Opening a business bank account in Ireland: Documents, process and options
Discover what you need to open a business bank account in Ireland, including documents, process and how it works.
Running a business is an exciting yet intense experience where you have to make decisions on a daily basis. One of the key decisions is how to manage your business finances.
With Bank of Ireland offering a couple of business accounts, let’s take a look at what you need to do to open one.
Then we’ll let you know about the Wise Business Account and how it could help your company to work with different currencies.
Receive money in different
currencies with Wise Business 💼
Bank of Ireland has two different current accounts for businesses, the Business Current Account and Business Start-up Account. Which one you can sign up for depends on your circumstances.
The Business Current Account is an everyday banking account designed to have a simple pricing plan that favours online banking.¹
Check out some features:
- Online, mobile, phone and branch banking
- Business debit card
- Overdraft available
- Able to have two accounts
For new businesses there’s the Business Start-up account which offers added benefits and support to customers.²
See some features:
- No maintenance or transaction fees for the first 24 months
- Free subscription to Business On Line for 2 years
- Phone support
Both of the Bank of Ireland Business accounts are euro accounts.³ Your money is stored in euros and if you need to send or receive foreign currency it will be changed to and from euros. When this happens there are fees that apply, so if you do a lot of international business it’s something to consider.
💡 By comparison, the Wise Business Account supports balances in over 40 currencies and local account details in +9, including euro.
Learn more about the
Wise Business account 💼
The method for opening a Bank of Ireland business account depends on the type of company you have.¹
- Sole traders can apply online on BOI website
*All other business types need to arrange an appointment
⚠️ If you want to apply online as a sole trader, keep in mind that there are some limitations in the type of device you can use. It needs to be something with a camera, for example a smartphone or laptop with a webcam. If you have that, you just follow the prompts to complete the application.
The specific documents you need to open a BOI account will depend on the type of business you have.
For example, are you a sole trader, joint venture or company? From there Bank of Ireland can let you know what your business type needs, but to give you an idea here’s a few things that are generally asked for.⁴
- Bank statements from the last 6 months (except start-ups)
- Certificate of Incorporation
- Memorandum & Articles of Association or Constitution
- Company Tax Reference Number (if interest applies)
- Proof of ID and permanent residential addresses for up to two Directors of the Company
- Proof of ID and permanent residential address for someone authorised to sign transactions
- Proof of ID and permanent residential addresses for the beneficial owners
- The business addresses and contact details
- Information about the business’s main activity and turnover
The bank doesn’t provide an approximate timeline online so this is something you’re best to ask their customer service. You can give them a call on 0818 354 454.
The Wise Business Account is an international account that allows you to:
- Send money to suppliers, staff and customers in 160+ countries around the globe.
- Hold and convert up to 40 currencies in a single account
- Receive local account details for +9 currencies (EUR, GBP, CAD, and others)
- Receive money via SWIFT in +20 currencies
- Exchange money at the mid-market rate with no hidden fees
As well as having international business benefits, the Wise Business Account also has some features that can make daily life easier on the finance side of things.
You can get a business debit card which your company can use to spend money and withdraw cash both in Ireland and abroad. The account also cuts down on paperwork, as it integrates with Xero and Quickbooks, for example.
Opening a Wise Business Account is pretty convenient, because no matter what type of business you have, or how big or small it is, you can complete the entire registration process online just by hitting the button and following the prompts.
Open your Wise Business
account online 🚀
Sources used:
Sources last checked on date: 6 September 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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