Rather than trying to share information on the different types of bank accounts, we will just present you here with some of the issues regarding Proof of Identification and Address and opening an account.

Many a conversation has been had on our Facebook page regarding moving money from South Africa to Ireland, Ireland’s interest rates, how your credit history in South Africa is lost when moving and how different the banking system is to adjust to.

Not being Financial Advisors, we will not be covering that kind of information. We recommend you speak to either a Financial Advisor, Investment Consultant or Tax Consultant in South Africa for appropriate advice on these subjects before you leave, and when you’re in Ireland to sit down with either the Bank of your choice or a Financial Advisor, Investment Consultant or Tax Consultant in Ireland in regards to Investing or managing your money.

One thing most South Africans have issues getting in Ireland, is Proof of Address and what exactly is needed. In South Africa we have the same system in place when it comes to legal documents proving residence. However, as you have gathered this information over time, usually from the moment you received your first South Africa I.D. number and opened your first bank account in South Africa, you have been in various ways and means gathering credit scores or receiving utility bills or correspondence at one or many addresses to prove your residence.

It is just now you’re moving to Ireland that that history is essentially dropped, and it’s as though you are sixteen years old again starting from scratch in a new place who has no idea who you are! (There may be exceptional circumstances like Mortgage Lending Institutions who may consult with South Africa bodies to run credit scores there). Also remember if I were Irish moving to South Africa, I would be encountering the same issues as you are now coming to Ireland. Modern banking techniques are vastly different from 10, 20, 30 or more years ago. You may have held that South Africa bank account an awfully long time and have adapted along the way.

Proof of Identity in Ireland is most often your passport or once you have exchanged your South Africa licence, your Irish Driver’s Licence. These need to be in-date and the driver’s licence reflect your current residential address. However, the address on your Driver’s Licence is not usually accepted as proof of address, only Identification.

What is considered Proof of Address is usually a utility bill that you receive monthly at your residence dated usually within the last 3 months.

Each bank will have different subtleties as to what they will or will not accept. Please contact each Bank and discuss with them what they require.

In summary however, from Citizen Information website most Banks should accept one, all or some of the following:

There are a few banks which do offer Non-Resident accounts.

You can call them, and some offer a call-back service where they will talk you through opening an account.

A few notes on this technique:

Your South Africa utility bill/ bank statement in SA, needs to match EXACTLY what you tell them on the phone.
If your full name is Jane Smith, your address is 24 The Lanes, Some Town KZN 4200

But your South Africa municipality bill says Mrs J Smith it will be likely they reject it.

If your South Africa municipality bill says 24a The Lanes, Sometown, That District, KZN 4202 it will be likely they reject it.

If your South Africa municipality bill goes addresses to a Postbox or Postbag, it will be likely they reject it.

You need to make sure your name and address reflects the same as your given name and address correctly and in full, line-by-line they need to be the same.

Your bank card will be posted (not couriered) to you, followed separately by your PIN code. Not to cast negativity on the South African postal system, however, many of these cards do not reach the destination, at all or much later than expected. You may need to cancel the card and wait until you are in Ireland to get a replacement card.

Do NOT transfer large sums of money into that account until you have the card and PIN code in your possession.  Again, not to cast negativity on the South African postal system, but we have seen members of our Facebook page have their money disappear, how and when is up to debate, however the without the card and PIN in hand you have very little control over that bank account.

Please be very conscious of scams and misinformation regarding your money. Always get proper advice from authorised services before making any decisions regarding transferring your money anywhere.

Once in Ireland you can visit any of the Retail Banking institutions to open an account. Some may require an appointment with a Personal Banker so be certain not to set your heart on “Monday I’m going to open a bank account” and discover when you get there that its by appointment only, call and check ahead of time and speak to them about what you need in terms of Proofs. The banking systems and set ups, even online banking facilities are different to what you have been used to your whole adult life in South Africa , take a deep breath and accept the changes and new systems and with a friendly demeanour, and you’ll manage it eventually.

Utility bills in Ireland can often be placed in two people’s names as in John Smith and Jane Smythe on your gas bill for example. This is extremely helpful information when setting up your utility bills as it acts as one document as proof for two people. Similarly bank accounts can be joint accounts if you choose to have all moneys go into one account and allocate separate savings accounts.

One bank that does offer this service of a non-resident account, is Bank of Ireland

• newaccountopening@boi.com
  
• https://www.bankofireland.com/help-centre/faq/open-non-resident-account/
• +353 1 4044034

Another bank that used to do non-resident accounts is Permanent TSB. We haven’t heard recently if they still so, you may want to see if they can

• HERE

AIB doesnt accept non resident accounts anymore, but have a very specific set of conditions to open an account when in Ireland

• HERE
• +353 1771 5612
  
• https://aib.ie/our-products/current-accounts/online-bank-account-opening

Here’s some comparison sites that compares fees on the various Retail Banks in Ireland

• CCPC
• Bonkers
• Money Guide

Also investigate Credit Union accounts for savings in separate or joint names as they offer great facilities for loans once you have been saving with them for a while.

Banks will require your Irish Proofs of address to be JUST SO… so once you have moved into your own home, have bills coming in your name.

OR if you’re at a BnB, you may want to register for tax, if you are employed, after applying and receiving your PPS number, and then use the Tax Certificate as proof of address.

OR if you are an EU/ Irish or British passport holder use the AIB app and open an account online- AIB bank

OR if you hold any passport, try an An Post account at your local post office- An Post

ABSOLUTELY THE EASIEST BANK ACCOUNT- do NOT go into the bank

One bank that has this option if you are an EU citizen in Ireland is AIB bank

Download the AIB app.

Have a live call with the consultant- EU, Irish or British, simple… SA passport you need your IRP card or your work permit

A pin code is send in the post- takes about 3-5 working days

Open the account online

Card sent a week later

1. You need to have an Irish sim card and be phyically in Ireland
2. If you are on SA passport, some areas take a LONG time to get the Garda registration done- so this might not be so soon, back to the days of a non-resident account opened from SA and SOLID proofs of address it is!

https://aib.ie/our-products/savings-and-deposits/personal-identification-requirements

There are also online banks which may or may not be based in Ireland however as EU members they can operate in Ireland.

Here these may offer great alternatives to retail bank accounts as often the fees are low or zero.

But these accounts may or may not suit your employer. Many employers do NOT like to pay into online banks as most of them are not Ireland based but EU based and therefore paying salaries monthly into a foreign account could cost them, or their payroll software will not allow it.

Also, these banks have restrictions with regards to large sums of money and traceability due to anti-money laundering.

Check and check again all the terms and conditions and what these banks offer and need.

These often require you are in Ireland can see by your IP address if you are not in the EU and will not allow you to set it up.

A list of online banks HERE with ratings

We ALWAYS recommend you use an authorised banking authority to move your money. Unless you are very well knowledged in doing this process yourself, you could like some have, have your money suspended between SA and Ireland or visa-versa, because of paperwork missing or mis-filed.

There are many banking institutions on both sides of the waters that you can use, look at reviews and costs and commissions before deciding who to use.

When it comes to larger sums of money just be very wary of online banks (the app types like N26, Monda, Revolut) as they are not easily contactible and your money could be suspended for a significant period of time.

We have no one company we recommend, but you could look on our Facebook page for recommendations if you use the search feature there you will find many listed.

We will say again… we are NOT financial advisors, so please speak to a professional in this regard, be cautious of advise from non-professionals.

We will say again… we are NOT financial advisors, so please speak to a professional.

But some opinions from our Facebook group collectively:

When you move to Ireland, your credit rating is in effect null and void and you need to start all over again.

Once you are employed you can perhaps do a few things to start improving your rating. Get a phone contract, perhaps a small car loan or buy an appliance on credit.

Credit Unions are also really good. Here dont put all your savings into the account straight away do it monthly. The premise is that if you are showing you can put away a set amount each month that you can do without that money to survive each month.

Credit rating improve the more you can show you save each moth out of your salary, rather than increasing debt or large debt repayments.

Go see a morgage broker about getting a morgage… they can help with certain savings programs helping you save for a deposit.

But don’t go taking a huge loan because then that is counted against a mortgage but smaller ones are good. Yes it costs money in terms of you are paying more for that item than if you paid cash. Make sure you pay off all your credit on time as well as your rent and utilities. These count in your favour too.