Start Up Current Account

ATierney

Registered User
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2
Hi,
I am moving back to Ireland in December and will be starting up my own Speech & Language Therapy practice as a sole trader. Does anyone have any experience opening a start up current account and are there banks in particular that you would recommend?
 
Ulster Bank do a good deal for business startups and used to, and may still, give two years free banking. I would suggest that you get some documentation (e.g. a utility bill) in your own name before your approach any bank. The Irish banks have shown themselves to be shockingly incompetent when dealing with non-residents opening up bank accounts. I would also wait until you are back in Ireland before you approach any bank.
 
N26 have being recommended previously by others for small business accounts. Might be worth considering N26 too.
 
Ulster Bank do a good deal for business startups and used to, and may still, give two years free banking. I would suggest that you get some documentation (e.g. a utility bill) in your own name before your approach any bank. The Irish banks have shown themselves to be shockingly incompetent when dealing with non-residents opening up bank accounts. I would also wait until you are back in Ireland before you approach any bank.
Ulster bank look set to close their irish operations.

Revolut might be an option.
 
I know - Ulster Bank closing down will kill me. I have two businesses and use Ulster Bank for both. I've already moved to BOSI, then Dankse, then Ulster Bank. My smaller business has about two hundred invoices a year from about 10 customers that are mostly multinationals. Moving your bank account with the large companies is just painful as it is seen, correctly, as a potential source of fraud.

I personally go with Revlolut at the moment and they aren't a bank yet. It will be fine for a clearing account, so to speak, but I wouldn't have a balance exceeding a €1,000 with them. The other thing is about Revolut is that you will have a GB IBAN code - this may seem a bit unusual when you an Irish supplier (me) invoicing an Irish company. I know they are moving some operations to Ireland because of Brexit but I'm not sure what is happening with the IBAN code.
 
One thing regarding Revolut v N26 is that N26 have the €100,000 deposit guarantee whereas Revolut don't.
 
The banks seem to have come up with some good lockdown solutions for proving who you are (anti money laundering) when you open an account. AIB do a video call from their app on your phone. This gives them the GPS location of the phone. They take pictures of you, your passport, driving licence etc during the call. I don't have a bank recommendation to give you, but maybe ask in advance how you are to provide your ID when they are mostly not doing face to face appointments at the moment?
 
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