Banking & Transferring Money

Warning: Irish banks are among the most profitable on the planet. Fees charged are, shall we say, "generous"?

AIB, the biggest of them all, flushed $671 million dollars down the toilet in a rogue trader scandal. Yet, they still managed to celebrate their most rewarding financial year ever - and the directors awarded themselves big bonuses for their excellent oversight. You'll understand how they managed this trick when you get your bank statement.

The Banks

There are two huge banks in Ireland, then everyone else. The two big boys are Allied Irish Bank known as AIB and Bank of Ireland. The merger of two smaller banks to create Permanent TSB means that there's now a third significant player in Ireland. CitiGroup and other international banks such as Bank of America have very significant operations at the International Financial Services Centre in Dublin, but these are commercial operations.

Credit Unions - Just about every town in Ireland has a thriving credit union. There are no checking accounts or credit cards, but loans are easy to secure and are based on a percentage of your own savings. Credit unions are excused from DIRT tax on interest and usually pay the highest interest rates available.

Post Office - The post office doesn't just sell stamps. There are tax free long term bonds available and tax free passbook savings. Interest rates paid are competitive or better than the banks and the tax free status adds more value yet. The drawbacks are that the bonds are all handled by post and take weeks to clear, the amount that can be withdrawn from an on-demand account are strictly limited. Also, there are no checking or credit card facilities.

Opening a Bank Account, Transferring Money, Tax Free Non-Resident's Accounts

Sorry, you'll need to order the Full Site for this and other information.