10 Sep 2024
Are you an expatriate in Ireland and perhaps mistakenly closed a bank account in your home country for an online money transfer from Ireland to Nepal? You will be shocked after knowing that, based on the World Bank data, 35% of accounts remained inactive in 2021 due to the challenges of handling money transfers. Yeah, as a Nepalese now living in Ireland, the one thing that you do not wish for is for your account to become inactive. This means you cannot access the money you worked hard for. Do not allow your savings to stay idle after working hard to earn them. This guide will give you a step-by-step guide on reactivating your Nepalese bank account while you are in Ireland.
What do you mean by the term Dormant Bank Account?
An inoperative bank account has not been operated for one year or more, for example, with no transactions such as deposits, withdrawals, or transfers. If an account has not been used for some time, the funds cannot be withdrawn, and there may be a need for it to be reactivated. While an inactive account can be easily activated with a transaction, a dormant account can only be activated through steps that involve identity proofing.
For Nepalese expats, accounts can become dormant for various reasons, including:
When people change their residence to another country, they often find themselves out of the reach of their bank accounts to send money to Nepal online from Ireland for some time.
Failure to find information on the accounts makes the account become inactive.
Sometimes, you may fail to receive notifications from your bank due to incorrect contact details or failure to update them.
Following are the fundamental reasons to reactivate your dormant accounts today:
This risk is quite natural and dangerous because it lacks the realization of customers’ rights to their money. Perhaps having $500 in your account is not as harmless as it might seem if you have to wire money to your close ones, but the account has been frozen! This situation is particularly problematic for expats who must frequently send money from international funds.
Bank accounts that are not frequently used usually attract fees that can lead to the deduction of your balance now and then. Some banks charge dormancy fees, which can seriously deplete your balance slowly and cause you more financial strain. Thus, by reactivating your account without delay, you do not incur these penalties and remain the only one who controls your money.
Here is the list of basic steps that you should take to reactivate your dormant accounts while residing in Ireland:
Contacting your bank to reactivate your dormant account is a mandatory first step. They will further ask you for the following:
The first step in reactivating your dormant account to send money online to Nepal from Ireland is to contact your bank and provide the necessary documentation, which typically includes:
One passport-size photograph and the original of a current passport or a national identification card.
Utility bills for the last three months or the bank statement for the last twenty working days.
They will record some details simultaneously in connection with your dormant account.
You can also apply for reactivation of the account in possible ways like:
However, ACE Money Transfer can be useful for expats who carry out their operations without easy access to an actual branch because it allows them to keep an account active without physically visiting the bank.
Here is the simple process that you need to follow to reactivate your dormant bank accounts:
First, fill in the application to your bank using the internet service or visiting the bank headquarters. This may include completing prescribed forms and providing identification documents, among other things. Once the documents required for reactivation are submitted, the reactivation normally takes a few business days, depending on the bank.
Once you have sent your request, it is also advisable to contact the bank to ensure that you would like your account reactivated. To ensure this does not reoccur in the future, you may wish to automate fund transfers via ACE Money Transfer to send money to Nepal from Ireland. These transactions will help keep your account active and fend off all eventualities that might lead to interrupting your financial obligations.
However, after you have managed to reactivate your dormant bank account, you should ensure that the account is active to prevent it from being dormant. This is where service providers such as ACE Money Transfer come in handy. By using ACE Money Transfer for regular transactions between your Nepalese and Irish accounts, you can:
Regular transfer ensures that the account doesn’t remain dormant again, hence maintaining a consistent flow.
As a company, ACE Money Transfer has provided a reputable means and safe channel through which people can transfer money back home to Nepal.
Make sure you get cheap and acceptable exchange rates on your international transfer.
So that your money reaches the beneficiaries or the intended parties as soon as possible, ACE Money Transfer, combined with your reactivated bank account, offers the Nepalese expatriate community in Ireland an integrated financial service.
An inactive bank account is not just an irritation that one must endure; it is a financial disaster waiting to happen. For Nepalese citizens residing in Ireland, regarding their financial status back home, it is always advisable to make a money transfer from Ireland to Nepal to support their loved ones. It’s, therefore, essential to validate the account to avoid unnecessary charges or losing access to your funds by following the guidelines for reactivating the account. Do not allow your once active bank account to become inoperative – reconnect with ACE Money Transfer today and regain control of your financial destiny. Start immediately by making constant transfers to maintain an active account and easy access to funds.
A closed bank account means that the account has not had any activity for a year, and as such, needs a restart. While inactive accounts can easily be restored by entering the username and password in the password reminder field, dormant accounts require certain formalities, such as the identity verification process.
Sometimes, accounts are left inactive due to a change of residence, oversights, or inaccurate details, which prevents the bank from reaching the account holder.
Inform your bank, with copies of your identity card, residential proof, account statements, etc., that you wish to activate your account. The ACE Money Transfer assists in keeping the account active by performing secured online transactions.
Active accounts also help avoid loss of funds and associated charges for inactivity. This means that when you transfer with ACE Money Transfer, your account remains somewhat active and always available.
