If you’re looking to save time on business admin, Countingup could be the solution for you. It’s a UK business current account with built-in accounting tools, so you can tackle bookkeeping, tax and everyday banking all in the one place. It’s specially designed for small businesses, including freelancers, contractors and limited companies with up to two directors¹.
But is it the right option for your business? Read on for our handy Countingup business account review, including the lowdown on features, fees and how it works internationally. So, let’s get started.
So, what can you do with Countingup? For starters, there’s a business current account which comes with a contactless debit Mastercard. All transactions are automatically categorised and you can give your accountant access. You can even manage your money on the move using the Countingup app.
Your account also comes with the following features:
- Built-in accounting software
- Automated tasks such as taxes and bookkeeping
- Live business insights - such as tax estimates, unpaid invoices and profit/loss reports
- Invoicing and billing
- Receipt capture through the Countingup app - for easy expenses
- Instant notifications.
Now we come to the important part - how much will the Countingup business account cost you to use? The good news is that Countingup offers a free 3-month period², so you can test it out without paying a monthly fee.
Let’s take a look at the main fees and charges that will apply after the initial free period:²
|Fees||Starter (incoming funds up to £500 a month)||Standard (incoming funds £500 to £4,000 a month)||Premium (incoming funds up to £4,000 a month)|
|Monthly account fee (after 3 month free period||Free||£4.95||£9.95|
|Cash payments via PayPoint||3%||3%||3%|
|Account transfers in/out (free after 3pm)||£0.20||£0.20||£0.20|
|Cash payments in at the Post Office||£1||£1||£1|
|Foreign currency transaction fee||3%||3%||3%|
Can I make international payments with Countingup? At the moment, current accounts with Countingup don’t have an International Bank Account Number (IBAN) and don’t support overseas payments³.
And what about receiving international transfers with Countingup? Unfortunately, it’s the same story - Countingup accounts don’t currently support transactions outside of your home country.
This means that your business could face restrictions if you want to trade overseas or pay a client or supplier in another country.
If you’re looking for a business account you can use to send and receive cross border payments, to cover supplier invoices or receive a salary from a foreign employer, you’ll need another solution. Get a Wise account for business and start saving money on international transactions.
Most high street banks tend to add a mark-up on their conversion rate which ranges from 3 - 4%. This makes international transfers expensive. The receiving bank also often charge a receiving fee for international transactions. And this is exactly what Wise is solving.
You won’t need to switch to a different current account if you’re happy using Countingup.
But you can cover all your overseas transactions using the Wise for Business, which lets you send money all over the world for low fees and at the mid-market rate - no mark-up. You can pay invoices in 70+ countries, make batch payments of up to 1,000 at once and receive money from abroad for free.
Not quite sure yet whether Countingup is the right option for you? It’s important to do your homework and get it right when it comes to business accounts, as it could seriously affect the way you manage your cashflow and day-to-day company finances.
To help you make up your mind, here are a few of the pros and cons of Countingup for UK businesses:
- Super quick and easy application process - Countingup claims you can apply for your account in a matter of minutes. You don’t need reams of paperwork, only proof of ID and a selfie. It’s all done through the Countingup app, which you’ll need to download first.
- Free 3 month trial period
- Manage your money on the move with the user-friendly Countingup mobile app
- Contactless Mastercard debit card comes with the account
- Professional invoices
- Price plans for businesses of all kinds - so you don’t pay more than you need to
- Built-in accounting tools - so there’s no need to use a separate app or download other accounting software
- No support for international payments at present - plus, you can’t hold foreign currencies in your account
- Limits on each account type² - based on monthly income and type of business. For example, if you’re self-employed you can only have a maximum account balance of £50,000, withdraw £500 a day from an ATM and make £10,000 in card purchases per day. If you exceed any of your account type limits, you’ll be automatically upgraded to the next plan up and may have additional monthly fees to pay. You won’t be able to downgrade from this more expensive plan once this happens.
- No API available to help your business automate your workflow and payments - although some accounting features are automated.
So, there you have it - all the essentials you need to know about Countingup. We’ve covered everything from features and fees to the pros and cons of the Countingup account.
It’s a pretty clever idea, combining accounting tools with a business current account, so that everything’s in one place. It could save you a lot of time, but if your business wants to trade internationally any time soon, you could find this account a bit limiting.
Whatever you decide, just make sure you do your homework and check out the other options out there before making your decision. The free 3-month period could be handy for giving Countingup a road test, to see if it works for your business before you start handing over a monthly fee. Good luck!
Sources used for this article:
Sources checked on 20-June-2021.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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