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8 Best Online Small Business Bank Accounts in Ireland in 2024
Jarrod Suda
Guide
Ireland has gained an appeal from businesses thanks to its low corporate tax rates, prompting numerous multinational corporations to relocate their economic activities and, more notably, their underlying intellectual property to Ireland. In fact, the country is renowned for hosting one of Meta's largest international business offices (formerly Facebook).
In this comprehensive business banking guide, we compare the 8 top business account providers based on fees, features, and benefits tailored to your specific needs. Our comparison includes challenger business accounts such as Revolut Business, Wise Business, and Payoneer, in addition to major banks in Ireland.
As a business owner, you can streamline your search for the best bank account for your business finances in Ireland, allowing you to focus on driving your company forward.
Best Business Bank Accounts in Ireland
- Revolut â Track team spending and budgets
- Wise â Send internationally at the market rate
- Fire â Get payment services with API
- N26 â Great for freelancers and sole-traders
- Bank of Ireland â Access their startup package
- Permanent TSB â Standard high-street bank option
- AIB â Monthly fees waived for first 2 years
- Payoneer â Integrate with e-commerce stores
Key Facts About Business Banking in Ireland
| đ¨ââď¸ Regulatory body | Irish Financial Services Regulatory Authority |
|---|---|
| đ Best business bank | |
| đ¸ Monthly fee | $0.00 |
| đ No. of business accounts compared | 8 |
Best Online Business Bank Accounts in Ireland
- 01. Online business bank accounts in Ireland
- 02. Best for team management â Revolut Business
- 03. Best for international payments in Ireland â Wise Business
- 04. Great payment services with API access â Fire
- 05. Best for freelancers â N26
- 06. Access a startup package for new businesses â Bank of Ireland
- 07. Standard high-street banking option â Permanent TSB
- 08. Get 2 years of monthly fees waived â Allied Irish Banks
- 09. Best for e-commerce â Payoneer
- 10. Summary of the best free business bank accounts in Ireland
- 11. FAQ about online small business bank accounts
Who Needs a Business Bank Account in Ireland?
Business bank accounts are essential for individuals and entities involved in business activities, as personal accounts cannot be used for such transactions. These accounts offer a range of benefits, including receiving customer payments, making partner payments, and accessing business loans, higher overdraft facilities, enhanced reporting, and foreign currency accounts. As a business owner, you'll gain expedited access to business credit cards and loans, providing you with necessary financial resources.
These accounts typically feature higher daily spend limits to accommodate the substantial volume of business transactions. As required by law, business bank accounts provide security by employing ring-fenced accounts, which segregate your business funds from the bank's portfolio.
Business Bank Account Fees in Ireland
Business bank accounts offered by the major banks in Ireland often come with charges for the following services:
- A fixed monthly account maintenance fee;
- Transaction fees for payments;
- Foreign currency transactions;
- ATM withdrawals.
Some challenger banks offer the mentioned services, and more, free of charge or provide introductory offers without fees. However, accounts from challenger banks often do not include loans or business-related insurance products. For everyday banking tasks like making payments, managing receipts, and handling tax matters, Monito recommends online fintech platforms to automate these tedious processes.
What Do I Need to Open a Business Bank Account in Ireland?
Online banking providers such as Revolut, Wise, N26, Payoneer, and Fire offer the convenience of opening an account online. On the other hand, licensed Irish banks such as Bank of Ireland, Permanent TSB, and AIB require an in-person visit to a branch for the initial setup process.
The following documents will be required:
- Photo ID and proof of address from the account holder: This can be a valid passport, driver's license, or government-issued identification, along with a recent utility bill or bank statement showing the account holder's address.
- Certificate of Incorporation: For Limited Companies, providing the Certificate of Incorporation, which verifies the legal establishment of your company, is necessary.
- Proof that your company is registered with the Registration of Beneficial Ownership (RBO): Companies in Ireland are required to register their beneficial ownership details with the RBO. Providing proof of this registration is typically a prerequisite when opening a business bank account.
How To Choose the Best Small Business Bank Account in Ireland?
When it comes to selecting a business bank account, there are several factors to consider, depending on your business's specific needs. Whether you're operating with tight monthly margins or require assistance with taxes, there is no one-size-fits-all solution. However, when evaluating online business bank accounts in Ireland, there are some important criteria to keep in mind:
- Account Fees: Online banks often offer different paid service tiers that may waive certain fees. It's important to assess whether the monthly membership cost justifies the waived fees.
- Digital-Only Access: If your business relies on cash or cheque deposits, digital banking may not be the most convenient option for you.
- Business Support: Many online banks integrate with finance and accounting apps, making transactions more streamlined and simplifying your financial management.
- Overdraft Facility: If occasional small debts are necessary for your business, having an overdraft facility can be beneficial. Not all banks offer this service, and those that do may charge overdraft fees.
- Credit Interest: Some banks allow you to earn interest on any excess cash held in your business account.
Compare the Best Business Bank Accounts in Ireland
To help you make an informed decision, our comparison guide at Monito presents the eight best online business accounts in Ireland. These accounts can automate your finances, support your business's growth, and free up your time to focus on developing your products and serving your customers:
Revolut Business â Best for Team Management
Revolut is a leader in the online financial services sector thanks to its low-cost multi-currency accounts, budget analytics software, and other innovative features. With over 12 million personal users, the London-based fintech is not only available in Ireland but around the world.
Revolut Business provides a wide variety of benefits for freelancers, sole traders, and small businesses. You can receive global payments, efficiently handle team expenses, and seamlessly exchange currencies without incurring hidden fees.
Account name: Standard
Account type: Current (IBAN Number).
Total cost: Free, paid options available.
Noteworthy features: Forex futures rates, multi-currency balances.
Availability: Ireland, EU/EEA, UK, Switzerland, the US.
More info: See our full Revolut Business review.
Revolut Business in Short
Revolut Business offers a business account that effectively manages company expenses and customer payments. While business loans and overdrafts are expected to be added in the future, let's explore the features and plans provided by Revolut Business currently.
Opening a 'Grow' account with Revolut costs âŹ25 per month and grants you access to local IBAN account details. This plan includes metal and plastic debit cards for your team, seamless tracking of company spending (including payroll) with Revolut's software, and the ability to receive payments globally through global IBANs.
With Revolut Business Grow, you can benefit from 100 free local transfers, with each subsequent transfer costing âŹ0.20 once the monthly allowance is exhausted. International transfers of up to âŹ10,000 per month can be made at the market rate, with a minimal markup of up to 0.4% applied to foreign exchange transactions beyond the free allowance.
Revolut Business Advantages
- Business API integration;
- Advanced mobile app;
- Competitive exchange rates;
- Fix future foreign exchange rates online;
- Easy account opening process;
- Business API integration;
- Authorised as an Electronic Money Institution by the FCA.
Revolut Business Disadvantages
- No cash or cheque payment options;
- Daily and monthly withdrawal limits;
- No overdraft facility;
- No free plan option.
Revolut Business Plans
Here's a full overview of Revolut's different account offerings:
- Free: âŹ3 per international payment, 5 free local payments, at foreign exchange at a 0.4% interbank rate markup.
- Grow: Priced at âŹ25 per month, offers 100 free local and 10 free international payments, along with an allowance of âŹ10,000 for free foreign exchange.
- Scale: Priced at âŹ100 per month, offers even more extensive allowances for 1,000 local payments, 50 international payments, and âŹ50,000 of free foreign exchange, along with 2 metal cards.
- Enterprise:Â This is Revolut's most comprehensive business account plan available, with custom allowances that can be tailored to your business. Youâll need to get in touch with Revolut to discuss pricing and your unique perks.
Final Word
Revolut is considered one of the top online business accounts available in Ireland and globally. Its Free plan provides access to a multi-currency current account and efficient finance management software, making it an appealing alternative to traditional banks. With free international payment and foreign exchange allowances, Revolut's upgraded plans are particularly suitable for businesses engaged in frequent international trading.
Wise Business â Best Business Account for International Payments
Wise Business is considered one of the best money transfer service globally. They offer the low-cost Wise Business account and card in Ireland, along with some of the cheapest international transfers available. This account allows you to manage money in over 50 currencies and provides local bank details in 9 currencies.
With Wise Business, you can seamlessly collect money, withdraw funds from e-commerce stores in up to 9 currencies, and generate invoices using the provided bank details. When you're ready, you can convert your foreign currency revenue into your local currency at industry-best rates, saving you significant amounts compared to traditional banks.
Account name: Wise Business
Account type: Electronic Money Account (held by Barclays in the UK, Wells Fargo in the US, DBS in Singapore, etc.).
Total cost: âŹ0 per month, âŹ50 opening fee.
Noteworthy features: International money transfers, multiple account details, multi-currency balances.
Availability: Ireland, UK, EU/EEA, Liechtenstein, Norway, Switzerland.
More info: See our full Wise Business account review.
Wise Business in Short
Wise Business is open to various types of businesses, including sole traders, limited and public companies, freelancers, partnerships, charities, and trusts in Ireland. The application process requires sharing business registration details, location, industry, and personal details of company stakeholders.
Once you're signed up, you'll be able to take advantage of the following features for free:
- Send money and make payments locally and internationally
- Hold, exchange, and top-up over 50+ currencies
- Use the batch tool for efficient invoicing and payment processing
- Integrate with administrative and accounting software like QuickBooks
- Obtain your first multi-currency debit card for âŹ4 (with a one-time âŹ50 opening fee)
- Access local bank details (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, and USD)
- Set up direct debits
- Withdraw money from platforms like Shopify and Stripe.
Wise Business Advantages
- Receive international payments without big fees.
- Batch pay up to 1,000 invoices and salaries at once;
- Give select employees access to money management;
- Mid-market exchange rate offered for currency transfers;
- Wise card can be used to avoid foreign transaction fees;
- No setup fees or monthly charges;
- Authorised as an Electronic Money Institution by the FCA.
Wise Business Disadvantages
- Cash or cheque payments aren't supported;
- Negative interest on large Euro account balances;
- Fees to top up the account via debit and credit card;
- Tight limits and conditions to fee-free ATM withdrawals.
How Wise Business Works
To understand how Wise Business works, let's take an example. Suppose you conduct business in the UK and need to pay a supplier in British pounds. With the Wise Business Account, you can:
- Send EUR from your bank account to your Wise EUR account.
- Convert EUR to GBP at a low fee (e.g., for a âŹ1,000 transaction paid with Euros, the total fee would be around 0.43% or $4.30).
- Pay your supplier in GBP with your Wise debit card, make or receive SEPA (and SWIFT) payments, or set up direct debits.
Final Word
In summary, unlike online business accounts, Wise Business does not charge monthly fees. If you serve international clients, Wise Business allows you to receive payments like a local in their country. If you're tired of incurring international transaction fees when dealing with international clients, Wise Business could be the solution for you.
Fire â Great For Payment Services and Smart Technology
Fire stands out as a leading digital banking solution tailored for businesses in Britain and Ireland. With no setup costs or ongoing monthly maintenance fees, Fire provides a service called Open Payments, which allows customers to pay you directly from their accounts, helping you get paid faster, lower fees, and reduce fraud.
Account name:Â Fire Business Account
Account type:Â Current
Total cost: âŹ0
Fire in Short
The Fire Business Account allows you to manage your finances effortlessly with multiple users, different access levels, and the convenience of multiple MasterCard debit cards linked to both Sterling and Euro accounts. Enjoy real-time features, seamless bank transfers, and integration with major accounting software packages.
Here is list of their standard fees:
- Bank Transfer In: âŹ0.29 / ÂŁ0.29
- Bank Transfer Out: âŹ0.29 / ÂŁ0.29
- Direct Debits: âŹ0.29 / ÂŁ0.29
- Open Banking: 20p/20c + 0.2% of the value of the request
- Foreign Exchange: 1.25% (Minimum fee: âŹ1.25 / ÂŁ1.25)
- Additional Accounts: âŹ50 / ÂŁ50
- Debit Card: âŹ10 / ÂŁ10 per card (No charge for the first card)
- Debit Card Transactions: âŹ0.29 / ÂŁ0.29
- ATM Withdrawals: âŹ2.50 / ÂŁ2.50 per withdrawal
Fire Advantages
- No setup costs or ongoing monthly maintenance fees;
- Multiple users with different access levels;
- Multiple MasterCard debit cards for efficient money transfers;
- Real-time notifications for payments, card usage, and account transactions;
- Seamless bank transfers between Sterling and Euro accounts;
- Integration with major accounting software packages;
- Authorised as an Electronic Money Institution by the FCA.
Fire Disadvantages
- Fees for deposits and withdrawals;
- Debit card transaction fees;
- 1.25% foreign exchange markup;
- No cheque issuance.
Final Word
The Fire Business Account offers a digital banking solution to businesses in Ireland and the UK. With its user-friendly interface, real-time features, and seamless integration with accounting software, managing your finances has never been easier. Enjoy no setup costs and monthly maintenance fees, as well as the convenience and cost-effectiveness of Fire for your business needs.
N26 â Best for Freelancers and Sole-Traders
N26 Business stands out as a leading online bank in Ireland, offering a user-friendly mobile app and competitive pricing. Customers consistently provide positive feedback, highlighting the bank's exceptional service. As a fully-fledged bank operating within the European Union, N26 Business provides a reliable and secure banking experience catered to the specific needs of freelancers
Account name:Â Business Standard
Account type:Â Current
Total cost: âŹ0
More info: See our full N26 account review.
N26 in Short
With N26, you can experience the convenience of fast and secure contactless payments using your free debit Mastercard virtual card, accepted globally. Start making purchases immediately using Apple Pay or Google Pay on your smartphone, and enjoy up to 3 free cash withdrawals per month. N26 offers a hassle-free banking experience with no minimum balance, no account fees, and no paperwork required.
N26 Advantages
- No monthly maintenance fees;
- Free SEPA Instant Credit Transfers;
- No international transaction fees;
- Enjoy 0.1% cashback every month;
- Get paid instantly with zero fees;
- Authorised as a real bank with a German banking license.
N26 Disadvantages
- âŹ10 debit card delivery fee;
- Not specialised for registered companies.
Final Word
For sole traders seeking a convenient and cost-effective banking solution, N26 offers an excellent option. With its user-friendly app, you can effortlessly handle your daily business finances, including receiving and sending payments. Opening a free business bank account online is quick and straightforward, without the burden of minimum balance requirements, account fees, or excessive paperwork.
Bank of Ireland â Startup Package For New Businesses
Bank of Ireland was established in 1783, making it one of the oldest financial institutions in Ireland. It offers the Business Start-up Account, which waives quarterly maintenance fees for two years and overdraft fees for the same period.
Account name:Â Start-up Account
Account type:Â Current
Total cost: âŹ15 per quarter (waived for 2 years)
Kenneth Allen (CC BY-SA 2.0)
Bank of Ireland in Short
Bank of Ireland offers Business Online (BOL), its dedicated online banking service for businesses. New business customers can enjoy a two-year waiver on subscription fees for this service. With Bank of Ireland 365 online, customers have the convenience of making online payments of up to âŹ20,000 per day and accessing their accounts anytime.
Here are the most common current account fees:
- Automated transactions (e.g., direct debits/credits, standing order debits/credits, online, domestic Debit Card, and euro Debit Card transactions): âŹ0.10 per transaction
- Paper and Staff Assisted Transactions (e.g., cheques, withdrawals, and lodgements, including withdrawals/lodgements at the counter using a debit card) including An Post: âŹ0.60 per transaction
- ATM/LATM (Lodgement ATM) Transactions (e.g., lodgements/withdrawals using ATM/LATM): âŹ0.25 per transaction
- Credit transfers into your account: âŹ0.60 per transaction
Bank of Ireland Advantages
- Waiver on transaction, maintenance, and overdraft facility fees for 24 months.
- Free tools and guides to support new businesses.
- Instant access to business notice accounts and fixed-term deposits.
- Make online payments of up to âŹ20,000 per day.
- Waiver on fees for Bank of Ireland's Business Online for two years.
- Free Wi-Fi, hot desks, interactive screens, and events at "Workbenches."
Bank of Ireland Disadvantages
- Fees for cheques, deposits, and withdrawals;
- High international transaction fees;
- Customer complaints about usefulness of Business Online.
- Not specialised for international transfers.
Final Word
Bank of Ireland offers business accounts with benefits such as waived transaction and maintenance fees for the first 24 months, free tools and guides, access to Bank of Ireland 365 online, and a dedicated online banking service called Business Online (BOL). With its comprehensive offerings and support for startups and small businesses, Bank of Ireland is a recommended standard option for small business owners looking for reliable banking services.
Permanent TSB â Standard High-Street Banking Option
Permanent TSB, a reputable financial institution in Ireland, offers business accounts that come with a quarterly maintenance fee of âŹ8.00. Permanent TSB serves as a standard option for small business owners seeking banking services.
Account name:Â Current Account
Account type:Â Current
Total cost: âŹ8 per quarter
Rupixen, Unplash
Permanent TSB in Short
Permanent TSB provides business accounts tailored for Sole Traders, Partnerships, and Limited Companies. Their Business Current Account offers convenient management of everyday business banking, including 24/7 access through online banking and a Visa Debit Card.
Here are the most common current account fees:
- Quarterly maintenance fee: âŹ8.00
- Cheque deposit: âŹ0.40
- Cheque withdrawal: âŹ0.40
- Teller deposit: âŹ0.80
- Teller withdrawal: âŹ0.80
- ATM transaction on non-Permanent TSB ATMs: âŹ0.40
Permanent TSB Advantages
- 24/7 access through online banking.
Permanent TSB Disadvantages
- Quarterly maintenance fee of âŹ8.00;
- Fees for cheques, deposits, and withdrawals;
- High 1.75% international transaction fees;
- Not specialised for international transfers.
Final Word
Permanent TSB provides business accounts for Sole Traders, Partnerships, and Limited Companies, offering convenient account management through online banking and a Visa Debit Card. It is a commonly available option for small business owners in need of basic banking services.
Allied Irish Banks â Get 2 Years of Monthly Fees Waived
Allied Irish Bank (AIB) is one of the Big 4 banks in Ireland. AIB offers merchant services, allowing businesses to accept card payments and facilitate transactions with their customers.
Account name:Â Business Start Up account
Account type:Â Current
Total cost: âŹ4.50 per quarter
Allied Irish Banks in Short
AIB provides various payment options, including international payments, for easier transactions. Payments can be made to most locations worldwide, both in-branch and online. AIB also supports SEPA direct debit collection and SEPA credit transfers within the SEPA zone. Additionally, their multicurrency transfer feature allows for the handling of domestic and international payments through a single payment file.
Allied Irish Banks Advantages
- Discount off cash handling fees;
- Accept payments in-store, online, or over the phone;
- Online banking for easy account management on the go.
Allied Irish Banks Disadvantages
- âŹ4.50 per quarter maintenance fee;
- âŹ0.20 fee for debit card purchases, standing orders, and direct debits;
- High international transaction fee of 1.75% of euro value;
- Not specialised for international transfers.
Final Word
For startups aiming to reduce fees and expenses, AIB's Startup Account is highly recommended. With the waiver on transaction and maintenance fees for 24 months, it allows businesses to save on essential banking costs and allocate their resources more efficiently. By choosing the Startup Account, entrepreneurs can focus on growing their business without the burden of excessive fees.
Payoneer â Best for E-Commerce Businesses
Payoneer, an American financial services company, offers customers a range of digital payment services, access to working capital, money transfers, and the ability to access local bank details. With account numbers supporting AUD, GBP, USD, EUR, and five other currencies, Payoneer enables you to receive payments as if you were a local in those respective currencies. Due to its seamless integration with leading marketplaces across different currencies, Payoneer is an excellent choice for small businesses, freelancers, and companies operating in the borderless e-commerce market.
Account name: Payoneer
Account type: Current (Bank details for GBP, USD, EUR, AUD, CAD, SGD, JPY, and HKD).
Total cost: âŹ0 to sign up.
Noteworthy features: Connects to thousands of marketplaces.
Availability: Global.
More info: See our full Payoneer Review.
Payoneer in Short
Payoneer provides a single free account that enables enterprises of all sizes to venture into global markets, receive local payments, and withdraw revenue to a local bank account. This serves as a cost-effective alternative to paying fees for wire transfers or local bank withdrawals. Rather than offering tiered paid services, Payoneer implements a comprehensive fee structure, which we will outline below.
Payoneer Advantages
- Get paid into local bank accounts;
- Coverts foreign currency at the mid-market rate;
- Withdraw multi-currency earnings into local account at low cost;
- Connect with thousands of online marketplaces;
- Access working capital and manage cash flow
- 24/7 multilingual support;
- Authorised as an Electronic Money Institution by Central Bank of Ireland.
Payoneer Disadvantages
- Charges fee to withdraw Payoneer balance to your Irish bank;
- Charges fixed transaction fee when converting foreign revenue;
- Charges annual fee for Payoneer's MasterCard.
Payoneer's Fee Schedule
In short, Payoneer is a global infrastructure that connects you to a network of customers, suppliers, and online marketplaces. To access this powerful service, there are fees associated with various transactions. Transactions between Payoneer users are free, whether you are sending or receiving payments.
Receiving payments into your Payoneer account is free for most currencies, except for USD, which may have a fee ranging from 0 to 1% depending on the country. If you receive payments from specific marketplaces like Airbnb or Fiverr, please refer to their websites for the relevant fee information.
- Get Paid: Payments by credit card will cost you 3% per transaction, regardless of currency. If you get an ACH bank debit from an American customer, that will cost 1% per transaction.
- Withdraw to Bank: The principle here is to avoid foreign currency exchanges. Withdrawing your EUR Payoneer balance to your Irish bank will cost a flat fee of âŹ1.50 (the same applies to USD to USD banks and EUR to EUR banks). Foreign currency withdrawals (i.e. USD Payoneer balance to GBP account in the UK) will cost 2% of the transaction. Withdrawing in a non-local currency (i.e. withdrawing your USD into a USD account in the UK) will also cost you 2% per transaction.
- Pay: If you pay suppliers or partners by bank transfer, Payoneer will charge 2% per payment. A fixed fee will also apply if the payment is made in AUD, GBP, USD, EUR ($1.50, ÂŁ1.50, $1.50, âŹ1.50 respectively).
- Currency Transfer: For each transfer from one currency to another, you will pay 0.5% of each transfer.
- Inactivity Fee: Pay a âŹ29.95 penalty for not making a transaction or Payoneer card payment in 12 months.
Final Word
One of the most remarkable aspects of Payoneer is its extensive global infrastructure, connecting you to the world's largest and most expansive online marketplaces. This software simplifies the payment process for customers, making Payoneer the most appealing online business account for e-commerce businesses. Additionally, its low fees for international money transfers make Payoneer an ideal solution for those aiming to expand their customer base internationally.
The Best Online Small Business Accounts in Ireland Compared
To wrap things up, let's take a look at how the product, service, and fees of a few of the free online business accounts we explored compare to one another in Ireland:
 |  |  | |
Account Name | Revolut Business Grow | Wise Business IMT | Payoneer Account |
IBAN Bank Details Included | â | Pay âŹ50 one-time fee first | â |
Free Debit Card | â | â | â |
3D Secure | â | â | â |
Overdraft | â | â | â |
Free Multi-Director Access | â | â | â |
Accepts Cheque | â | â | â |
Invoicing Included | â | â | â |
Integrated Accounting | â | â | â |
Multi-Currency Accounts | 2 | 9 | 8 |
Account Opening Fee | 0 | âŹ50 one-time fee | âŹ0, no monthly fee |
Local Transfer Fee | 5 free | Free | 2% + âŹ1.50 |
Currency Transfer Fee | 0.004 | From 0.43% | 0.005 |
Int'l Card Transaction Fee | â | â | 0.01 |
Deposit Protection | â | â | â |
No. of Customers | 16 million | 10 million | 5 million |
Trustpilot | 4.4/5 (92K Reviews) | 4.6/5 (140K Reviews) | 4.4/5 (2.8K Reviews) |
Customer Service | Email, resource center | ||
| Go to Revolut Business | Go to Wise Business | Go to Payoneer |
Why You Can Trust Monito
Our recommendations are built on rock-solid experience.
- We've reviewed 70+ digital finance apps and online banks
- We've made 100's of card transactions
- Our writers have been testing providers since 2013
Read More About the Top Online Business Bank Accounts and Fintechs in Ireland
Why Trust Monito?
Youâre probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monitoâs award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests â all allowing you to make the savviest decisions with confidence.
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