KBC Business Account: The complete guide

KBC offers a great range of services for business owners in Ireland.¹ You’ll find everything from an everyday business current account to accounts for deposits and savings, business loans and dedicated advice for entrepreneurs.

This guide covers all you need to know about the KBC business current account including the fees and charges, and how to get your account up and running.

We’ll also introduce the Wise business account as a smart alternative if your business trades internationally, or if you need to manage payroll for a distributed team working around the world. With Wise you can hold and spend 40+ currencies, all from the same account. Get the mid-market rate currency conversion, receive payments in major foreign currencies, and do business without borders.

Learn more about Wise🔎

What are the features of the KBC business current account?

When you work with KBC you’ll be assigned a KBC Business Partner who is experienced in your field and able to support and advise you. KBC specialists support individuals and businesses in a range of sectors including financial, medical and property, as well as startup founders and entrepreneurs.²

Your KBC business current account has a number of features which can help you manage your money day to day, including:

• Switching service to help you get your account open more easily
• Online banking to manage your finances on the go
• Cashback facilities and online payment options within the euro area
• Contactless debit cards - 2 per account issued to give flexibility
• Additional accounts can be opened to keep your funds separated if necessary
• Overdrafts and loans available to invest and manage working capital

How do you open a KBC business current account?

To open your business account with KBC you’ll need to request a meeting with a KBC Business Partner.³

You’ll be able to do this online by specifying your preferred KBC hub location, and giving some personal details such as your name, business details, and contact information. It’s also worth pulling together key business documents so you can open your account quickly once you meet your KBC contact. You’ll be able to confirm exactly what’s needed when you arrange your meeting, but you’re likely to need paperwork including:

• Your own ID documents and proof of address
• Details of any other beneficial owners of the business
• Bank mandate form
• Business formation documents - these vary according to the type of legal entity you run
• Certificate of business name if required

Don’t forget you’ll also need a way of lodging your opening balance - so take along cash or a cheque to cover the deposit you’re planning on making.

How much does it cost to use the KBC business current account?

As you’d expect there are some costs involved with using your KBC business account. Here are the key fees you need to know about - check out the full fee schedule here for more information.

Can you get a business debit and credit card with KBC?

Each KBC business current account can have 2 linked debit cards for simple spending and withdrawals.

It’s also possible to get a KBC business credit card - although there are additional fees to pay when using the KBC business credit card. These include an annual fee of €100 for each credit card you open, euro ATM withdrawal fees of 1.5%, and non-euro currency withdrawal fees of 3.5%.

Can you send or receive money in other currencies with the KBC business current account?

The KBC business account is only intended for businesses which primarily do business in Ireland. You can only operate the account in euros. That means you won’t be able to lodge a cheque which is in any other currency, or send a payment to an international supplier outside the euro area directly from your KBC account.

If your business deals with suppliers based overseas, has international customers - or if you have global growth plans - you could be better off with a Wise business account.

The Wise account has many of the features of a regular business bank account. You can make and receive payments, you’ll get a linked debit card for simple spending, and you’ll have access to top notch customer support around the clock. But there’s also more. The Wise business account is an online multi-currency account. That means you can manage your money across dozens of currencies, with the real exchange rates and low transparent fees - without ever needing to visit a branch in person.

Additional benefits of using Wise for your business

Take a look at Wise for a smart range of business friendly features. As well as multi-currency options and a linked debit card, you can also get:

• No monthly fee or minimum balance
• Monthly statements for each balance you hold
• Your own unique local account details for major world currencies to receive payments from around the globe
• Fast international transfers using the mid-market exchange rate, to make managing overseas suppliers, contractors and staff easier
• Integration with Xero and QuickBooks for multi-currency accounting
• Automated batch payments through a powerful open API

Choosing the best account for your business is a big decision. You’ll want a partner that can work and grow with your company as you develop - so it’s worth investing some time in thinking about what services matter to you now, and which may become more important in the future. Compare a few options, from traditional business bank accounts from high street providers, to modern online alternatives, to find the right fit for you.

Open a Wise account now

Sources used for this article:

All sources last checked on March 17, 2021