Best business bank account in Ireland: how Irish companies choose
Irish companies choose between the pillar banks and digital providers. For a company paid by clients in the US and UK, the currency setup matters as much as the transaction fees.
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"Best irish business bank account" and "best business bank account ireland reddit" are among Google's top completions here. The answer depends on the company's mix of local and international money.
Options
| Type | Suits |
|---|---|
| AIB, Bank of Ireland, PTSB | Lending, cheques, cash, branch service |
| Digital business accounts | Online companies, lower fees |
| Multi-currency accounts | US and UK clients, payouts abroad |
Checklist
- Monthly and transaction fees.
- SEPA Instant and direct debits.
- Cards for staff with limits.
- Exports to your accountant's software.
- Deposit guarantee or safeguarding.
The international part
Irish companies sell heavily to the US and UK. A Dublin software company paid by US clients into a euro account receives SWIFT payments converted at the bank's rate. With USD details, the clients pay by ACH. With GBP details, UK clients pay by Faster Payments.
A common setup
A pillar bank account for Revenue, payroll and any loan, plus a multi-currency account for clients and suppliers outside the euro area.
Paying into Ireland: the local rail
| What | Detail |
|---|---|
| Local rail | SEPA Instant Credit Transfer |
| Run by | European Payments Council scheme, run by each bank |
| Settlement | Under ten seconds, 24/7 |
| Published fee | By the EU Instant Payments Regulation, no more than the bank charges for a standard SEPA transfer |
Source: European Payments Council: SEPA Instant Credit Transfer. Checked when this guide was last updated; the scheme's own page has the current figures.
Where Rivet fits
Rivet gives registered companies EUR and GBP details on Growth and USD on every plan, with payouts to 120+ countries. Check our eligibility list for Irish companies. Rivet is not a bank; regulated partner institutions hold the funds. See Irish companies collecting USD from US clients.
Questions people ask
What is the best business bank account in Ireland?
For lending and local service, a pillar bank. For an online company, a digital account. For clients in the US and UK, add a multi-currency account.
How long does it take to open an Irish business account?
From days at digital providers to a few weeks at pillar banks, depending on the company and its owners.
What documents do Irish banks ask for?
The CRO certificate, constitution, register of beneficial owners entry, IDs and proof of address for directors and owners, and a business description.
Is my money protected?
Deposits at Irish banks are covered by the Deposit Guarantee Scheme up to €100,000. Payment and e-money firms safeguard funds under Central Bank rules.
Sources
Alexia compares the accounts, cards and payment tools companies weigh before they switch, and writes Rivet's market guides for founders in a specific country. Prices in Alexia's comparisons come from each provider's own pricing page on the date given in the article, rules come from the regulator or tax authority that sets them, and every source is listed at the end.
More from Alexia M. →This article is general information, not legal, tax or financial advice. Rules and fees change; check the sources above and the provider’s current terms before you act on them.
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