If you’re looking for the best business account in Ireland, we can help you go about finding one. With plenty to choose from in Ireland, we look at the benefits of opening a business bank account and what you should look for when comparing what’s out there.
Business bank accounts in Ireland
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How do business bank accounts in Ireland work?
Business bank accounts are simply current accounts that are used to access and manage finances relating specifically to a business. Whether you’re a freelancer, a small business or a large company, you will be able to open a business bank account in Ireland to suit your needs. More on that later. The idea is to keep your personal finances separate from your business finances.
The best business bank account for you will have features that are designed especially for your business needs. For example, they might have the option to let you add multiple users to the business account, with each user given their own card allowing them to spend funds from the account. The person or people in charge of the account will usually be able to set permissions for each user that has access to the account. Business bank accounts also offer other features, such as the ability to make batch payments, to give accountants access to the account or to easily track and manage receipts for tax purposes.
Just like personal current accounts, each business bank account will have its own features to try to win your custom. Meanwhile, you and your business will have your specific requirements in how you want your business account to perform. So make sure you compare the business bank accounts in Ireland before you apply for one to ensure it’s the best one for you.
As well as considering a business bank account with a bank that has a physical presence in Ireland, you might also want to consider digital banks.
Is my business eligible for a business account?
To open a business bank account in Ireland, you will need to meet the following criteria:
- Business type: Business bank accounts are usually available for freelancers, sole traders, small businesses, large businesses or enterprises. If your company is in the public sector or a charity there may be restrictions as to what bank accounts you can open, so check the criteria.
- Personal or business name. Some banks may require you to open the account using your personal name while others may require you to use your business name.
- Registration. Your business may need to be registered at the Chamber of Commerce to open an account with some digital banks.
You will also need to be aged 18 or over and be a resident of ROI.
What are some of the best business bank accounts in Ireland?
Business bank accounts are not a legal requirement in Ireland, however, it might be worth considering one depending on you and your business circumstances. But businesses come in all shapes and sizes so the best business account for someone else might not be the best business account for you.
We’ve rounded up some of the best business accounts available in Ireland and highlighted a few of the perks:
- Revolut Business is a solid option for companies that regularly deal with multiple currencies. There are 3 options to choose from as well as a custom tier for larger businesses. You can carry out transactions in more than 30 currencies with no extra fees. You get virtual and physical prepaid business cards to hand to employees that are linked to the main business account, allowing you to approve and track expenses and set limits. And synchronise your business account to a number of accounting software tools such as Xero to speed up bookkeeping.
- Bank of Ireland has a Startup account available to businesses created within the last 3 years. It waives maintenance fees and overdraft fees for 24 months, has business deposit options to choose from and access to the bank’s dedicated banking services online. Through its Workbench programme, Bank of Ireland also offers a number of perks including hot desks, interactive screens and free Wi-Fi. These can be found in several locations including Dublin, Limerick, Cork, Donegal and Galway.
- Wise offers a business account that allows you to pay international employees or vendors in 80 countries at the real exchange rate, allowing you to bank like a local business. You can make batch payments and receive payments in a number of popular fiat currencies including EUR, USD, GBP, AUD and NZD.
- AIB offers a unique current account for young farmers aged 18-40 that are just starting out in the farming industry. AIB waives the first two years of account maintenance fees and many of the transaction fees, with discounts available on charges relating to cash handling.
- bunq offers a greener way for businesses to bank with its Easy Green Business account able to work towards being carbon neutral in 2 years thanks to its tree planting program (1 tree is planted for every €100 spent through bunq Business). Through its partnership with Wise, businesses can also make cheaper international money transfers.
- N26 is worth mentioning if you’re a sole trader or freelancer and don’t work with cash or cheques. While it does offer online business accounts that facilitate card and bank transfers and online payments, no new customers are being accepted for N26 Business at this time (18 October 2022) so you’ll need to join its waiting list.
What are the benefits of a business bank account?
Not sure why you should open a business bank account? Here are some of the advantages:
- All your business transactions are separated from your personal ones, which makes your business accounting records more organised.
- Some banks have mobile apps that allow you to check your transaction history and make business payments anytime, regardless of where you are.
- You can set up standing orders for business expenses. No need to worry about not paying on time anymore!
- You can pay employees easily.
- If you’re a freelancer or small business owner, you may be able to enjoy a maintenance fee free period.
- From insurance to coffee supplies, some banks offer discounts or promotions for products and services that you may find useful for your business.
What types of business bank accounts are there?
As well as a variety of features that can benefit businesses, there are also different types of business bank accounts available depending on how you and business operates.
Sole traders, freelancers, startups, companies and registered companies, regardless of size, can all find business bank accounts in Ireland to suit these specific needs. For example, Revolut Business offers a range of 3 business accounts to freelancers and 4 business accounts to companies (including a custom tier for larger organisations). AIB has accounts for start up businesses as well as young farmers. And bunq Business has 3 business accounts for registered businesses in Ireland.
Should I consider a digital business bank account?
Digital banks such as Revolut, bunq and N26 all offer business accounts. Whether or not they are suitable for your business is up to you and your business needs. Most digital banks have different levels of business accounts. While the most basic business accounts might be free, top tier accounts offering a comprehensive range of features will come with a higher monthly maintenance fee. However, if these features will benefit your business and potentially save you money, the higher levels of accounts might be better value.
Another area to consider is your preference in communicating with your bank to make changes or get issues resolved. Most digital banks will have online live chat available or even a telephone number so you can speak to a representative at certain times. However, only traditional banks are likely to have a physical location where you can speak to a representative in person. Make sure you weigh up the features (and fees) of these digital business bank accounts against the features (and fees) of more traditional business bank offerings to decide which is the better fit for your business.
How do I compare business bank accounts in Ireland?
There are a number of types of business bank accounts available, so keep the following in mind when you’re comparing your options:
- Monthly fee. Some business banks don’t charge a monthly maintenance fee, such as Revolut and N26’s lowest tier offering, but these come with fewer features. Consider what you’re willing to pay for and if the features make the fee worth it. Equally, don’t be won over by a wide range of features if your business won’t actually use them.
- Transaction fees and other charges. Will you have to pay for cash withdrawals, direct debits or cheques? Besides any monthly maintenance fee, have a clear idea about other charges that may apply for carrying out simple, everyday transactions.
- User access. Some business banking accounts have limits on how many users you can add or how many free debit cards you can have.
- Limits on free local transfers. You may find there are limits on the number of SEPA transfers you can make. If you are transacting outside of Ireland you will need to consider this.
- Limits on transfers and currency conversion fees. If you conduct your business in multiple currencies you should consider the currency conversion fees you might be charged as well as any limits that are imposed on the business account for non-Euro transfers.
- Locked contracts. Do you have to sign up for the account for a certain amount of time? Check this before signing.
- Extra features. Watch out for convenient features such as access to both a mobile and web app, extra integrations, the ability to make bulk payments and expense management tools to keep your business finances in order.
What fees and charges will I have to pay for a business bank account?
Whether you turn to a traditional bank or a digital one, there will likely be fees and other charges associated with your business bank account. Here’s a list of some of the fees and charges you might come across:
- Maintenance fee. Some banks will apply a maintenance fee to your account to effectively manage your business account. This fee might be added monthly, quarterly or annually.
- Transaction fees. Everyday transactions such as direct debits, standing orders, ATM withdrawals, online or credit transfers and contactless transactions may have charges applied for each respective transaction.
- Overdraft facility fees. These are negotiated on an individual basis as per the business and can include fees for applying for and arranging an overdraft.
- Cash handling fees. Any euro coins or notes that are paid into a business account, or similarly withdrawn, may be subject to cash handling fees either as a percentage or as a maximum for a certain sum.
- Referral item charge. If a direct debit or standing order pushes your business account to exceed its credit limit, then a charge will be added for each item that exceeds your limit. If, for example, you have several direct debits leaving your business account on the same date resulting in your business exceeding its limit, it’s important to note that a charge could be applied for each direct debit.
- Unpaid charges. If for some reason there are not enough funds in your business account to pay a cheque, direct debit or standing order, then unpaid charges will apply.
- Extra service charges. If you require additional services, for example, ordering a duplicate bank statement, amending a standing order or carrying out an urgent money transfer, then each will usually carry its own charges.
- Government duties. These are in addition to the bank’s own transaction fees. For example, government duties are added each time a cheque book or bank draft is issued or a debit card is used.
How do I find the best business bank account in Ireland?
A friend or relative may tell you that they have the best business bank account but that doesn’t mean it will be the best account for you. Business bank accounts offer different features that will appeal to different businesses. After all, not all businesses are created equally and the same goes for business bank accounts.
To find the best business bank account for you and your business, ask yourself the following questions, then shop around and compare your options.
- What do I need my business bank account to do?If you want a business bank account to just cover the basics, you may find that a fee-free or lower tier account is suitable. Just be aware of the fees, charges and limits that might apply. If, on the other hand, you want a business account that does a lot more, look for the mid and top tier accounts. You’re likely to pay a higher monthly fee but it might offer great value for money if you know you’ll make use of the features and deals.
- Will my business make use of all the features on offer?Don’t be fooled into paying a monthly fee in return for a range of features that your business has no intention of ever using. Value for money can only apply to features that you need and will use.
- How much will my business bank account cost me?While you may not have to pay monthly fees with some business accounts, that doesn’t mean they are “free.” Check the usage fees, other charges and limits on the account. You might find an account of this nature offers poor value for money compared to a mid or top tier account with a higher monthly fee.
- What’s the best way of dealing with my bank?If you’re used to digital banking, then you might not mind communicating with your bank via a mobile app, online chat or over the phone. But if you’d like to deal with requests in person, then a traditional bank may be your only option. The bank you choose should be the one that matches the way you want to bank.
How do I open a business bank account in Ireland?
The process of opening a business bank account will very much depend on the provider you choose and your type of business.
If you are a sole trader, you can usually apply for a business bank account online, and we have a step-by-step guide for you to follow below.
For all other business types, such as limited companies or partnerships, you will need to contact the bank in order to set up a physical or telephone meeting with one of the bank’s business advisers.
Depending on the type of account you’re looking to open, you may need to provide evidence of your business registration, forms of ID, your banking history and a deposit.
A step-by-step guide to applying for a business bank account as a sole trader
Step 1: Once you’ve checked you’re eligible, simply click “Go to Site” in the comparison table above on your chosen digital business bank to apply online.
Step 2: If you are applying for a business account with a provider that you already personally bank with, the bank may be able to use the details it has for you. You’ll need to tick this option on the application form if this applies to you. You may even avoid having to provide proof of your identity and address.
Step 3: Complete the application form. This should take a few minutes to complete but you will need to provide both personal and business details in order to open your account. You’ll also need to verify your identity by uploading copies of your passport and driver’s licence along with proof of your address in the form of a bank statement or utility bill.
Step 4: Await your business bank account approval then start using your account.
If you’re a sole trader, opening a business bank account online can take minutes. However, for all other business types, the process will need to be carried out by the bank’s business adviser and may take anywhere from 1 to 7 days.
The bottom line
From allowing multiple users to enabling batch payments, business bank accounts in Ireland offer many benefits. What you and your business need from a business bank account will be different to what somebody else and their business requires. The best business bank account will be the one that is closely aligned with your own business requirements. So use our guide to compare business bank accounts before you open one to make sure it’s right for you.
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