Guide To Opening A Business Bank Account In Ireland

For the successful running of your newly set up business in Ireland, you will need a business bank account, and it can be a daunting task to select which bank would suit yours needs the best. Some may charge no fees during the first year of setup, while others may have an easy process to register.

To assist you better while making this decision, below are a few factors that should be considered:

Fees charged: When setting up, it is critical to consider the fees charged by various banks. The fees may consist of the set-up fee, annual charges, monthly or bimonthly charges, etc.
Support for New Business: The bank acts as a central hub for all your financial transactions whether it is about transferring money to the clients or receiving standing orders, hence, it is important to check if any additional services are provided by your bank for newly set up businesses.
Time: A long application process for setting up the bank account can be tedious and can act as a hindrance if you have payments to process.
Online presence: In this day and age, you should be able to manage your finances online, so inquire about services such as online banking (limits associated with the same), mobile apps (how efficient they are and what all services can be accessed via the same), and so on.
Other important limits: This might not be notified of, but it is important to ask your bank if they have any daily, monthly, or annual restrictions with regards to the transactions; any borrowing limits that you should be aware of; any direct debit limits, etc. This would enable you to make a better decision in terms of which bank best suits your needs.

Some of the banks in Ireland that can assist you with this process are as follows:

Bank of Ireland

They have a start-up package for businesses that have incorporated in the past 3 years that includes some of the below features:

For the first 24 months, there is no maintenance or transaction fee.
Their Workbench program offers facilities such as hot desks, wifi, and interactive sessions for new startups.
They run a 6-month incubator program for scaling tech startups.
Access to digital marketing tools like a free custom-built website

If you are a sole trader or a limited company, you can apply for a bank account online as well.

2. AIB

They have a start-up package available for businesses that have incorporated in the past 3 years and who are opening an AIB Business Start-up Current Account for the first time. The features included are as follows:

For the first 24 months, there is no maintenance or transaction fee.
Up to €100 in cash handling fees are waived.
Specialized online services for small businesses and female entrepreneurs.
Additional Brexit Support for New Clients

Other online platforms include

3. N26

The services are mostly aimed at sole traders and freelancers; they offer easy-to-use online banking services. Some of the key features include:

Access to all banking services through a smartphone
Provide interest on savings bank accounts through a network of partner banks.
A Mastercard for businesses that offers 0.01% cash back on purchases.

4. Revolut

The Revolut business account offers a fully digital account in multiple currencies. Some of the key features include:

Sync transactions with other third-party applications like Xero.
Controlled prepaid business cards for your employee.
Automation of business processes with an open API
Exchange money in multiple currencies with no added fees.

The Process for EEA Nationals in Ireland

Service providers like N26 and Revolut do the entire setup online. It is important to note that for N26, you must be a resident in the country where they operate. For all the other banks mentioned above, you will have to be present at the bank at least once to finalize the setting up.

If you are looking for an accountant to look after your business in Ireland, get in touch with us today