AIB Business Current Account Review Ireland 2026 - Pricing, Lending, and Irish IBAN

The AIB Business Current Account is the conservative default for Irish SMEs that want a full incumbent banking relationship rather than a purely digital one. It is the right primary account for established companies, construction and hospitality firms handling cash, and any SME that expects to draw down working-capital or term lending in the next 12 months.

It is not the cheapest option on the Irish market. Revolut Business undercuts it on monthly cost, FX margins, and onboarding speed. But the AIB Business Current Account ships an Irish (IE) IBAN, sits under the Irish Deposit Guarantee Scheme, and connects to lending products that pure-digital challengers do not offer in Ireland in 2026 - notably the SBCI Growth and Sustainability Loan Scheme via AIB as an on-lender.

This review covers what the account actually does, what it costs, and where it loses to the challenger set.

Who Operates the AIB Business Current Account

The AIB Business Current Account is offered by Allied Irish Banks p.l.c., headquartered in Dublin and regulated by the Central Bank of Ireland under registration C21174. AIB is a participating institution in the Irish Deposit Guarantee Scheme, which protects eligible deposits up to EUR 100,000 per institution. The account issues Irish (IE) IBANs as standard, which removes the IBAN friction Irish SMEs see with Wise Business (Belgian IBAN) and N26 Business (German IBAN).

This is a different proposition from Revolut Business, which is operated by Revolut Bank UAB - a Lithuanian-licensed bank operating in Ireland through an authorised Irish branch. Revolut deposits sit under the Lithuanian deposit insurance scheme rather than the Irish Deposit Guarantee Scheme. Both schemes cover EUR 100,000 per depositor, but for Irish businesses that prefer their primary banking relationship to sit with an Irish-regulated institution, AIB or Bank of Ireland remain the conservative choices.

AIB Business Current Account Pricing 2026

AIB calculates Business Current Account fees quarterly on the last working Friday of February, May, August, and November, with charges applied the following month. The published schedule is on the AIB Business Accounts Fees and Charges page, with the full detail in the “A Guide to Business Fees and Charges” booklet linked from that page.

Per-transaction fees are the part most Irish SMEs underestimate. A retail or hospitality business doing several hundred lodgements and card-acquiring settlements a month will pay materially more in transaction fees than the quarterly maintenance line implies. Run a 90-day estimate against your actual transaction mix before you sign up.

The Business Start-Up two-year waiver is the single most attractive entry point on the AIB schedule. If you are launching a new Irish limited company in 2026, the AIB Business Current Account costs nothing for the first 24 months on maintenance and electronic transactions, and you gain immediate Irish IBAN issuance and lending eligibility.

Key Features for Irish Businesses

Irish (IE) IBAN

The AIB Business Current Account issues an Irish IBAN as standard. That matters in three concrete scenarios Irish SMEs hit regularly:

1. ROS Direct Debit set-up. Revenue’s Online Service supports Direct Debit instructions for VAT3, PAYE-PRSI, and Corporation Tax preliminary instalments. The smoothest set-up is against an Irish IBAN. AIB, Bank of Ireland, Permanent TSB, and Revolut Business (via its Irish branch) all issue IE IBANs.
2. SEPA Direct Debit as a creditor. If you collect recurring payments from Irish or EU customers by Direct Debit, larger creditor onboarding processes still prefer an Irish IBAN on the mandate.
3. Payroll funding. Paying employees from an IE IBAN avoids the occasional questions employees raise when payroll lands from a foreign IBAN.

Under SEPA regulation any EU IBAN is legally equivalent for euro transfers, so an IE IBAN is a convenience advantage rather than a legal requirement. For most Irish SMEs the convenience is worth picking up.

SEPA Credit Transfer and SEPA Direct Debit

AIB supports SEPA Credit Transfer and SEPA Direct Debit as both debtor and creditor, with bulk-payment file upload via Internet Business Banking using the pain.001 (credit transfer) and pain.008 (direct debit) ISO 20022 XML schemas. This is the standard plumbing Irish payroll software (BrightPay, Collsoft, Thesaurus Payroll Manager) and Irish accounting platforms (Xero, Sage, BrightBooks) use to pay suppliers, employees, and Revenue.

AIB does not currently advertise SEPA Instant Credit Transfer (SCT Inst) on the standard Business Current Account in the same prominent way Revolut Business does. If you need 24/7 sub-10-second euro settlement to other EU accounts as a routine workflow, confirm SCT Inst availability on your tier with your AIB business banker.

Bank feeds into Irish accounting software

The AIB Business Current Account supports direct bank feeds into Xero, Sage Business Cloud Accounting, QuickBooks Online, and BrightBooks - the four most common accounting platforms in use across Irish SMEs in 2026. Transactions flow into your ledger automatically rather than via manual CSV import, which materially cuts month-end reconciliation time. This is a meaningful change from where AIB sat several years ago; for any new account in 2026, set the bank feed up at onboarding, not as an afterthought.

Access to SBCI lending via AIB

Current account holders are eligible to apply for AIB business lending products, and AIB is a participating on-lender on Strategic Banking Corporation of Ireland schemes - notably the Growth and Sustainability Loan Scheme. Details and current scheme availability are on the AIB SBCI page. The Growth and Sustainability Loan Scheme is backed by European Investment Bank funding and channels EUR 560 million of lending capacity to Irish SMEs at below-market rates.

Revolut Business, Wise Business, and N26 Business do not currently offer overdrafts, term lending, or SBCI scheme access to Irish businesses. If access to working-capital or growth lending matters to your 12-month plan, the choice of primary bank is decided by lending availability before anything else.

Branch network and Irish-hours support

AIB still operates a branch network across the Republic of Ireland alongside a domestic telephone support service. The network has thinned since 2021 - confirm local branch hours on the AIB branch locator before relying on counter service for cash lodgements. For businesses handling cash daily, the AIB branch network and An Post Money lodgement options together are still materially better coverage than any pure-digital challenger.

What the AIB Business Current Account Does Not Do

Be clear-eyed about the trade-offs:

• No Revenue ROS integration at the bank level. AIB is a current account provider, not accounting software. ROS filings happen through Xero, Sage, BrightBooks, or your accountant’s tooling. The Irish IBAN simplifies ROS Direct Debit set-up, but the bank does not file VAT3 or PAYE returns for you.
• No PAYE Modernisation integration. PAYE Modernisation lives in your payroll software (BrightPay, Collsoft, Thesaurus, Sage Payroll), not in the bank account. AIB funds payroll via SEPA Credit Transfer once the payroll software produces the SEPA XML.
• No native multi-currency holding. The account holds euro. International invoicing in USD or GBP routes through standard FX conversion, with materially higher margins than Wise or Revolut. Treasury services are available separately for larger SMEs - speak to your relationship manager.
• Internet Business Banking UX trails challenger apps. iBB has improved but still feels enterprise-banking rather than challenger-fintech. Onboarding is slower than Revolut Business - typically weeks for new limited companies rather than days.

Deposit Protection

AIB is a participating institution in the Irish Deposit Guarantee Scheme, which protects eligible business deposits up to EUR 100,000 per depositor per institution. This is the same EUR 100,000 cover amount as the Lithuanian deposit insurance scheme that covers Revolut Bank UAB and the German scheme covering N26, but the scheme is Irish-administered and Irish-regulated.

For Irish businesses holding balances above EUR 100,000, split deposits across institutions regardless of scheme. The deposit guarantee is a depositor-protection floor, not a treasury strategy.

AIB Business Current Account vs Revolut Business

For most Irish tech-forward SMEs launching in 2026, Revolut Business is the faster, cheaper day-to-day option. AIB wins on the things Revolut does not offer at all in Ireland: overdrafts, term lending, SBCI scheme access, branch counter service, cash handling, and Irish Deposit Guarantee Scheme cover.

The common 2026 stack for an Irish SME is to run both. Use the AIB Business Current Account as the primary bank for lending, larger balances, ROS Direct Debit, and cash handling, and use Revolut Business for FX-heavy international invoicing, faster supplier payments, and challenger-grade accounting integrations.

For the full comparison see the Best Business Banking in Ireland (2026) hub or the dedicated Revolut Business Ireland Review.

AIB Business Current Account vs Bunq Business and N26 Business

Bunq Business and N26 Business are EU neobanks operating in Ireland under EU passporting. Both are reasonable digital options for Irish sole traders and freelancers, but neither issues an Irish (IE) IBAN, neither sits under the Irish Deposit Guarantee Scheme, and neither offers Irish-market lending or SBCI scheme access. For established Irish SMEs the AIB Business Current Account remains the stronger primary-bank choice; the neobanks fit best as secondary accounts for specific use cases.

Who the AIB Business Current Account Is Best For

• Established Irish limited companies with lending or overdraft requirements
• Construction SMEs needing working-capital facilities and bulk supplier payment via pain.001
• Hospitality and retail businesses with daily cash lodgements
• Agricultural and food businesses applying for SBCI Growth and Sustainability Loan Scheme funding
• New Business Start-Up companies wanting the two-year fee waiver and Irish-bank relationship from day one
• Any SME that prefers its primary cash to sit under the Irish Deposit Guarantee Scheme

Who Should Look Elsewhere or Pair It

• Pure-digital tech SaaS startups with light cash and heavy FX invoicing - Revolut Business is faster and cheaper
• Freelancers and contractors with very low transaction volumes - N26 Business or Revolut Business Basic free tiers undercut the AIB schedule
• International e-commerce sellers managing multi-currency receipts - Wise Business mid-market FX is materially cheaper than AIB

Verdict

The AIB Business Current Account is not the cheapest Irish business banking option, and it is not the slickest digital experience. What it offers is the full set of incumbent-bank facilities Irish SMEs hit a wall on with the challenger set: Irish Deposit Guarantee Scheme cover, branch counter service, overdrafts, term lending, SBCI on-lending, merchant services, and an Irish IBAN that clears ROS Direct Debit, payroll, and SEPA creditor mandates without friction.

Treat the AIB Business Current Account as the primary bank for established Irish SMEs, cash-handling businesses, and any company expecting to draw down lending. Pair it with Revolut Business for FX-heavy operations and day-to-day expense control if that fits your workflow. If you are launching a new Irish limited company in 2026, the two-year Business Start-Up fee waiver makes AIB a low-cost entry into a full incumbent banking relationship.

View the AIB Business Current Account profile on Vendors.ie for the full compliance checklist, the live pricing source URL, and current data verification status. Or build a personalised stack of Irish accounting, payroll, and banking software using Find my stack.

Frequently Asked Questions

Is the AIB Business Current Account regulated in Ireland?

Yes. Allied Irish Banks p.l.c. is authorised and regulated by the Central Bank of Ireland under registration C21174 and is a participating institution in the Irish Deposit Guarantee Scheme. Eligible business deposits are protected up to EUR 100,000 per depositor per institution. The deposit guarantee covers current accounts, deposit accounts, and notice accounts held with AIB; investment products are not covered.

Does the AIB Business Current Account issue an Irish IBAN?

Yes. AIB issues Irish (IE) IBANs as standard for all Business Current Accounts. This matters for ROS Direct Debit set-up, SEPA Direct Debit creditor mandates, and any Irish payroll workflow that historically prefers an Irish IBAN. AIB, Bank of Ireland, Permanent TSB, and Revolut Business (via its Irish branch) all issue IE IBANs; Wise Business and N26 Business currently issue Belgian and German IBANs respectively.

How much does the AIB Business Current Account cost?

AIB charges a quarterly maintenance fee plus per-transaction charges, calculated on the last working Friday of February, May, August, and November and applied the following month. New Business Start-Up customers receive a two-year waiver of maintenance and transaction fees, excluding cash handling. The live schedule is on aib.ie/business/business-fees-and-charges/Business-Accounts-Fees-and-charges. Run a 90-day estimate against your actual transaction mix before signing up - per-transaction fees dominate the total cost more than the quarterly headline.

Can I set up a ROS Direct Debit with an AIB Business Current Account?

Yes. AIB Business Current Account customers can set up Revenue Online Service Direct Debit instructions for VAT3, PAYE-PRSI, and Corporation Tax preliminary instalments against the account’s Irish IBAN. The set-up flow expects an Irish IBAN, which is the default for AIB accounts. Confirm bank-side authorisation steps with AIB before submitting the ROS mandate.

Does AIB integrate with Xero, Sage, QuickBooks, and BrightBooks?

Yes. The AIB Business Current Account supports direct bank feeds into Xero, Sage Business Cloud Accounting, QuickBooks Online, and BrightBooks. Transactions sync into the accounting ledger automatically, removing manual CSV imports. Set the bank feed up at onboarding rather than later - the integration is now mature enough that bookkeepers expect it.

Can I apply for SBCI lending through AIB?

Yes. AIB is an on-lending partner for Strategic Banking Corporation of Ireland schemes, including the Growth and Sustainability Loan Scheme. Existing AIB Business Current Account holders apply through their AIB business banker or via the AIB SBCI page. The Growth and Sustainability Loan Scheme provides EUR 560 million of EIB-backed lending capacity to Irish SMEs investing in growth or climate-action initiatives, at below-market rates. Pure-digital challenger banks operating in Ireland do not currently offer SBCI scheme access.

Should I use AIB Business Current Account instead of Revolut Business?

It depends on your transaction mix and lending needs. AIB Business Current Account is the right primary bank for established Irish SMEs, cash-handling businesses, and companies expecting to draw down working-capital or term lending in the next 12 months. Revolut Business is faster, cheaper, and has better FX and accounting integrations for tech-forward SMEs that do not need overdrafts or branch access. Many Irish SMEs in 2026 run both: AIB for lending and cash, Revolut for FX and day-to-day spend.