Switching a business account from Ulster Bank

54and56

Hi guys,

I've an SME Ltd Co and my business account is unfortunately with Ulster Bank who will be shutting down their operation here so I'm looking to move.

Anyone got any suggestions as to who offers the best / easiest transfer path and a good / easy online offering for making supplier payments etc?

I don't have a complex requirement, I need a current account, a debit card, a credit card with modest credit limit for travel and car hire etc and preferably a good phone app to compliment the online offering. No need for O/D or term loans etc.

I'm guessing AIB or BoI are the obvious choices but I've no experience of either and I'm also open to alternatives if online only type options are available.

Are any banks making an effort to attract and facilitate business customer transfers from UB? I haven't seen anything yet.

Appreciate any steer someone with knowledge / experience can provide.

Buddy Bubs

I've BOI and AIB personal accounts and in same position as you with needing to move company from Ulster Bank.

AIB is the better of the 2 for personal online banking, but bank of ireland is catching up. They're probably a bit more user friendly than our Ulster bank bankline setup but because they are personal accounts, it's a lot simpler.

I believe we will move to AIB but the online end of things doesn't come into it really. If online convenience was important I'd set up revolut.

Our relationship manager is moving from Ulster to AIB and we will be looking to finance an MBO soon as well as asset finance and I prefer what AIB are offering

54and56

Thanks Buddy Bubs, never easy getting an MBO financed and over the line so best of luck with that.

Darc19

The new AIB online platform is superb. You can download transactions into a csv file going back 2 years, you can set payments to go out up to 90 days in advance, you can now do a single bulk approval of payments.

Good security too. They double check with you if a supplier account details change, they double check large international payments if you haven't done it to that supplier before.

StevenToast

Ill follow this thread...

54and56

Thanks Darc19, that's a very positive referral.

I had it in my head that BoI would be faster and more responsive on all counts as they are a PLC and AIB would be clunky and slow as they are essentially a Publicly owned bank but maybe BOI aren't as whizzy as I'd expected they'd be and vice versa.

Darc19

https://www.boards.ie/discussion/comment/118091812#Comment_118091812

I would not say AIB is a Publicly/State owned. It is very much a shareholders owned bank and the state just happens to be the largest shareholder. The management and directors and chairperson are not heavily influenced by the state. If anything the state keeps an arms length from it and has said it wants to gradually reduce it's 70% shareholding.

BOI had years of under investment in IT, but has been more aggressive recently. I just don't have any experience of their systems.

I doubt if there's a major difference. If you may need to visit the branch regularly, I'd almost be looking at parking options and ease of access 😁

54and56

Has anyone gone fully online for business banking such as Revolut? I'm seriously tempted to just skip right past the bricks and mortar banks and go fully online but the concerns I have ref Revolut Business are:-

1. Is Revolut officially licensed as to operate as a bank in RoI?
2. What deposit protections are there in place Vs a "pillar" bank like AIB who the Govt has declared and proven via the 2009 bail out to be too big to fail? Can't see them taking that attitude with a disruptive player like Revolut.
3. How would online only banking deal with the odd cheque which needs to be lodged?

Any thoughts?

Darc19

Avoid revolut. Fine as a backup, but not as a primary bank.

Your IBAN will be Lithuanian and that can cause problems.

They have limited customer support and have no lending facilities or cash/cheque lodging if you ever required that.

And their app is like a river of advertising