Ireland is a great place for businesses, with a skilled workforce and strong global ties. To succeed here, having a local business bank account is key. This guide looks at the best banking options for Irish businesses, including both traditional banks and new players like Revolut Pro and Wise Business.
Traditional banks like Allied Irish Banks (AIB), Bank of Ireland, and Permanent TSB offer services for businesses. For example, AIB’s Business Current Account has no opening fee and costs €4.50 each quarter.
Non-bank options, like Wise Business, also have their perks. Wise Business accounts in Ireland start at €50 to open and have no ongoing fees. They’re great for businesses that trade internationally, allowing you to manage over 40 currencies and make low-cost cross-border payments.
Revolut Pro is another option, designed for freelancers and self-employed. It offers features like accepting payments in multiple currencies and cashback debit cards. There are no monthly fees or balance requirements, making it a good choice for small businesses.
If you’re looking for the best business accounts in Ireland or want to know more about the top business banks, this guide is for you. It helps you understand the different features, fees, and services. This knowledge will help you make a smart choice that supports your business’s growth and money management.
How to Open a Business Bank Account in Ireland
Opening a business bank account in Ireland requires several steps. These steps help meet the business banking requirements Ireland. Here’s how to start with your Irish bank account setup:
Select a Suitable Bank: First, pick a bank that fits your business needs. Banks like Bank of Ireland charge €6 monthly. AIB charges €4.50 every three months. Digital banks like Wise Business offer free everyday banking.
Check Eligibility Requirements: You must be at least 18 to open a bank account in Ireland. Eligibility can change based on the bank and account type. Non-residents, including non-EU citizens, can open accounts but face more complex rules.
Gather Necessary Documents: To start the Irish bank account setup, you’ll need some documents. These include:
- Proof of identity (e.g., passport, national ID card, or driver’s license)
- Proof of address (e.g., utility bill, rental agreement)
- Company registration details (e.g., Memorandum of Association)
A valid Public Services Card (PPS number) is not always needed but might be asked by some banks for identity checks.
Submission Process: Banks have different ways to apply. For example, Bank of Ireland lets sole traders apply online. Other businesses might need to visit in person or send documents by post. Digital banks like Wise Business make it easy to apply online for managing different currencies without visiting a branch.
Getting a business account in Ireland goes smoothly if you prepare well. Make sure you meet the bank’s criteria and choose the right bank for your business.
Choosing the right bank and understanding the business banking requirements Ireland makes setting up your account easy. This helps your business run smoothly and manage finances well.
Popular Banks for Business Accounts in Ireland
Choosing a business bank account in Ireland means looking at top banks. These banks have a long history and offer services for all business types. Bank of Ireland accounts, AIB business banking, and Permanent TSB business services are top picks.
| Bank | Established | Business Services |
|---|---|---|
| Bank of Ireland | 1783 | Online applications, international transactions, dedicated business support |
| AIB | 1825 | Tailored accounts based on business size and sector, mobile payment options |
| Permanent TSB | 1884 | Current accounts, business loans, services for entrepreneurs |
The Bank of Ireland accounts let businesses apply online. They offer essential services and a flat monthly fee. This makes Bank of Ireland a reliable choice for many.
AIB business banking offers accounts tailored to your business. AIB is the largest bank in Ireland, with mobile payment options. It has a score of 2.6, showing its wide range of services.
Permanent TSB business services include current accounts and business loans. They serve both new and established businesses. This makes Permanent TSB a trusted bank in Ireland.
In conclusion, while digital banks like Revolut and Bunq are new, traditional banks like Bank of Ireland, AIB, and Permanent TSB are strong. They offer great business support and financial products.
Guide to Best Business Bank Account Ireland
Finding the right business bank account in Ireland is key for entrepreneurs. This best Irish business bank guide helps you understand the top options. You’ll learn about both traditional banks and modern financial platforms.
When looking for a business bank account, compare them based on fees, online services, and limits. AIB, Bank of Ireland, and Wise Business are top choices. AIB and Bank of Ireland have no opening fees but have different charges for maintenance and transactions.
Wise Business is unique because it supports banking in many places. It offers over 50 currencies and lets you send money to over 80 countries. It’s great for small businesses and those dealing with international money.
Airwallex is another good choice. It lets you open up to 12 currency accounts for free. It also has low FX markup fees and supports payments in 22 currencies. Payoneer is perfect for international payments, with a network for receiving money in many countries.
