Bank Account in Ireland - Easy Introduction for
Does anyone really need an Bank Account in Ireland, and how much money do you need to make it
Getting a Bank Account in Ireland simply means opening an account outside of your home country. If
you live in Ireland, opening an Bank Account in Ireland will be ''offshore''. Likewise if you live in Britain,
an account in one of the Channel Islands or Ireland will be classed as ''offshore''. In fact if you have lived
in another country for any length of time it's highly likely that you already have an offshore bank
A separate branch of offshore banking involves accounts provided by an offshore bank only to outsiders.
Offshore banks or financial companies operating in this way are frequently prohibited under the terms
of their charter from providing banking services to citizens of the country in which they are licensed. A
typical example may be an offshore bank in a Caribbean island that offers services to US and European
citizens but is not allowed to offer services to citizens of the island.
Aside from the simple necessity of having a separate account when you live a foreign country, what is so
attractive about offshore accounts? Why is it that rich people have them?
1) Bank Account in Ireland are frequently available in more than one currency. This makes them
extremely valuable to those who work in a different country or travel frequently. It is also very useful to
your average investor as a hedge against dramatic currency movements. Some investors for example
may like to buy into a currency recognized for its stability like the Swiss franc, to prevent keeping all
their money in one currency such as the dollar.
2) As a hedge against financial instability at home. When most people think of offshore banks perhaps
the notorious ''shell banks'' come to mind. Unregulated and at times run out of someone's bedroom, the
most physical presence some of these banks may have is a brass plate on a building along with hundreds
of similar unlicensed institutions. However, these days shell banks are increasingly out of favor and
ostracized by domestic banks in western countries. The offshore banks that operate seriously are well
regulated and as safe as or even safer than typical domestic banks.
3) Confidentiality. Depending on where and how exactly you bank offshore, offshore bank accounts can
be much more confidential than an onshore account. The reasons for wanting this privacy are
numerous, and most commonly include protection against threats to your wealth from criminals or
frivolous litigation. While Swiss bank accounts and Cayman bank accounts are traditionally viewed as the
most secretive, international developments have rendered them less private than they used to be.
4) Access to offshore investments. When people decide to move part of their wealth offshore, it is often
not just a bank account they are looking for. The offshore bank account is often a portal to other
investments such as foreign equity, offshore funds and financial instruments that give high rates of
interest. Some of these investments may be available completely tax-free, depending on your personal
5) International payments. Sending and receiving large wire transfers abroad can be a nightmare when
using a domestic bank. There are mountains of questions and paperwork to be dealt with. That's
understandable. Domestic bank accounts are really for in-country transactions and not equipped to deal
with large volumes of foreign transfers - kind of like using a mini metro to go off-road. Offshore bank
accounts on the other hand are specifically equipped to send and receive money from outsider
countries, and make the process as fast and efficient as possible.
There's no point in setting up an offshore account if you do not really need one. If you could easily do
what is required with a simple domestic account, that's the best course to follow. On the other hand, if
some of the ideas above struck a chord with you, maybe it is a good time to move offshore!
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