Compare business bank accounts in Ireland
Discover the features that come with business accounts and find the right account for you.
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Managing finances is an important part of any business, and to do that you need to find the right business bank account. There is a range of features that are available with these accounts including the ability to add multiple users, make batch payments, connect third-party apps and make local and international transfers.
This guide will show you how to compare business bank accounts in Ireland as well as explain how they work and how much they cost so you can find the right one for your business.
Compare a range of business accounts in Ireland
Updated February 28th, 2020
How do business bank accounts work?
Business bank accounts are simply current accounts that are used to access and manage business finances. You can open a business bank account as a large company, a small business or a freelancer. The idea is to keep your business finances separate to your personal finances.
Business current accounts have features that are designed for businesses. For example, they usually have the option to let you add multiple users to the account with their own card to be able to spend funds in the account. The person or people in charge of the account will usually be able to set permissions for each person 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.
Businesses all have different needs for bank accounts so make sure you compare business bank accounts before you open one to make sure it’s right for you.
Are digital banks good for business accounts in Ireland?
Digital banks such as Revolut, bunq and N26 all offer business accounts. Whether or not they are good for your business is up to you. Make sure you weigh up the features of these digital business bank accounts against the features of more traditional business bank offerings to decide which is the better fit for your business.
How to compare business current accounts
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 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.
- 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 transact in multiple currencies you should consider the currency conversion fees you might be charged as well as any limits which are imposed on the business account for non-Euro transfers.
- Locked contracts. Do you have to sign up to 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.
How to open a business bank account in Ireland
The process of opening a business bank account will depend on the bank. You will usually need to meet the following criteria:
- Business type: Business bank accounts are usually available for freelancers, sole traders, small businesses, large business 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 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.
Once you’ve checked you’re eligible, simply click “Go to Site” on your chosen digital business bank to apply online. The applications form should taken a few minutes to complete. You will need to complete personal and business details to open your account. The process may take anywhere from one to seven days.
