On The Money doesn’t tend to take too much notice of press releases from banks but something crossed my desk this week that made me stop.
It wasn’t revolutionary – this is from an Irish bank after all – it was just announcing a simple practical solution to a problem that hasproved intractable.
Every year tens of thousands of people arrive in Ireland to study, start a job or return home after an extended period abroad.
Getting set up in a new country or back in your homeland throws up all sorts of basic practical issues; housing, setting up utilities, getting paid by your new employer or finding a home for the cash to tide you over for your period of study, almost all of which require you to have details of an account with a local bank.
Until now, unless you were physically resident in Ireland, you could not set up a current account to manage these basic but necessary functions, never mind about doing it online.
Now Bank of Ireland says it is allowing people open accounts in Ireland up to 45 days before they arrive in the State. This allows them to have their financial affairs in order from the day they arrive in the State.
I had to check that this was, in fact, new. It seems odd that in 2025 in a world where online banks are eating the lunch of the old traditional players, no one would have thought of this before now.
The “Coming to Ireland” service will even allocate a personal case manager who will get in touch within 48-hours of the application being submitted to guide people through the process.
That will be subject of envy from every other bank customer who cannot be sure of ever dealing with the same person twice on their banking affairs.
Bank of Ireland’s head of retail, Susan Russell, notes that coming to Ireland for the first time or returning home after years abroad “can be overwhelming”.
And it’s an experience that affects more people than you might think. Bank of Ireland cites Central Statistics Office figures showing that more than 149,000 people moved to Ireland in the 12 months up to the end of April 2024.
Ms Russell says the new service is “designed to remove barriers”, something that will certainly be very welcome. So how does it work?
You simply need to follows the steps in an online account application form which you can find here.
You’ll need photo ID – a passport, driving licence or EU national identity card. You’ll also need two proofs of address but, as these will need to be proof of an Irish address, the bank gives you 60 days from your date of arrival to present those. Failure to do so will see the account blocked.
The process will also require a selfie of you that is taken as you go through the process.
Assuming it works as promised, it will give Bank of Ireland an edge on its rivals.
AIB does say that people coming to the State can open an account before they arrive through its website. However, applicants still need to visit a branch on arrival to verify their identity and have the account activated.
Once they have all the paperwork, AIB says a customer can expect their new account to be operational within 24 hours.
People resident in Ireland over the age of 16 can open an account virtually through the AIB Mobile app, the bank tells me, which is welcome but no good if you’re only arriving in the State.
AIB is also proud of its translation services which offers service to customers in any one of 150 languages – which sounds helpful for those who do not speak English as a first language – but it still won’t allow you to get up and running without trekking into a branch in Ireland.
For its part, PTSB requires anyone arriving in Ireland and looking to open an account to present themselves at a branch with all the necessary documentation.
People who are already resident here can open an account through PTSB’s mobile app. They can even open a joint account if they were not already PTSB customers. However, somewhat ironically, if you are a PTSB customer and wish to open a joint account, you’ll have to visit a branch
Of course, while all this increased flexibility is welcome, it is worth noting that the banks are only really beginning to make themselves more accommodating because of the threat from the fintechs – like Revolut, N26 and Bunq – who pioneered the concept of online account opening, including scanning of the necessary documents.
In a world where banks are making it ever more difficult to actually talk to someone in a branch, people, especially younger potential customers more comfortable with living more of their lives online, increasingly opt for the flexibility and user-friendliness the fintechs offers – despite some of the customer service glitches that have subsequently emerged.
Ironically, in a world where traditional banks are looking to reduce branches and branch staff numbers, you would have thought blatant self-interest, if nothing else, would have made them anxious to be at the forefront of flexible, online banking
As anyone who regularly battles their way through the stodgy online offerings available from the traditional banks will know, they’re far short of offering that sort of cutting edge banking service.
Still, at least making it easier for people to get their personal banking arrangements up and running before they land is a small step in the right direction.
You can contact us at OnTheMoney@irishtimes.com with personal finance questions you would like to see us address. If you missed last week’s newsletter, you can read it here.
