You may not be familiar with the term neobanking but get ready; it’s certain to become the next big thing in banking. As more and more banks close their physical stores (especially in Ireland) due to the rise in digital banks and users who prefer to do their banking online – neobanks have never been more in demand. Thanks to the evolution of technology, you can now do almost all of your banking from the comfort of your own home, provided you have a computer or mobile device.
What is a neobank? You may ask, well, in short, it’s a bank that exclusively operates online and is also known as an ‘online bank.’
So, in this blog post, I will detail my experience with using a neobank in Ireland and why I think it’s an excellent option for those who have recently moved to Ireland!
What exactly is a neobank?
As I mentioned above, a neobank is an online-only bank, meaning it does not have any physical branches. So, if you choose this option, all your banking will be done online. As the world becomes more tech-savvy, neobanks have soared in popularity, as you can imagine.
And because neobanks don’t require physical branches (and the additional staff to staff them), they save significantly in overhead expenses. As a result, they can usually offer lower fees!
What’s the difference between a traditional bank and a neobank?
As I said earlier, neobanks are solely digital, and traditional banks have both physical branches and online banking. I should note that only a few neobanks have banking licences; therefore, most of them partner with traditional banks so as to safeguard your money.
What’s the best neobank in Ireland?
Money Jar is a safe and easy way to bank in Ireland. It uses a digital verification and a liveness test to set up your account in less than 5 minutes, so you don’t have the rigmarole of making and waiting for an appointment at a traditional Irish bank (FYI, wait times for an appointment can be up to 8 weeks!) You can be paid by your employer directly into your account, set up direct debits, and even pay your bills from your account. Plus, you can send money to friends and family easily, and transfers to other Money Jar users are completely free.
Money Jar offers users a prepaid virtual Mastercard, which will be accepted everywhere Mastercard is across the world. It’s also fully integrated with Apple Pay and Google Pay! Or, if you’d rather have a real card, you can order one from the app for €5.
What’s great too is that MoneyJar also offers its customers an Irish IBAN (something most other digital banks in Ireland don’t offer); an IBAN is often needed to pay utility bills, etc. in Ireland!
Why Money Jar is so useful for newcomers to Ireland
As you may know, there are many hurdles to overcome when moving to Ireland. Thankfully, getting a bank account set up doesn’t have to be one of them with Money Jar’s quick set-up process. As I said, it will only take 5 minutes – as opposed to the lengthy 8-week wait time that some of the popular high street banks in Ireland are currently quoting for an appointment to set up an account! Plus, you will need an Irish IBAN to set up your utilities, etc., and Money Jar will offer you one!
Because you can set up your account remotely on your phone via the app, you can set up your bank account before you arrive in Ireland!
They also recently launched their Foreign Exchange service that enables you to send money home easily – the fee is so much cheaper than high street Irish banks!
You can sign up for Money Jar here!
How to set up your Money Jar account
It’s a simple set-up process which I love – first download the Money Jar app; then register your personal details and finally, verify your identity!
Thankfully, their app is easy to use too!
Thanks for reading!
Neobanks are the way of the future and they are especially handy for newcomers to Ireland. I hope this blog post about the best neobank in Ireland has helped you to gain a better understanding of neobanks and Money Jar.
If you liked this blog post, you may enjoy reading my other blog posts about moving to Ireland –
Everything you need to know about renting in Ireland