Setting Up a Business Bank Account in Ireland for Side Income

Do You Legally Need a Separate Business Account?

For a sole trader in Ireland, there is no legal requirement to have a separate business bank account. You can receive side hustle income and pay business expenses through your personal account. However, keeping them separate is strongly recommended — it makes bookkeeping vastly easier, looks more professional to clients, and simplifies your tax return preparation.

Irish Bank Options for Sole Traders

• AIB Business Account: €4.50/month plus transaction fees. AIB has strong SME banking support. Requires in-branch setup with proof of identity and trading address.
• Bank of Ireland Business Account: Similar fees to AIB. Can be opened online for some account types.
• Permanent TSB: Less common for business banking but available.

Traditional Irish banks typically require you to be trading for 6+ months and have proof of business (invoices, Revenue registration) before opening a business account.

Fintech Options — Often Better for Side Hustlers

• Revolut Business: Free plan available (limited transactions), paid plans from €8/month. Open in minutes online. No branch visits. IBAN-based — some older Irish suppliers can't send payments to IBANs without Irish sort codes, but this is increasingly rare.
• Wise Business: Excellent for freelancers who receive payments in multiple currencies (USD from Upwork/Fiverr, EUR from Irish clients). Transparent flat fees. Real exchange rates.
• Stripe: Not a bank account, but a payment processor — useful if you need to take card payments from clients. Funds transfer to your main bank account.

What to Look For

For a side hustle doing under €100,000/year, prioritise: low monthly fees, easy online banking, ability to issue invoices (some accounts include this), and seamless integration with accounting tools. Revolut Business free tier or Wise Business covers most starting side hustlers well.

Bank fees and account features change regularly. Always check current terms directly with each provider.