Best business account for company with high turnover and transactions

[David1234]

Hi all,

I just started working with a UK based multinational company that because of brexit has relocated to Ireland. They have not yet set up an Irish bank account.

The company has a high turnover +€50mm and requires to make multiple high value payments on a daily basis. Once a month this will be in excess of €1.5mm.

From initial contact with the main banks in Ireland they don't really want anything to do with us. AIB said that we did not meet the criteria for business banking and didn't give any further reasons for declining the application.

I am exploring a few other options at the moment but would anyone have any advice on the best bank to use for this type of account?

Many Thanks

 

[EmmDee]

Hi all,

I just started working with a UK based multinational company that because of brexit has relocated to Ireland. They have not yet set up an Irish bank account.

The company has a high turnover +€50mm and requires to make multiple high value payments on a daily basis. Once a month this will be in excess of €1.5mm.

From initial contact with the main banks in Ireland they don't really want anything to do with us. AIB said that we did not meet the criteria for business banking and didn't give any further reasons for declining the application.

I am exploring a few other options at the moment but would anyone have any advice on the best bank to use for this type of account?

Many Thanks

Who do you use in the UK? The likes of Barclays operate business banking here (and are highly rated I believe). You don't need to limit yourselves to Irish banks.

 

[David1234]

Who do you use in the UK? The likes of Barclays operate business banking here (and are highly rated I believe). You don't need to limit yourselves to Irish banks.

Thanks for that. I hadn't considered this as an option. We currently use Lloyds and find them quite good. There have been a number of issues in the last few months but I'm sure that would have been the case with pretty much every bank.

I will certainly look into this as an option, any other recommendations/advice is greatly appreciated!

 

[MrEarl]

Hello,

AIB's reasoning makes no sense to me.

We are talking about a company that will be registered in Ireland, going forward, right?

The volumes that you mention sound more appropriate to Corporate Banking, than Business Banking, but they should have told you that and simply transferred you to another team.

I would expect AIB, Bank of Ireland, Ulster Bank to all be able to provide facilities.

Thereafter, some of the other Banks with Corporate services are also worth speaking to - Barclays, HSBC, BNP, possibly also Citi and Rabobank.

If you don't require credit facilities, and tend to have notable positive balances in your accounts, expect to be hit with an annual fee, in addition to standard fees for transactions etc. Basically, its a cost that Banks are trying to pass on, resulting from the negative interest rate issue.