Tide vs Revolut Business: Comparison for UK Businesses

If you’ve started your own business you’ll need smart and simple ways to manage your company finances.

Digital banks and providers in the UK offer business customers some great account options which can be used to hold, send, spend and receive company funds. But which provider is right for you?

This guide looks in detail at the Tide Business Account, compared to the Revolut business account. We’ll also look at an alternative - Wise Business accounts, which come with easy ways to handle foreign currency transactions with lower fees.

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📝 Table of contents:
Tide vs Revolut Business - quick overview Tide plans Revolut Business plans Key comparison points Tide Business Account fees Tide Business Account review Revolut Business Account Revolut Business Account review Wise Business Account: alternative to Tide and Revolut Open a Wise Business Account

Tide vs Revolut Business - quick overview

Picking the best business account provider for your needs is important - and can help you cut your costs and admin, giving your business a great basis to grow.

Both Revolut¹ and Tide² offer several different account plans, which include different features to suit businesses of all shapes and sizes.

Tide plans

Tide offers a free standard plan which could be handy for a new business - as well as 3 paid account tiers which offer more features, and extras like priority support or cashback. Here’s an overview of your options.

Tide plans and features	Tide business account fees³
Tide Free Tide Business Card + expense cards Make and receive transfers Schedule payments Accounting integrations Read access for team members Invoicing tools	Free
Tide Plus All of the above features, plus: 20 free transfers/month Priority customer support Member perks Support with filing trademarks, and trademark disputes	£9.99 per month + VAT
Tide Pro All of the features of the Tide Free and Tide Plus account, and: Unlimited free transfers in and out	£18.99 per month + VAT
Tide Cashback All of the features of the Tide Free and Tide Plus account, and: 150 free transfers in and out per month 0.5% cashback on card spending Dedicated team of account managers	£49.99 per month + VAT

Revolut Business plans

Revolut also offers different business account types, from a free account through to custom built plans which are aimed at enterprise level customers. Here are the features and fees you can get from each account tier:

Revolut business plans and features	Revolut business account fees⁴
Revolut Free Plastic and virtual company cards Transfers in and out Hold and exchange 30+ currencies Foreign exchange with up to 0.4% markup Local accounts in GBP and EUR Accept payments online and in person Invoicing tools Add team members	Free
Revolut Grow All the features of the Revolut Free plan, plus: 10 free international payments/month 100 free local payments/month Up to 10,000 GBP of currency exchange with no markup	£25 per month
Revolut Scale All the features of the Revolut Free plan, plus: 50 free international payments/month 1,000 free local payments/month Up to 50,000 GBP of currency exchange with no markup	£100 per month
Revolut Enterprise Enterprise packages are tailor made to the organisation’s requirements	Custom

Key comparison points

Before you decide which business account provider and plan works best for you, it’s worth comparing a few options, taking into consideration:

• Speed - how quickly are transfers in and out processed?
• Security - is the provider FCA regulated, and is your money protected?
• Convenience - how easily can you access and manage your account?
• Customer support - what help is there if something goes wrong?

Tide Business account

Tide offers business accounts and associated services, such as loans and company registration support, to UK based companies, sole proprietors and freelancers.

Let’s take a look at how Tide shapes up across our key measures:

Speed: Tide offers outbound payments within the UK only. Transfers to other Tide accounts are instant, other Uk transfers should take minutes.⁵

Security: Tide is FCA regulated and protects customer funds wither by safeguarding it, or through the Financial Services Compensation Scheme, depending on account type.

Convenience: Access your Tide account online or in the Tide app.

Customer support: Tide gets a good rating on Trustpilot, with 4.3 stars out of 5.⁶ It also came in the top 5 of business banks and providers in independent reviews in October 2022. Customers who have premium Tide accounts have priority customer service options.

Tide business account fees

If you pick a basic Tide business account plan you won’t need to pay a monthly charge. However, there are some transaction fees you’ll want to know about. Here are some key costs associated with operating a Tide business account.

Service	Fees
Receive payments	£0.20 Some account plans have free incoming and outgoing payments included
Send payments	£0.20 UK transfers only Some account plans have free incoming and outgoing payments included
ATM withdrawals	£1
Currency exchange	Mastercard exchange rates apply for foreign transactions

Tide Business account review

Best known for: Excellent customer service, with low cost UK payments and cash deposit options.

Tide is known for its strong customer service and support, as well as offering plenty of connected business services which can help smaller companies grow. It is primarily useful for transactions within the UK, with options to deposit cash at Post Offices and other agent locations, as well as local transfers which can be pretty much instant.

While you can use your Tide cards to transact internationally, there’s no option to send payments overseas - which can be a drawback if you’re using suppliers based abroad.

✅ Advantages	⛔️ Disadvantages
Free account plans available Cash deposit options Well loved by customers Broad selection of business services including loans and company registration FCA regulated, safe provider to use	Transaction fees apply, depending on the account plan you select Tide Expense cards have an ongoing monthly fee per card No international payment options

Revolut Business account

Revolut bills itself as a financial super app, and offers account services to both individuals and businesses. It’s already got a huge customer base in the UK and in the other countries and regions it trades in, with great customer ratings as a bonus.

Here’s how Revolut looks on the measures we’re using:

Speed: Local UK transfers can be delivered in a couple of hours, international payments may take up to 3 days depending on destination.⁷

Security: Revolut is FCA regulated, and customer funds are protected through safeguarding.

Convenience: Access your Revolut account online or in the Revolut app.

Customer support: Revolut gets an good rating on Trustpilot, with 4.3 stars out of 5, from 123,000+ reviews.⁸

Revolut Business account fees

All Revolut business account plans have some fee free transaction options, with higher tier plans coming in with higher fee free allowances and more free transactions. However, in most cases there will be some costs involved in operating your Revolut account - here are the key fees to know about.

Service	Fees⁹
Receive payments	Free to receive in GBP and EUR
Send payments	Local transfers £0.2 International transfers £3 Some account plans include some fee free transfers as part of the package
ATM withdrawals	2% of withdrawal value
Currency exchange	Fee free to plan limit - then 0.4% markup added to Google exchange rate, once plan allowance is exhausted Out of hours and exotic currency fees may also apply

Revolut Business account review

Best for: low cost currency exchange and local receiving accounts in GBP and EUR.

Revolut stands apart from Tide mainly in the range of multi-currency options available. Revolut accounts can be used to hold and exchange 30+ currencies, and all accounts have some fee free exchange which uses the Google rate. However, to unlock more features and get higher fee free allowances, you’ll need to upgrade your account to a monthly paying tier.

Some additional costs can also creep in with Revolut, including fair usage fees if you exceed your plan allowances, and extra charges for currency conversion out of hours and at weekends.

✅ Advantages	⛔️ Disadvantages
Range of account options including free plans Great multi-currency options Local receiving accounts to get paid in GBP and EUR Options to accept payments online and in person FCA regulated and safe to use	Transaction fees apply, depending on the account plan you select No cash deposit options Account monthly fees jump up quickly to 25 GBP or 100 GBP depending on the plan you select

Wise Business Account: alternative to Tide and Revolut

Wise Business can be a great alternative for companies looking for a straightforward and simple multi-currency account. Open a Wise account online or in-app for a low one-time fee, and get access to debit and expense cards, plus the option to hold and exchange 50+ currencies, and open receiving accounts in up to 10 currencies.

Let’s look at how Wise compares:

Speed: 50% of Wise international payments are instant, 90% arrive in 24 hours.

Security: FCA regulated, all customer funds are safeguarded. As a global business, Wise is also overseen by a selection of other regulatory bodies around the world.

Convenience: Access your account online and in the Wise app.

Customer support: Wise has an Excellent 4.5 out of 5 stars on Trustpilot, from an enormous 184,000+ customer reviews.¹⁰

Wise Business account fees

Wise business accounts have low, transparent fees with no ongoing charges. That means you simply pay for the services you need, as and when you need them.

Service	Fees
Receive payments	Get paid for free with local receiving accounts in up to 10 currencies
Send payments	From 0.41%
ATM withdrawals	2 withdrawals, up to £200 per month fee free £0.5 + 1.75% after that
Currency exchange	All currency exchange uses the Google exchange rate

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Open Wise Business account

UK business owners, sole proprietors and freelancers can open a Wise Business account online or in the Wise app, with a low one time fee of £45, and no ongoing charges. Once you have an account you can order linked debit and expense cards for just £3 each - with no monthly subscription to worry about.

Wise accounts can hold and exchange 40+ currencies, and send payments to 160+ countries. That makes them perfect for dealing with employees, contractors and suppliers based overseas. You’ll also get local account details to get paid fee free from 8+ currencies, giving you even more ways to connect with customers and clients around the world.

Check out the Wise Business account today, for better ways to do business across borders.

Get started with Wise Business

Sources:

1. Revolut
2. Tide
3. Tide pricing
4. Revolut business account plans
5. Tide - FAQ
6. Trustpilot - Tide
7. Revolut FAQ
8. Trustpilot Revolut
9. Revolut business fees
10. Trustpilot Wise

Sources last checked January 27, 2023