Countingup Business Account: Review of Features and Fees

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. We'll also present you a greater option for UK businesses that trade internationally: Wise Business.

💡Learn more about Wise Business

Countingup business bank account features

So, what can you do with Countingup? For starters, there’s a business current account which comes with a contactless debit card. 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.

Countingup business account fees

Now we come to the important part - what are the Countingup business account fees? 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	1st tier Total monthly deposit £0-£750	2nd tier Total monthly deposit £750-£7,500	3rd tier Total monthly deposit £7,500+
Monthly fee	£3	£9	£18
Transfers in and out	£0,30	£0,30	£0,30
ATM withdrawal	£1 per withdrawal	£1 per withdrawal	£1 per withdrawal
Foreign transaction fee	3%	3%	3%
Card replacement	£5	£5	£5

Countingup international payments

Countingup provides international payments in and out through a partner: CurrencyFair³.

CurrencyFair charges a flat fee of 3 EUR⁴ (or currency equivalent) to send an international payment. To receive international payments CurrencyFair doesn't charge a fee, but depending on the type of transfer you receive intermediary fees may apply, this can be up to 25 USD⁵ or equivalent.

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.

Wise Business: an alternative for international payments

If you are looking for a business account to trade internationally, hold multiple currencies, send and receive international payments, Wise Business can be a better option.

Wise is regulated in the UK, and overseen by a selection of similar bodies internationally too - which means you can be assured Wise is safe to use no matter where in the world you are.

Here are some of the great features you unlock with a Wise Business account:

• Hold and exchange 40+ currencies, and get local bank details for 9 currencies to receive payments conveniently
• Send money with low, transparent fees from 0.43%, to 70+ countries
• Exchange funds with the mid-market exchange rate whenever you send or spend money
• International debit and expense cards for you and your team
• Add and manage user permissions so key team members can view your account
• Batch payments tool, a powerful API, and cloud accounting integrations
• Option to earn a return in the money you hold in GBP, EUR and USD. Capital at risk.

Get started with Wise Business 🚀

Countingup business account pros and cons

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:

Pros ✅	Cons ❌
Super quick and easy application process Free 3 month trial period Manage your money on the move with the user-friendly Countingup mobile app Contactless debit card comes with the account Professional invoices Price plans for businesses of all kinds Built-in accounting tools	No direct support for international payments, only through a third party Limits on each account type² - based on monthly income and type of business. 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:

1. Countingup - Features page
2. Countingup -Price page
3. How can I send or receive international transfers? – Countingup
4. International Currency Exchange for Business | CurrencyFair

Sources checked on September 14, 2023