Fire.com is an Electronic Money Institution in the UK and a payment institution in Ireland. It offers dual-currency business accounts, debit cards, and payment services to businesses. It services are supported in the UK and the Republic of Ireland only. Furthermore, it uses smart technology and regulatory licenses to offer financial services. You can apply for their services online.
The following is Fire.com bank review, how to open an account, requirements, features and fees.
Who Can Use Fire.com?
If you have a business such as a sole trader, SME, charity, or startup, you can open a business account with Fire.com. Also, if you have a large business such as s tech firm, you can open a corporate account. Fire.com business accounts come with API integration to automate digital payments for businesses.
How to Open Fire.com Account
To open a Fire.com business account, you need to have a business that is incorporated in the UK or Ireland. Directors of the company must be residents or citizens of the EU or the UK. However, those from other countries can be accepted upon request.
If you meet the above requirements, then you can apply for a Fire.com business account online. Once you have registered, you need to provide details about your business and its directors. If you meet the necessary requirements, they will review your application and have your Fire.com business account approved.
Fire.com Features
Fire Bank is a digital bank for businesses. As such, its features are specifically designed for businesses the following are some of its features:
- Dual currency accounts. The Fire.com business account comes with both a sterling and euro account, so your business can hold funds and make payments in both currencies.
- Debit cards. You can order as many debit cards as you need for your business and link them to Fire.com business accounts. You can use the debit card to shop online or in-store and to withdraw cash.
- Fire API. Fire.com comes with APIs that allow businesses to integrate their business accounts with various payment methods.
- Bank transfers. You can pay and get paid through bank transfers from any bank within the UK or Eurozone. Some of the payment methods supported by Fire.com include Bacs, Faster Payments, and SEPA.
- Open Banking. Fire.com allows customers to make direct payments from their accounts in euros or sterling. Customers can request payments using a QR code or Fire’s API.
- Foreign exchange transfers. You can transfer funds within the sterling or euro account at a fee that will be displayed.
- Compatible with accounting software. Fire.com provides statements that are compatible with online accounting packages such as QuickBooks and Xero.
Types of Business Accounts Offered by Fire.com
Since Fire.com is designed for businesses only, it has specialized accounts to serve the varying needs of various businesses. Fire.com offers the following type of business accounts.
Fire.com Business Account
You can open a Fire.com business account for an SME, sole trader, charity, or startup. Fire.com business account comes with a standard sterling and euro account. And since it is a digital bank, you can only access its services through a mobile app or a debit card.
The Fire.com business account provides a transparent fee structure without any set-up or account opening fees. It also does not impose monthly or quarterly fees for maintaining the account. While transaction fees are applicable, they are deducted at the time of processing, ensuring no surprises when the quarter ends.
Fire.com Corporate Account
If you have a large business that requires multiple accounts, then you can open a corporate account. The account comes with debit cards together with an API for system integration. The API system also helps in payment automation.
The corporate account offers businesses access to advanced digital features like Open Banking Payments, allowing for seamless online, mobile, and QR code-based account-based payments.
Fire.com Fees
The following fees apply for Fire.com bank:
| Service | Fee |
|---|---|
| Bank transfer out | £0.29 / €0.29 |
| Bank transfer in | £0.29 / €0.29 |
| Direct debits | £0.29 |
| Open Banking | 1% but a minimum fee: £1.25 / €1.25 |
| Additional accounts | £50 / €50 |
Pros and Cons of Fire.com
Pros
- Comes with sterling and euro account
- Compatible with online accounting packages such as QuickBooks and Xero
- Debit cards are linked to both sterling and euro accounts
- It does not charge monthly fees or set up fees
Cons
- Does not support direct debits for Euro account
- Cannot pay in cash or cheques
- Funds are not protected by the Financial Services Compensation Scheme
Summary of Fire Bank Review
If you have a business based in the UK or Ireland, then you can consider opening a Fire.com business account. Depending on your business size and needs, you can choose between a business account or a corporate account. By opening a Fire.com account, you can integrate your business systems with Fire.com APIs. Fire.com account supports bank transfers, debit cards, foreign exchange transfers, and open banking.
What's fire.com?
Fire.com is an Electronic Money Institution in the UK and a payment institution in Ireland. It offers business accounts, debit cards, and payment services to businesses.
What are Fire.com supported countries?
Fire.com supports businesses and corporates in the U.K. and the Republic of Ireland only.
What are Fire.com supported bank transfers?
Fire.com supports different types of bank transfers such as SEPA, Faster Payments, and Bacs.
Is Fire.com legit?
Yes. Fire.com is a safe and legit bank. It is regulated by the Central Bank of Ireland as a payment institution. Fire.com is a regulated financial services provider authorized by the Central Bank of Ireland (fire-EU) and the Financial Conduct Authority (fire-UK). However, funds held in the Fire.com account are not protected by the Financial Services Compensation Scheme.