What types of banks are operating in Ireland?
If you are looking to open a business bank account for your company in Ireland, you can be assured that Ireland has a vibrant and modern banking sector.
The three main traditional banks operating in Ireland are:
The Irish government has a minority share in the Bank of Ireland, namely 9.3%. At the same time, it should be mentioned that the state is the majority shareholder in two banking groups, Allied Irish Banks, where it controls 71%, and TSB with 75% of the shares.
Digital banks
In recent years, bank customers have tended to move away from traditional banks to digital or online banks. This is largely due to the convenience and flexibility that these banks offer. For example, digital banks like Revolut, Fire, and N26 have entered the Irish market.
These banks can be much easier to use than traditional banks, thanks to tailored interfaces and features such as the use of a mobile app. Some may also offer competitive interest rates on savings accounts and loans.
As people become more comfortable paying for goods or services in stores by simply touching the screen on their phone, the use of mobile payments is still on the rise.
The new banking app in the Irish market: from traditional to digital
If you’re considering opening a business bank account for your company in Ireland and are concerned about the ability of traditional banks to provide instant payment services and easy online banking, you can take comfort in knowing that a new digital banking app is on its way.
Ireland’s leading banks have been given permission to create a new app that could rival Revolut. The Competition and Consumer Protection Commission (CCPC) have cleared Synch Payments DAC, which describes its product as “an industry-wide instant mobile payment service designed to transform and revolutionize the way payments are made” in Ireland.”
Synch Payments, a new company, will provide a new mobile payment service called Yippay. The new app will allow customers to make instant person-to-person and person-to-business transactions.
With a selection of digital banks and traditional banks, having digital banking features that promise to be excellent, the Irish banking system offers a number of options for businesses looking to open a bank account in Ireland.
Should you wish to discover your options available based on your current situation, do not hesitate to book a free consultation with our team now.
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