If you plan to move to Ireland from the United States, be prepared for some changes. One of the biggest differences between Ireland and the US is banking. It is advisable to learn a little about the subject before you move and need to transfer money to Ireland to your new account.
At present, there are two major banks in Ireland. Allied Irish Bank and Bank of Ireland are known as the largest, with over 300 branches each. Ulster Bank and National Irish Bank follow, with about five smaller banks completing the group. Like the US, all Irish banks offer 24-hour internet and telephone services. You may see some familiar banks in the area, such as Citibank and Bank of America, but they are not major players and you will likely have to transfer money to banks in Ireland once you move.
Before getting a bank account in Ireland, you will need to collect references from your US bank. They should indicate that you have been a good customer while you were there. Also, know that in this country, it can take up to six months to get a credit or debit card through your bank, so it’s a good idea to keep your old one, or perhaps get a prepaid debit card. Once you get a card from an Irish bank, you can only use it to withdraw money from ATMs, for which you have to pay a fee. Eventually, you may be issued a laser card, which can be used internationally and like a regular debit card, but you have to prove you’re a big customer for this, unlike in the US.
Also, before opening a bank account in Ireland, you will need a Personal Public Service Number, or PPS No., which you can apply for once you have a permanent address in the country. You will also need your passport and birth certificate. Please note that you only need a PPS number in the Republic of Ireland, not in Northern Ireland.
Many people advise keeping your US checking account open when you move, especially if you still have property or other bills to pay here. It will be easier to pay your US bills with a US account, instead of having to send money that needs to be exchanged from euros to dollars. Plus, you won’t have to deal with unfavorable exchange rates, and many items are cheaper to buy in the US than in Ireland. You can avoid certain transaction fees with a US bank account, and since many retailers don’t even accept Euros or anything other than US dollars, you can save yourself some hassle by maintaining a basic US checking account.
If you keep an account in your home country once you move to Ireland, you can easily transfer money to and from your different accounts. However, it often takes a few days. If, for example, you have a bill to pay in Ireland and you need money from your other account in the US, you can transfer money from one account to another, but it may take 2-3 business days. In fact, Irish banks are notorious for being difficult when it comes to international money transfers. Using a prepaid debit card could solve this problem. You can send one to your new address, and any time you need to transfer money from your US account to the Irish account, you can go to the debit card website and send the money to your card.
Usually the money will be available instantly or the next day. You can use the card number and PIN to pay bills online, or you can withdraw cash at one of the many ATMs located throughout the country. Visa and MasterCard are widely accepted in this country. This is a quick and cheap way to transfer money from one account to another when you move to Ireland. The charge is a flat fee of around $5, so you can send as much money as you want at one time.
Moving is usually difficult, but moving from one country to another is a major change. You shouldn’t have to wonder how you’re going to juggle your financial responsibilities in the United States while making your new home in Ireland. It is useful to know the methods available to transfer money to Ireland before you move.
