Fire business account review

Founded in 2009, Fire provides digital accounts and debit cards to business customers across the UK and the Republic of Ireland. Applications can be made online and there are no monthly fees or set-up costs. Read our review below to find out more.

What types of business accounts are on offer?

The Fire Business Account comes with a Euro and Sterling account as standard. Customers can open as many accounts as they need, with each account having its own sort code and account number for Sterling accounts or IBAN for Euro accounts.

Below is an overview of the main account features:

• Bank transfers. Pay and get paid by bank transfers to and from any bank account in the UK or Eurozone. If you’re selling in sterling and euros, manage payments in both currencies. Bank transfers are supported via Faster Payments, Bacs and SEPA.
• Debit cards. Order as many cards as you need (at a cost) and link your debit cards to any of your Fire accounts. Use your card to pay in-store, shop online or withdraw cash. Pay from your Sterling account in sterling and from your Euro account in euros, avoiding unnecessary bank fees.
• Foreign exchange transfers. Transfer funds instantly between your Euro and Sterling accounts at any time. The foreign exchange rate and fee will be displayed before you carry out your transaction.
• Direct debits. Set up direct debits from your Sterling account (not currently available on Euro accounts). Notifications will be sent the day before a direct debit payment is due, so you can top up your account if needed.
• Open banking. With Fire Open Payments, customers can pay you directly from their accounts in euros or sterling. Open Payment requests can be created in the account or via Fire’s API, and shared using a URL or QR code.
• Fire API. Fire’s Application Programming Interface (API) allows businesses to integrate internal business systems or applications directly from their accounts.
• Accounting compatibility. Fire provides statements that are compatible with online accounting packages so that you can download account statements in OFX format and import into Xero, FreeAgent, Quickbooks and so on.

What fees are there?

Although there are no account fees or set-up costs for your first account, you will need to pay fees for the following:

*Irish customers are also charged Irish Government Stamp Duty of 12c per ATM withdrawal (to a maximum of €5 per year).

How to apply

To apply for a Fire business account you will need to be a business incorporated in the UK or Ireland. Directors and owners must be residents and/or citizens of the EU (other countries available on request). Applications are also accepted from sole traders based in the UK or Ireland.

To apply, you will need to register your interest on the Fire website, and once approved you will need to provide details about your business, its directors and owners.

Is it safe?

Fire is an Electronic Money Institution in the UK and a Payment Institution in Ireland. As such, it must safeguard customers’ funds by placing them in a designated account with a regulated financial institution. Should Fire cease trading, the safeguarding account is protected from other creditors making a claim against Fire, allowing customers to get the majority of their money back.

Any funds Fire holds will not be protected by the Financial Services Compensation Scheme.

Customer service information for Fire