Tide is a fintech service that helps small and medium enterprises (SMEs) in the UK. It started in 2015 and is known for its easy-to-use interface. It works well with many accounting tools, making it popular among users.
This review looks at Tide’s money transfer and business account services. It highlights its good points and some areas where it could improve, like foreign exchange. Tide is great for banking in the UK but can’t handle outgoing international SWIFT payments like Wise and Currencies Direct do.
For SMEs thinking about using Tide, it’s important to know all about its fees and services. This will help them make the right choice.
To find other good options, check out this comparison of trusted companies with top exchange rates: Top Exchange Rates. Businesses can use this to find the best fintech services for their needs.
Understanding Tide’s Business Account Features
Tide offers different solutions for SMEs in its business account features. There are four account plans: Free, Tide Plus, Tide Pro, and Tide Cashback. Each plan is designed to meet specific needs of fintech banking.
The Tide app makes managing finances easy. It helps with invoices and categorizing transactions. It also helps new businesses set up their accounts quickly, easing financial stress.
Tide is great for SME banking because it works well with popular accounting software. This helps with budgeting and keeping finances in order. But, it doesn’t support international transactions. For that, Wise or Currencies Direct might be better.
| Account Plan | Monthly Fee | Free Transactions | Additional Transaction Fee | Features |
|---|---|---|---|---|
| Free | £0 | 0 | 20p | Basic services, £1 ATM withdrawal fee |
| Tide Plus | £9.99 + VAT | 20 | 20p | Enhanced support, 20 free transactions |
| Tide Pro | £18.99 + VAT | Unlimited | None | Two prepaid cards included, no transaction fees |
| Tide Cashback | £49.99 + VAT | 150 | None | 0.5% cashback, complete services |
Transaction Fees and Costs of Tide Services
Tide offers different plans for various business needs. The Free plan has a £0.20 fee for outgoing transfers. This might be a problem for SMEs that make many transactions.
The “Plus” membership costs £9.99 per month plus VAT. It changes to the “Smart” plan at £12.49 per month plus VAT on December 1, 2024.
The “Pro” plan is £18.99 per month plus VAT. It includes unlimited free transfers. The “Cashback” plan, at £49.99 monthly, offers 0.5% cashback on all expenses with the Tide card. For more details, visit Tide’s official website.
Cash deposits and foreign currency transactions also have fees. Tide charges a 0.5% markup on interbank exchange rates for incoming SEPA transfers. These fees can be significant, making it important for businesses to consider their banking costs.
For SMEs, Wise Business offers a lower-fee alternative. It uses mid-market exchange rates, which could be more cost-effective.
| Membership Plan | Monthly Cost (plus VAT) | Annual Cost (plus VAT) | Key Features |
|---|---|---|---|
| Free | £0 | N/A | £0.20 fee per outgoing transfer |
| Plus | £9.99 | £99.99 | Basic features, charges apply |
| Smart | £12.49 | £124.99 | Replaces Plus plan, more features |
| Pro | £18.99 | £189.98 | Unlimited free transfers, advanced features |
| Cashback | £49.99 | N/A | 0.5% cashback on expenses |
Businesses should think about how often they make transactions. This helps find a cost-effective solution that meets their financial needs without the drawbacks of Tide’s fees.
Review of Tide for Foreign Exchange and Transferring Money Internationally
The Tide foreign exchange review shows it has big limits for international money transfers. Even though it has over 1,000,000 customers, it’s not great for businesses needing strong FX services. It can get GBP transfers via SWIFT but can’t send money abroad itself, which is a big problem for businesses working across borders.
Many users are unhappy with this, leading to the rise of Wise and Currencies Direct. They offer multi-currency accounts and lower fees for international deals. These options are better for businesses with lots of overseas dealings than Tide is.
Tide can’t compete with businesses that do a lot of global transactions. For those looking for the best option, checking out other choices might be a better idea.
| Feature | Tide | Wise | Currencies Direct |
|---|---|---|---|
| Incoming Transfers | GBP via SWIFT | Multi-currency Support | Multi-currency Support |
| Outgoing Transfers | Not available | Available | Available |
| Multi-currency Account | No | Yes | Yes |
| Fees | Limited free features | Low-cost payments | Varies by service |
Safety and Customer Support at Tide
Tide focuses a lot on keeping its users safe. It has strong login and transaction checks. This makes businesses feel safe when they use their accounts.
Tide is watched over by the Financial Conduct Authority. It also has insurance up to £85,000. This means users have great financial security.
Tide has many ways to help customers, like a messenger service and a fraud team. They are ready to help 24/7. Reviews show that 77% of users are very happy with the support they get.
Even though some miss having a place to go in person, Tide’s online focus works well for many. It helps small to medium-sized businesses a lot. For more on Tide’s safety and support, check out Tide Bank’s safety measures and customer support.
