Thousands of Irish bank account holders are looking to switch branches as Ulster Bank and KBC prepare to leave Ireland in the coming months.
Consumers have been warned over potential delays as a number of businesses deal with a shortage of staff and an influx of applicants.
The one benefit with needing to switch over is being able to choose the right bank for you, with the least amount of sneaky charges.
Every Irish bank account is subject to a number of automatic fees, and some are lesser-known than others.
Each provider has a different set of rates, so if you’re looking to pick the cheapest option amid your bank switch, here is each charge as of May 18, 2022.
Permanent TSB, Explore Account
According to Money Guide Ireland, the PTSB Explore account is a great choice but has an €18 quarterly account maintenance fee.
On the bright side, they have no day to day transaction charges.
According to the experts, “The account also offers cash rewards such as 10c for every time you use your debit card.
“This reward is capped at €5 a month.(You would need to use the debit card 50 times in a month to get the maximum €5 cashback.)”
PTSB also offer cashback on payments of bills to a number of listed companies by direct debit.
EBS, Moneymanager Account
EBS doesn’t currently have any charges on current bank accounts, however, the Moneymanager account has very basic features.
Chequebooks are not issued and overdrafts are not allowed, meanwhile there is no option for Apple Pay or Google Pay.
Bank of Ireland
Bank of Ireland current accounts currently have a flat fee of €6 per month which works out at €72 a year.
There is no way to avoid this fee, it is charges to all account holders, unless you are one of the following:
- Golden Years account holder or
- Graduate, 3rd Level student or
- 2nd Level student current accounts
Allied Irish Bank
AIB charges Admin fees of €4.50 per quarter as well as transaction fees.
AIB also charge the following fee for transactions :
- Automated Transactions (Direct Debit/ Standing Orders) 20c.
- Internet or Phone transaction 20c
- ATM withdrawals 35c
- Machine Lodgements 35c
- Cheque Processing 39c
- Debit Card Transaction 20c
- Over the Counter Transaction 39c
Revolut
Revolut is now operating as a fully licenced bank in Ireland however, on the Standard Revolut account, there are no monthly charges.
The first First 5 ATM withdrawals per month or the first €200 per month are FREE. After that, there is a 2% fee. (Min €1).
When spending in non-Euro currencies – the first €1000 per month is fee-free , after that there is a 0.5% fee.
With Revolut you can’t pay in cash or cheques, but you can set up Direct Debits.
Another new feature that is available to Irish account holders is loan approvals.
N26
N26 have no Admin fees on their current accounts and the only transaction fee is on Irish ATM withdrawals.
If you use them more than 3 times a month, there is a €2 charge each time.
There are no fees with N26 for card spending in foreign currencies.
A physical debit card will cost €10 to send out – but you can do without one if you are going to use Apple pay or Google Pay etc.
It is an “online-only” bank with a full EU banking licence and are also regulated by the Central Bank of Ireland for the conduct of business rules in Ireland
There are no N26 branches – so you can’t pay in cash or cheques, but you can set up Direct Debits. No overdrafts.
It only charges a 1.7% fee on Non-Euro cash withdrawals.
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