You need to read this article before opening a Revolut business account in Ireland. Check out plans, fees, charges, features, and who can open an account.
When starting or owning a business, one of the most significant decisions to make is how you’ll manage your finances. Many countries, including Ireland, require registered businesses to have a business bank account.¹
Fire is a digital financial service that offers business accounts to customers in Ireland. In this article, we’ll look at what’s involved with a Fire business account, including the fees, features, and how to open one.
We’ll also introduce you to Wise Business as an alternative online provider.
Fire business account is a digital account. It's used primarily to make bank transfers, debit card purchases and payments to/from personal Fire users.⁸
Fire is a payments institution whose Irish entity has been regulated by the Central Bank of Ireland since 2010.² They offer digital business accounts and debit cards to eligible Irish and UK businesses.
Overall, Fire offers three business-focused accounts which suit different types of enterprises, companies, and organisations.³
The Fire Business Account is aimed at small to medium sized enterprises, sole traders, charities and start-ups.³ We’ll take a closer look at the features of this account later.
Predominantly for larger companies or businesses with a heavy focus on tech, the Corporate Account enables organisations to have multiple accounts and debit cards. It also has API enabling system integration and automated payments.³
For companies looking for a bespoke payment solution, Fire offers Enterprise Solutions. This business based account is aimed more towards financial companies such as financial institutions and card gateways.³
|🔎 Read more: Revolut business account in Ireland|
Focusing on the Fire Business Account, here are some of the main features it offers⁴:
- Online application process
- GBP and EUR accounts available
- Ability to have multiple Fire Debit Cards linked to your Fire Business Account
- Open Banking Payments available
- Fire API can be used to integrate your Fire Business Account
Here’s a table of some of the main fees that apply to the Fire Business Account.⁵
|Service or transaction type||Fee|
|Bank transfer out||€0.29 / £0.29|
|Bank transfer in||€0.29 / £0.29 |
For transfers under €29 / £29 the fee is 1% with a minimum fee of €0.10 / £0.10
|Direct debit transfers||€0.29 / £0.29|
|Foreign exchange transfer||1.25% with a minimum fee of €1.25 / £1.25|
|Additional accounts||€50.00 / £50.00 one off fee at the time of opening|
|Debit cards transactions||€0.29 / £0.29 per chip and PIN, contactless or online transaction|
|ATM withdrawal fees||€2.50 / £2.50 per ATM withdrawal |
An additional 2% International Fee applies for non EUR and GBP withdrawals
|Additional debit cards||€10 / £10 one off fee per card|
As you can see there’s no initial set up or monthly account fee. You’ll also notice that the fees are given in GBP and EUR. This is because the Fire Business Account comes with account details for each currency as standard.
Since Fire is a pay as you go service, fees are charged at the time a payment is made.⁵ How the fees are deducted depends on the direction of the payment:
- Outbound Bank Transfers: Fees are charged in addition to the amount that you’re sending
- Inbound Bank Transfers: Fees are automatically debited from the total payment you’ve received
With Fire you’re limited to doing international bank transfers within the UK and Eurozone.⁶ These transfers are supported through the following methods:
- Faster Payments
As you can see SWIFT payments are not supported and Fire specifically note that any attempt to use the SWIFT code system will fail.⁸
In comparison, a Wise Business Account enables you to send money to 160+ countries, and hold and convert more than 40 currencies in a single account. As a bonus, you'll have local account details for 9+ of those currencies, including EUR, GBP and USD.
As a business, this gives you greater flexibility to expand and make deals internationally.
Fire currently offers exchange rates supplied by Currencycloud (UK and Dutch) and the rates may be aggregated from a variety of sources. Also, there is no guarantee that the rates offered match any particular benchmark.⁷
When making an FX transfer with Fire, the rates, fees and any markup are displayed before the transaction is executed.
Wise gets the exchange rate from independent sources, including Reuters, New Change, and XE, which updates it in real-time while the trading market is open. You can even sign up for rate alerts and daily updates from Wise.
To sign up for a Fire Business Account you’ll need to go to their website and complete the online application form.
Registration is open to businesses incorporated in the United Kingdom or Ireland with directors/owners resident and/or citizens of the EU (and other countries available on request).
During the application process you’ll need to provide the following information:
- Confirmation that the business is incorporated in Ireland or the UK
- Residency information for the beneficial owners and/or directors
- The company’s Certificate of Incorporation
- The company’s Memorandum and Constitution (for Irish companies)⁸
To contact Fire you’ll need to fill in the contact form⁹ on their website and wait for a response. Unfortunately they don’t provide a phone number.
Given the fees and limited capacity for international transfers, you may be unsure if a Fire Business Account is the right decision for your business. If this is the case, why not take a look at how the Wise Business account could benefit you.
Through a Wise Business account you can easily manage your local and international banking through a single account.
You’ll be able to receive payments from customers around the world and pay invoices in different countries. The account can also be connected to Wise debit cards, has accounting integration options and batch payment tools.
- Company Bureau - Provision of a Company Bank Account in Ireland
- Fire - Company
- Fire - Home page
- Fire - Business
- Fire - Fire Business Account Fees
- Fire - Features
- Fire - Business Terms and Conditions
- Fire - Business Account Frequently Asked Questions
- Fire - Contact form
Sources last checked on date: 17 May 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.