Mettle business account: International Payments

Many customers are turning to banking apps and other alternatives to the big high street banks to help them manage their small business finances. Mettle is one of the options available alongside a group of other modern alternatives disrupting big banking. It’s an app-based business account aimed at sole traders and limited companies with up-to 2 owners. Mettle is by NatWest, but it’s not a NatWest account - with different eligibility requirements, costs and processes.¹

Think about how you’ll use your account to make sure you get the best one for your needs. For example, Mettle accounts currently can’t make or receive international payments.² For some freelancers, start-ups and entrepreneurs this may be a limiting factor. If you’re thinking globally about your business, you may want to consider other options. Check out Wise Business, for a multi-currency business account which makes it simple to send and receive global payments.

To help make sure you choose the best business account for your needs, we will review some of the features of Mettle, as well as looking at an overview of the Wise Business to introduce an alternative provider.

How to make international payments?

There are plenty of reasons you may need to send or receive money from abroad. You may need to pay a supplier based overseas, or take payment from customers from abroad. Or perhaps you are a freelancer and want to take on work with an international client. Or maybe, over time, your business grows until you have a team based outside of the UK, and you need to send salary payments internationally.

As a business owner or freelance professional, you might well be wondering how to make international payments if you have a Mettle account. Unfortunately it’s not possible right now to make or receive foreign payments with Mettle.² If you need to set up IBAN payments you’ll need an alternative.

A great option is the Transferwise multi-currency account for business, which lets you hold your balance in multiple currencies, as well as sending and receiving money all over the world. More on that in a moment.

If you choose to use a Mettle account you can still access your funds if you’re overseas, by using your linked debit card. You’ll be able to spend directly with merchants overseas, as well as using the card to make ATM withdrawals as you’re on the move.³

Wise can save you money on international payments

Wise Business account is a smart new option, which allows you to send, spend and receive multiple currencies at the real exchange rate.

Send money to multiple countries, and receive and hold over 40 different currencies. Making it simple to pay suppliers, invoices and employees, no matter where in the world they may be. You’ll get your own account details for the UK, US, Australia, New Zealand and the Eurozone, so you can receive payments in these major regions for free, just like a local.

Wise accounts are built for busy professionals - and so you’ll also find features which are designed to save you time. This should cut your admin, and leave you with more time to invest in growing your business.

Mettle bank features

Mettle offers online banking with no monthly fee. Finding free business banking certainly makes sense if you’re growing your business. However, there are some limits to how Mettle can be used that you’ll need to know about before you make a final decision.Here are some points to consider when thinking about Mettle’s services:

Advantages

• No fees to pay for your online banking.
• Backed and regulated through NatWest for secure transactions.
• Apply online in minutes and get in app customer support once you’re set up.
• Create and send invoices from your phone, and get spending and income data to see how trends in your account change over time.

Disadvantages

• You’ll need an Apple phone, as the service isn’t available on Android at present.
• Only for businesses with a balance of under £50,000, and a maximum of 2 owners.⁴
• You can’t make or receive international payments from the account.
• No integration with accounting software, so you’ll have to export your account information to complete your accounting.⁵

If you’re looking for a smart new way to manage your business accounts, it pays to do some research, including both traditional and competitive options. Mettle is a relatively new company, and the account product on offer is still growing. That means there is some functionality that is being developed, and some of the limits on the account may prove too restrictive for business owners. If you need to be able to hold a balance larger than £50,000, or if you don’t have an Apple phone to use for your money management, Mettle may not work for you.

It’s also worth considering whether international payments are important to you. Being able to send and receive transfers in foreign currencies could open your business up to a world of opportunities. International customers, overseas suppliers, and even a remote team crossing time zones working on selling your products while you sleep. If your business is looking beyond borders, you’ll need an account which can support you.

See if the Wise Business account can save you on international payments, to help you build and develop your business.

Sources used:

Sources checked on 28-August 2019.