Best Business

Fire Business Banking

Fire Business BankingVisit WebsiteCompare Now

About Fire

Editorial Team
··

Fire are an online digital account that offers dual-currency banking in both sterling and euros. They were founded in 2009 with the aim to make managing payments easier and more accessible and in 2019 they were authorised as an Electronic Money Institute by the Financial Conduct Authority (FCA).

See our full Fire business account review and see how they compare with other digital business bank account providers.

Fire pros & cons

Pros of Fire

  • No monthly account fee or set up costs
  • Offers both Sterling and Euro accounts
  • Debit card allows you to spend in both Sterling and Euro
  • Compatible with online accounting packages
  • First debit card is free

Cons of Fire

  • No FSCS protection
  • Fees apply for most transactions

Fire business account

Fire only has one free business account available, though businesses can add additional accounts in sterling or euros.

These are the typical fees you can expect with a Fire business account:

Account nameFire Business Account
Application feeFree
Monthly feeFree
Bank transfers29p
Card purchases (Sterling & Euro)29p
Card purchases (Non-Sterling & Euro)2% fee
ATM withdrawals£2.50
Additional accounts£50 each
Foreign exchange1.25% (£1.25 minimum fee)

Eligibility

To be eligible for a Fire business account you will need to confirm the following:

  • The business is an unincorporated entity, limited company or sole trader
  • The business is registered in the UK or Ireland
  • The identity of each party member (passport or other photographic ID)
  • The residency of significant parties (owners/directors)

Successful businesses will then be required to provide the following information:

  • The Memorandum and Articles of Association (UK), or Constitution (Ireland)
  • Certificate of Incorporation

Businesses will also need to confirm that they do not require cash, cheque or direct debits services in euros since Fire don't support them yet.

Opening an account

Here's how to open a Fire business account:

  1. Head over to Fire's website for sign up
  2. Complete their digital application - Fire will confirm your eligibility
  3. Verify your ID - you'll need to upload a picture ID and a video of yourself
  4. Once approved, you can start banking

Fire reviews

Fire has a great Trustpilot rating of 4 stars, from over 200 reviews with 79% giving them 5 stars.

Information correct as of 25th January 2024.