OCTIS vs AIB vs Bank of Ireland vs Revolut Business: Irish business accounts compared

Two Irish banks with a two-year fee waiver, and two digital options that open faster but protect your money differently.

Last checked 9 November 2026 · 10 sources

Otty's short answer

A new company with Irish or EEA directors can start at Revolut Business for speed, then add AIB or Bank of Ireland when it needs a branch, cash handling or an overdraft. Both banks waive maintenance and transaction fees for two years on start-up accounts, but cash fees stay. Founders outside the EEA should expect slower, case-by-case reviews.

Side by side

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What matters	OCTISHong Kong company + OCTIS global plan	AIB	Bank of Ireland	Revolut Business	Wise Business
Type of provider	Business OS; banking via licensed partners, not a bank	Irish bank	Irish bank	Lithuanian-licensed bank	E-money firm (UK FCA per Wise page)
Monthly or quarterly fee	Set by our licensed partner; quoted before you commit	Standard fee not read	€15 per quarter (Bank of Ireland fee schedule, 2025)	Plans reported from €10 per month, check current fee	No monthly fee
Start-up fee waiver	Not an OCTIS product	2 years, cash fees excluded	24 months, cash fees excluded	No start-up scheme found	No start-up scheme found
Who the start-up offer fits	Selling in several countries, team spread out	Under 3 years trading, first-time AIB	Start-ups, sole traders can apply online	Not applicable	Not applicable
Typical opening time	Set up through licensed partners alongside your incorporation	10 to 14 business days or more	4 to 6 business days	1 to 2 business days	A few business days
Branch visit	Hong Kong company run from anywhere; accounts via licensed partners, subject to their approval	Usually, for companies	Meeting with advisor for companies	No, fully online	No, online
Non-EEA founders	Director and shareholder can live anywhere	Slow, paper-based	Individual review	Not accepted per Open Forest	Applies directly, no EEA rule read
Irish IBAN	International business account via licensed partners	Irish bank account	Irish bank account	Yes, listed	No, Belgian EUR details
Deposit guarantee	Not an OCTIS product	€100,000, Irish scheme	€100,000, Irish scheme	€100,000, Lithuanian scheme	Not covered, per Open Forest
Cash handling	Set by our licensed partner; quoted before you commit	Fees apply, €100 off per quarter on start-up	Cash lodgement fees not waived	Not read	ATM: first €250 a month free, then 2.69%
EUR transfer and FX cost	Foreign exchange via licensed partners	Not published on pages read	Not published on pages read	Plan-based, see Revolut fee page	From 0.2% send and convert
One-time set-up	At least 10% below any qualifying quote (Lowest Price Guarantee)	Not published	Not published	Not published	€60 for account details

If you have staff, premises or local sales in this country, its own registration and tax rules still apply. OCTIS can help you arrange them.

Data sources & disclaimer: Comparison data was compiled from publicly available sources — including the competitors' own published pricing and feature pages — captured on 9 November 2026. Figures reflect the typical or advertised pricing at that time and may have changed since; plans, inclusions and prices vary by provider, region and promotion. OCTIS is independent and not affiliated with the named companies; all trademarks belong to their respective owners. This comparison is provided in good faith for general information only and is not professional, legal or financial advice — please verify current details with each provider before deciding.

Which one fits you

OCTIS · Hong Kong company + OCTIS global plan
Choose OCTIS if your founders live outside Ireland or the EEA and you want company, accounts, banking and CRM in one place.
AIB
Choose AIB if you want an Irish bank relationship, can visit a branch and are a start-up under three years old.
Bank of Ireland
Choose Bank of Ireland if you want a faster Irish bank opening, an overdraft option and a two-year fee waiver.
Revolut Business
Choose Revolut Business if your directors live in the EEA and you want an online account with an Irish IBAN in days.
Wise Business
Choose Wise Business if you mainly send or receive foreign currency and want low conversion fees with no monthly fee.

What the table does not show

What the start-up offers really waive

AIB's Business Start-up Current Account waives maintenance and transaction fees for two years. It covers businesses trading under three years that open an AIB account for the first time, and cash handling and international payment charges are not waived. Bank of Ireland's start-up account also waives transaction and maintenance fees for 24 months, plus the €50 yearly overdraft facility fee and the first two years of Business On Line. Cash and coin lodgement and withdrawal fees still apply. After the waiver, each bank's standard schedule applies.

Opening an account without living in Ireland

Irish banks check who owns and runs the company. A third-party guide (Open Forest) reports AIB at 10 to 14 business days or more with paper forms and usually a branch visit, and Bank of Ireland at 4 to 6 business days with individual review of non-resident applications. The same guide says Revolut Business does not accept teams with no founder in the EEA, and that a company may also need a Section 137 bond or an Irish-resident director. Treat these as indications and check each bank's current rules.

Bank licence versus e-money licence

AIB and Bank of Ireland hold Irish bank licences and fall under the Irish deposit guarantee scheme, which covers eligible deposits up to €100,000 per depositor per bank. Revolut Business is provided by Revolut Bank UAB, and Revolut's help centre says business money sits under Lithuanian deposit insurance. Wise Business is an e-money account, and the third-party guide says it is not covered by the deposit guarantee scheme. The guarantee is the limit, so keep surplus cash above it elsewhere.

Where OCTIS fits

OCTIS does not open Irish bank accounts or incorporate Irish companies. If your Malaysian or Hong Kong company sells into Ireland or runs an Irish subsidiary, every account still needs reconciling. OCTIS bookkeeping can keep the home company's books and take statements from the account you choose into the consolidated picture. Moving your accounting, company secretary and tax work to OCTIS can take 10–30% off your current bill.

See OCTIS pricing

Frequently asked questions

Is AIB or Bank of Ireland better for a new business?

Both waive maintenance and transaction fees for two years on a start-up account, and both exclude cash fees. Reported opening times differ: Bank of Ireland about 4 to 6 business days, AIB 10 to 14 business days or more. Choose on branch access, lending needs and how fast you must open.

Can a non-resident director open an Irish business bank account?

Sometimes. Bank of Ireland reviews non-resident applications individually, and AIB's process relies on paper forms and branch visits. Revolut reportedly needs an EEA-resident founder. Some companies also need a Section 137 bond or an Irish-resident director. There is no guaranteed approval at any provider.

Is Revolut Business a bank in Ireland?

Revolut Business is provided by Revolut Bank UAB, which holds a Lithuanian banking licence. Its help centre says business money is covered by Lithuanian deposit insurance, up to €100,000. It is not an Irish-licensed bank, but it lists an Irish IBAN for Irish accounts.

Is my business money protected up to €100,000?

For AIB and Bank of Ireland, covered deposits are protected up to €100,000 per depositor per institution by the Irish scheme run by the Central Bank. Revolut Business money is under the Lithuanian scheme. A third-party guide says Wise is not covered. Check your own account type.

What does Wise Business cost in Ireland?

Wise's Ireland page lists a one-time €60 fee to get account details in several currencies, no monthly fee, and sending and conversion from 0.2%. The first €250 of ATM withdrawals each month is free, then 2.69%. Receiving EUR domestic payments is free.

Sources

Checked on the date above. Links open the provider's or regulator's own page.