Sterling Bank Account

Sweeneyk31

I currently have a new sterling bank account for my business. But I think I'm getting charged a lot to use it. Incoming transfers €6.35, outgoing €20.00.

Does anyone know or could suggest an alternative.........

grayzer75

I have a euro account in Dundalk and a sterling account in Newry - both with Ulster Bank and get charged €6 if I want to do an 'international' transaction between them. They are personal accounts though but the fees you mention seem to be the going rate.

Sweeneyk31

grayzer75 wrote: »

I have a euro account in Dundalk and a sterling account in Newry - both with Ulster Bank and get charged €6 if I want to do an 'international' transaction between them. They are personal accounts though but the fees you mention seem to be the going rate.

Thanks for that info, maybe it is the norm.......... I just thought that getting charged to receive money was a bit funny........... And the transfers out of it would be other UK banks.......

But I actually must look into getting a bank account in Northern Ireland now

tarmon

Would a Revolut account be an option for you? You can open an account online in Euro and then once set up you can open a Sterling account alongside.
Hope that helps!

Sweeneyk31

tarmon wrote: »

Would a Revolut account be an option for you? You can open an account online in Euro and then once set up you can open a Sterling account alongside.
Hope that helps!

I did look into it (only very quickly mind) but thought it was just the country you were resident in currency that it worked for it........ But I'll look into in more detail now.

tacofries

They're crazy charges. I'm using revolut for sterling and find them good. Fees are very cheap up to a limit so if you transactions are under that then you are saving quite a bit.

Sweeneyk31

tacofries wrote: »

They're crazy charges. I'm using revolut for sterling and find them good. Fees are very cheap up to a limit so if you transactions are under that then you are saving quite a bit.

Definitely going to look more into Revolut, it would make a huge difference to my business

roots2branches

I've been using revolut to pay UK suppliers, it's free up to 6k transfers a month and the rates are excellent. You can actually see the rate go up and down by the second for currency and hit the button when you're ready.
It's always way easier to use than my bank (aib) as you don't have to faff about with putting in iban numbers and card readers.
My only issue it has to be done on a phone, they don't have a website version.

Sweeneyk31

roots2branches wrote: »

I've been using revolut to pay UK suppliers, it's free up to 6k transfers a month and the rates are excellent. You can actually see the rate go up and down by the second for currency and hit the button when you're ready.
It's always way easier to use than my bank (aib) as you don't have to faff about with putting in iban numbers and card readers.
My only issue it has to be done on a phone, they don't have a website version.

That's good to know, I wonder is possible receive transfers as well? In sterling that is...

roots2branches

It certainly is.
You just create an account for each currency and it has it's own iban.

onedmc

Revolut Business I've been using it for a year and transfer most of my business throught it. They have now added a new wordpress plugin for online payments. So they are really becomming a full service offering.

Not sure what only done on the phone means. I dont have revolut on my phone but I do need my phone to authorise large transactions. I wasnt aware that there was a 6K limit, I dont think that applies to revolut business.

My annual fee for AIB are about €800 for Irish stuff and about €40 for UK using revolut. Though I now put most of my irish through revolut as well.

Darc19

Why the hassle of an additional bank account. Simply use transfermate or transferwise for sending /receiving payments.

Sweeneyk31

Hi everyone, so I've opened my Revolut account and done my first transfer. Very surprised how easy and quick it was to set up. Got Revolut business app. Just on the free option at moment, haven't looked into the difference between the free version and the paid version which seems to be €7 pm.
One thing for sure is this is going to make a huge difference for my business, even getting a notification when a payment comes through is great instead of having to log in and check if a customer has paid a few times a day so you can release their order.