Guide to Successfully Paying Your Deposit on your chosen property

...Discover the key things you need to be aware of before you pay your deposit in 2026

Ready to pay a deposit on a property? Find out how the process works in Ireland.

Renting a property can be a risky business - if you don't know what you are doing. In 2012, in an effort to afford tenants greater protection in law, the PSRA  (Property Services Regulatory Authority - Ireland) was established. Their role, amongst other responsibilities, is to ensure that tenants financial interests are fully protected. Which means, that when you deal with a letting agent who is regulated by the PSRA, you can pay your deposit monies with the full confidence that you are dealing with a reputable and regulated agent. With a PSRA licensed agent like WEB Lettings you have 100% financial protection of your monies if your agent behaves dishonourably. For tenants who have lived abroad, the deposit may sometime be referred to as the property bond or security. In Ireland, by law the maximum that a landlord can charge for a deposit is equivalent to one month's rent. Before you rent a property you will be required to pay a deposit and the first month's rent in advance.

Six Simple Steps to Sorting Your Deposit.

The Deposit Process - STEP #1 - Decide if you really want to the rent the property.


Okay, great, you have decided you want to rent our property and we are pleased with your choice. But before you do anything else check your planned co-tenants feel the same, before proceeding. Are you aware it will be a minimum 12 month fixed term tenancy contract you are entering into? If this may not suit you, then this property is probably not right for you. However, if you have decided you like the property and wish to rent it, then you will need to pay a deposit. Doing this secures the property in your name and will result in it being withdrawn from the market. Until you pay the deposit, the agent or landlord is theoretically free to accept alternative offers - so move quickly if you decide the property is the one you want to rent.

The Deposit Process - STEP #2 - Check our reference requirements - this is essential!


Check out the "Your References" requirements by clicking here. All properties let by WEB Lettings (unless under the HAP guaranteed rent scheme) require the combined household income of tenants to exceed 2.5 times the monthly rent. Please note this calculation is based on nett household income, not gross income i.e. your after tax income is the basis for this calculation. Submit your references for review as outlined here in the "Your References" guide. Once you have read the "Your References" guide you may be wondering what standard is expected. Not a problem! Check out our expectations by clicking on the the big red button below here "Getting Your References Right"  - this is the benchmark standard you should aim for. Should your references be deemed acceptable, matters will proceed quickly to paying a deposit. Until the deposit is paid, the property is not reserved in your name.

Getting Your References Right
Click here to find out the standard expected of tenant references 

The Deposit Process - STEP #3 - Don't trust - verify that your agent is 100% legitimate!

Transferring large sums of monies to an unknown agent can be daunting for some people. We get it. That's a perfectly natural reaction. Fortunately we have the PSRA (Property Service Regulatory Authority) in Ireland. That means when you deal with a reputable licensed agent - like WEB Lettings - you have the full protection of the PSRA in the event of WEB Lettings collapsing or running off with your monies. We promise we won't - but hey, what's a verbal or written promise actually worth these days? So, relax, you don't actually need to trust us (but it does help) because your monies are 100% protected and fully insured. Why? Because you are dealing with a PSRA authorised agent. Check them out. Check us out!  Once you have verified WEB Lettings is genuine and holds a PSP (Property Service Provider) card you can proceed with complete confidence. Now you can transfer your deposit safely, secure in the knowledge that your financial interests are 100% protected under the law.  

The Deposit Process - STEP #4 - Transfer your deposit to the agent's "client account"

Okay, you have verified we are legitimate and now it is time to make the transfer of your deposit within 24 hours of your references having been approved. Contact WEB Lettings and request the IBAN details you need to make the transfer to the WEB Lettings Client Account. Make sure you use the the property address e.g. "15 Grovehill Road" as your reference so we can easily identify your monies in the account. If you don't, then you risk slowing down the process, as we try to identify your monies in the account from other tenant monies which are paid in daily. Please use the property reference! Tenants should only pay money into a "client account" to secure their property. A good agent - like WEB Lettings - will have proof that it has a client account for you to review before you make your transfer. Just ask. We are happy to oblige your request for verification. Because we are - yes you guessed it - 100% legitimate.

The Deposit Process - STEP #5 - Get agent confirmation of receipt of your deposit

Await confirmation from WEB Lettings that your monies have been received safely. WEB Lettings deal with many international tenants - not all of whom may be familiar with the complexities of Irish banking. At long last, in October 2025, Irish mainstream banking joined the 21st century - it is now possible to execute instant transfers of funds from one Irish bank account to another. This means if you like the property and have verified the agents credentials and understand the contractual obligations you are about to enter into, then you can safely transfer your deposit monies and receive same day confirmation of receipt by your agent.

The Deposit Process - STEP #6 - Finally, you need to be aware of this before you proceed.

Be aware - WEB Lettings act as the middleman/woman between the landlord and tenant. The property you are about to rent is quite probably the most valuable asset your landlord owns and they do not know you! Would you hand over the keys to a property, which at a minimum is worth several hundred thousand euro, without having a deposit and first month's rent in your possession? No? Us neither! So, for absolute clarity on this point, be aware that you must transfer your deposit and first month's rental payment and have the monies ***cleared*** in WEB Lettings Client Account ***before*** you take possession of the property keys. Your lease agreement will have been finalised prior to the request for final payment of monies you owe. Remember - you have ***independent verification*** of our credentials via the PSRA - so you know your monies are 100% protected by law. If this doesn't give you confidence - then nothing will. If you can't / won't / don't agree to this requirement regarding cleared funds prior to key handover, then we are sorry, but this rental property is not for you.

Fully Licensed. Fully Regulated. Fully Insured. Fully Protected Tenants!

About Declan Kerr - WEB Lettings

Declan Kerr has been letting and managing residential property across Dublin for over 17 years now vetting countless tenants. Paying a deposit can be a big step for many people - find out what you need to know before you pay your deposit in confidence.

Declan Kerr

Property Manager - WEB Lettings 

"The whole rental business can be stressful for both landlords and tenants, but it really need not be so. The key to a successful letting process is clear communication with both landlord clients and tenant from start to finish.  At WEB Lettings we endeavour to do this each and every time".

PSRA Licenced Agent: #004419. Verify my status by clicking here.

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