Business Bank Account

user302243

Whats the best bank account for a new Limited company in terms of ease of opening and fees?

ulster

I'm going to be going through this process shortly.

I think AIB and BOI both have business startup accounts where you can waive the fees for the first two years.

I think Revolut business account is pretty fast to set up, from the reviews I've seen on YouTube, some done by Irish accountants actually. But heavens knows whether they'd actually be a safe bet for a business.

ontour2

There is more to choosing a business bank account than the speed to open and fees. As I am currently cutting and pasting credit card transactions out of Bank of Ireland online to reformat and import in to accounting software, the €10 fees pales in comparison to the wasted time.

I was interested to see that PTSB have partnered with a company for invoice finance. I have no idea what the rest of their business banking offering is like but it is an example of how the actual services from the different banks for business banking vary greatly.

there is a reasonably consolidated summary here:
https://accountantonline.ie/guides/best-business-bank-account-for-startups-in-ireland/

drunkmonkey

Sounds a bit like AIB a pain to use, switched to Ulster Bank it's very easy use, downloads etc. Fees are way cheaper than AIB as well.

capefear

ontour2 wrote: »

There is more to choosing a business bank account than the speed to open and fees. As I am currently cutting and pasting credit card transactions out of Bank of Ireland online to reformat and import in to accounting software, the €10 fees pales in comparison to the wasted time.

I was interested to see that PTSB have partnered with a company for invoice finance. I have no idea what the rest of their business banking offering is like but it is an example of how the actual services from the different banks for business banking vary greatly.

there is a reasonably consolidated summary here:
https://accountantonline.ie/guides/best-business-bank-account-for-startups-in-ireland/

What accounting software are you using, autoentry will save you time in doing this.

retalivity

How much actual activity will you have going through the account? Do you have a need to use cash?
I've been using Holvi for 2+ years and find them great, however my business bank account is basically one that only receives income and pays tax/wages. For that limited service, its free. May suit if you need a business bank account for the sake of having one (I'm an IT contractor with my own limited company for invoicing).

ontour2

capefear wrote: »

What accounting software are you using, autoentry will save you time in doing this.

Thank you for the suggestion. Using Xero which has Autoentry in their Marketplace. Will give a test to the BOI Credit card statements.

silver2020

AIB's new online system is galaxies ahead of the old one. Like comparing a current smartphone with a Nokia 6310.

You can go back 2 years and all transactions are easily downloaded into csv files under whatever parameter you like.

Similarly, you can now create payments and then bulk authorise them - before you had to authorise one by one as you did them.

Logging in and layout customer friendly too.

condra

What about n26?