Fintech firm Tide is an electronic money institution which offers business banking services to small businesses, freelancers, sole traders and established limited companies.
Unlike high street banks, Tide doesn’t have branches - instead, you’ll be able to manage your account and access everything you need via an app¹. You can open an account for free, and get a contactless MasterCard for yourself as a business owner, and team cards for your employees². Even Though Tide is not a bank, they offer a wide range of banking services to small and medium size businesses which we’ll discuss in more detail.
- Auto-categorisation - Tide can tag your income and spending automatically and customise the labels to suit your company.
- Expense management - Upload receipts, auto-match them to transactions, add a note and store digitally.
- Sync with your accountancy software - You can link your account to accounting software like Xero, QuickBooks and more.
- Send, pay and track invoices - You can keep track of your invoices directly on the app.
- Multiple accounts - You can create separate accounts for different purposes and switch between them in one log-in.
- Direct-debit - Manage direct debit payments on the app.
- Scheduled payments - you can set up or edit standing orders and one off payments easily.
- Downloadable Statements - you can easily download and export your statements online in multiple formats.
- Fast-onboarding - some accounts can be onboarded in minutes after verification
What do customers think of Tide business accounts?
Tide is currently rated 4 stars on Trustpilot. From customer reviews, we’ve summarised a few pros and cons.⁴
- Easy to use mobile app
- Fast onboarding
- Fast local transfers
- Doesn’t support international payments
- Not for Cash-handling businesses
Tide account is ideal for businesses who operate mostly online as they don’t support over the counter payments by cash or cheque. It's a good alternative to traditional banks for quick to open business accounts with features that help streamline your business growth.
Tide is a good alternative for businesses who struggle to open traditional business accounts due to credit checks. It's mostly app based which makes it convenient for a lot of users but they also offer a desktop version for easier view and navigation.
They provide an open banking API that can be integrated into you systems to have access to automated payments and other benefits Tide offers.
Tide international currency account allows you to send and receive payments in different currencies. However, this feature is not available to all members.⁵ If you’re looking to expand globally and want to save on international transactions, you can use an alternative like Wise account for business which also supports mobile payments but in a more global approach using the Multi-currency account where you can send, hold and receive payments in different currencies from all over the world. No monthly fees, just a small set-up fee and you take advantage of cheap international transfers all over the world with conversions at the real exchange rate. Receive money for free, and only pay a tiny fee to convert currencies - cheaper than most high street banks and up to 19x cheaper than PayPal.
Some Tide members with limited companies have a Tide International Currency Account which supports transfer to:⁷
|Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Ireland, Italy, Luxembourg, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Slovakia, Slovenia, Spain, Sweden|
And can receive transfers from:
|Antarctica, Austria, Belgium, Bulgaria, Chile, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Svalbard and Jan Mayen, Sweden, Åland Islands|
Tide International currency account cost
It's free to set up the account and receive payments in the same currency like EUR to EUR. However, may have to pay some fees for these transactions:¹¹
SEPA transfers - 0.70 EUR
SWIFT transfers - £5 (or currency equivalent)
On top of this, you also have to take into account the conversion rate when you have to exchange currencies or receive a currency that you don’t currently have with Tide in which case it will be automatically converted using their rate.
Tide adds a mark-up of 0.50% on currency exchanges. This is on top of the transfer fees mentioned above and excludes market holidays, like weekends and bank holidays.
If you receive transfers in a currency that Tide doesn’t currently support, it will be returned to the sender so to avoid extra charges, make sure that you check the list of supported currencies first listed above or on their website.
If you’re thinking of opening a Tide business account, you’ll need to know what fees are involved. It’s worth thinking about how you might use your account, and what services are important to you, before you select a business account as the fees will vary according to the services you’ll use.
Tide offers a free current account but they have subscription based fees suitable for services that you use more frequently which are as follows:⁸
|Features||Free||Plus £9.99 + vat/month||Cashback £49.99 + vat/month|
|Team cards||£5+vat per card per month||1 free team card||3 free team card|
|Transfer in and out||20p||Free 20 transfers/month||Free 150 transfers/month|
|Read access to for team members and accountant||Included||Included||Included|
|Accounting software integration||Included||Included||Included|
|Sub-accounts - ringfence, money for expenses, wages or bills||Included||Included||Included|
|Multi-business - hold up to 5 business accounts||Included||Included||Included|
|Member Perks||Included||Plus member perks||Cashback member perks|
|24/7 legal helpline||Not Included||24/7 legal helpline||24/7 legal helpline|
|Priority in-app support||Not Included||Included||Included|
|Phone support||Not Included||Included||Included|
|0.5% cashback with Tide card||Not Included||Not Included||Included|
|Dedicated account manager||Not Included||Not Included||Included|
If you’re wondering how much alternatives cost compared to Tide, you can check the fees charged for those services by different business banking providers.
You’ll be able to order a free contactless MasterCard, linked to your Tide business account. Tide card offers free payments at home and abroad - although ATM withdrawals cost £1.
You’ll be able to order up to 35 team cards, which can be given to your employees, and are managed by the account holder. That means your team can have a business card for their own use, but business owners can still keep track of their employees’ spending, and issue, limit, or cancel cards as needed from their Tide app
International Card Payments
When you spend abroad or online in other currencies, you get Mastercard’s exchange rate with no additional mark-up or fees. However, the standard fee of £1 to withdraw cash at an ATM will still apply.⁹
If you’re a Tide customer already, the easiest way to get in touch with the customer support team is through the in-app support. You’ll just need to click the help tab and start a new request, to talk to a member of the team. If you don’t have the app, or you’ve not got your phone handy, there are a couple of different ways you can get in touch with Tide:¹⁰
- By email: email@example.com
- By phone: +44 (0)333 121 0266
- Community: Check the Tide community for information. Maybe someone else has already asked your question, and if not, you can drop your question there and someone from the Tide team will answer you.
Compare Tide business bank account fees with other low-cost and fee-free banks with our free business bank accounts comparison.
Choosing the right banking services for your business is a big deal. Get the right account for your needs, and you can protect your profitability, and get on with running your business without worrying about the costs of banking. By doing some research before choosing a business account, you’ll be able to find the right service for your needs - so you can focus on what really matters.
Sources used for this article:
- Tide website
- Tide blog - team cards
- Tide website - features
- Trustpilot Tide review
- Tide FAQ - Online banking
- Wise comparison page
- Tide blog - International transfers
- Tide Price page
- Tide FAQ - Card payment fees
- Tide contact page
- Tide FAQ page - International currency account
All sources checked on March 2, 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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