Tide business banking: Everything you need to know

TransferWise content team
5 minute read

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. However, there are charges for some banking and card services which you’ll want to know about - more on that later.

Here’s all you need to know about Tide business accounts.

What kind of business accounts does Tide offer?

Tide offers business accounts for a wide range of purposes. Whether you’re a freelancer just starting out, or have an established business with a growing team, you can get yourself a Tide current account. You’ll be able to generate a sort code and account number online, in just a few minutes, to get up and running quickly. All your day to day banking is done via the Tide app, so you can operate your account from your phone wherever you are.

Tide also offers an instant credit option, to get a loan of up to £15,000 in only a couple of minutes³.

Does Tide offer a debit/credit card connected to their business account?

You’ll be able to order a free contactless MasterCard, linked to your Tide business account. This card offers free payments at home and abroad - although there are charges for ATM withdrawals, which we’ll cover later.

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 app².

What are the fees for a business account with Tide?

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. You can then check the fees charged for those services by different business banking providers.

Here’s what you need to know about Tide’s charges³:

Service Tide fee
Bank transfers to or from your Tide business account £0.20
Transfers between different Tide business accounts Free
ATM withdrawals £1
Payments using your Tide card Free
Cash deposits made at the Post Office £1
Cash deposits made at a PayPoint 3% of the transaction value

Can you make international payments with Tide?

Tide accounts do not offer international payments, yet³. This can cause a headache for businesses with suppliers or team members based outside of the UK. So what are your options, if you’re a UK business with global ambitions?

Although there are plenty of choices out there, when it comes to making international payments, high street banks and money exchange services often charge hefty cross border and conversion fees. If you need to make low cost, convenient and safe international transfers for your business, a great option is to get yourself a multi-currency borderless account for businesses from TransferWise.

With a borderless account you can make international payments easily for a low upfront fee, and generate your own local bank details to receive fee free transfers in pounds, euros, US and Australian dollars. That avoids many of the cross border fees charged by traditional banks. And because TransferWise always use the real mid-market exchange rate, you know that any time you exchange currency - either to make a payment or to switch money from one currency to another within your account - you’re getting the best rate out there. Using a borderless account can work out to be a massive 14x cheaper than using PayPal to make and receive international payments.

If that wasn’t enough, you can also integrate with the TransferWise open API to make it easier to run your business. Automate your payroll, generate payments, simplify your expense reporting, and more, with full support from the TransferWise business team. Learn more and get started with a borderless account for business from TransferWise, today.

Can you have a foreign currency account with Tide?

Many UK businesses working with customers and suppliers based overseas choose to open a foreign currency account for their day to day business banking. It can make it more convenient to send and receive payments in currencies other than sterling, and may also avoid some of the charges levied for international payments by regular business bank accounts.

Unfortunately it’s not currently possible to get a foreign currency account with Tide. If you think you’d benefit from a foreign currency account for your business, you might want to look at the multi-currency borderless account from TransferWise instead.

Just like Tide current accounts, the borderless account is conveniently managed via the TransferWise app. It has many of the benefits of a foreign currency account from a regular bank, and allows you to hold your money in any of dozens of different currencies, all in the same place. And because TransferWise always use the mid-market exchange rate, with a clear and fair fee structure, you know you’ll get a good deal.

How to contact Tide

If you’re a Tide customer already, the easiest way to get in touch with the customer support team is through the in-app chat system. 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 Tide⁴:

  • By email: hello@tide.co
  • 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.

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. Get it wrong, and you might find that you’re stuck with high fees, and restrictions which make it tricky to grow your business as you’d like to. 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:
*All sources checked on December 31, 2018

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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