Revolut targets Irish business customers with low-cost current account
App-based current account promises cheaper transaction costs from €28 a month
Revolut has already signed up 30,000 Irish consumers with its app-based mobile banking account
Mobile banking operator Revolut is pledging to save Irish companies “thousands in banking fees” with the launch of its multi-currency accounts aimed at businesses in Ireland and across Europe.
The London-based company, which has already signed up some 30,000 Irish consumers with its app-based mobile banking account, is offering Irish businesses three account packages to choose from, ranging in cost from £25-£1,000 (€28-€1,133) a month, with the first month free.
The new account will allow Irish companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issue employees with corporate cards for global fee-free spending and manage their transactional activity through an online platform.
The account also offers free and instant money transfers between companies that are signed up to Revolut for Business.
However, the fintech start-up does not yet have plans to lend to businesses – something which could be welcome in the Irish market. Business group Isme said this year that the concentration of lending in Ireland was “unhealthy”, with three banks having a grip on the market.