business IBAN services, efficient SEPA transfers, and even crypto banking. If you’re considering online banking in Ireland, here are some reliable virtual banks worth considering for your financial needs.
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.
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 Wise and Revolut, but also with the Bank of Ireland non-resident account.
At Bunq you can choose for an Irish bank account number. It is maybe one of the easiest options to open an Irish bank account because you don’t have to fill in paperwork or visit an office. 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 your funds are protected by the Dutch Deposit Guarantee up to €100,000. The bank offers personal accounts, a credit card, mobile payments (Google Pay and Apple Pay), disposable virtual cards, and joint accounts.
To open a Bunq account in Ireland, you go to Go to Bunq website, enter your phone number and the bank will send you an invitation link via SMS, which will have a link for you to download Bunq app. Your account comes with an Irish, Dutch, French, Spanish or German IBAN. You can select yourself or get them all if you get a premium account. A full guide is also available.
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.
Revolut operates in Ireland, serving over 1.7 million Irish customers. Your Revolut account comes with an Irish IBAN, and it’s free to open an account.
The bank has a full banking license by the European Central Bank (ECB) allowing it to cover Irish customers with 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 the Google Play Store or Apple App Store. Then fill in your personal details to sign up. When you open a Revolut Ireland account, you will be issued an IBAN from Lithuania, which works just as well as an Irish IBAN.
As a crypto-friendly bank, you can use Revolut to hold, buy and exchange cryptocurrencies. Furthermore, you can easily save money by setting recurring savings contributions. As such, you can track your spending using a tracker. Every time you pay, you will get a notification. Is Revolut a good bank? Review of Revolut Bank for Fiat Money and Cryptocurrency
Monese is an app only British bank. If you’re based in the UK, your Monese EUR account’s IBAN will have the GB country code. If you live outside the UK (except for France), your IBANs will start with BE.
Is Monese available in Ireland? Yes, you can open a Monese IBAN account if you are in the European Economic Area (EEA). It does not come with an Ireland-based account number though, but you can use their account in Ireland as if it’s a local account. 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.1
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? Read our Complete Review of Monese Bank Account.
N26 is a German bank with a full banking license 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. Like Revolut and Monese, it does not come with an Irish account number (IBAN) but you can use it as a local account.
Wise, formerly Transferwise, is an online bank that has been existing 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 a debit card. Its multicurrency account allows you to hold and convert over 50 currencies. It comes with an IBAN from Germany, Italy, Spain, or Belgium.
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 a Wise business account and use it to receive payments in 10 local currencies like a local or pay your employees worldwide. Is Wise Bank good for you? Learn all about Wise Multicurrency Account.
Choosing the Right Online Bank Account in Ireland
Online banking has become an incredibly convenient method for accessing and managing funds in Ireland. With the ability to pay bills, make purchases, and transfer money directly from a mobile phone, online banks offer a range of features and services. However, it’s important to note that online banks in Ireland may vary in terms of their specific features, fees, and processing speed. Therefore, it is crucial to carefully evaluate and select the online bank that best suits your individual banking needs. The aforementioned banks can serve as reliable options for fulfilling your banking requirements in Ireland.
Bank accounts in Ireland have 22 digits. According to EU laws, this should not be a problem when dealing with local businesses. However, some people have reported IBAN discrimination because some of the above have 18 digit IBANs. 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).