Tide Business Banking

Rating
(2 reviews)

Tide Business Banking Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Very Good
  • Transfer speed: Very Good
  • Safety and reliability: Average
  • Customer satisfaction: Very Good

Advantages

  • Very cheap
  • No monthly fees
  • Well-designed app
  • API system

Disadvantages

  • Total account balance limits
  • Low monthly transaction limits
  • Available only in the UK

1 users would recommend it

0 users wouldn’t recommend it

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What is Tide Business Banking?

Tide is a UK-based financial platform, which focuses on providing mobile banking services for small and medium enterprises. They want to create a convenient platform for handling the finances and offer features such as automated bookkeeping and integrated invoicing.

How Does Tide Business Banking Work?

The main features of Tide include a well-designed mobile app, which allows you to easily keep track of all of the transactions of your business. You can also tag each payment and sort them by categories to make it easier for your accountant. The platform supports various accounting software like Xero, for example. You can easily create alternative accounts to store your funds separately, depending on the cause and manage limits and balance on each of them.

Tide Business Banking Fees and Costs

It’s free to move money between Tide accounts. Moreover, there are no monthly charges for opening and maintaining the account. Any outside transfer will cost you 0.20GBP. The cash deposit at Post Office costs 1GBP or 3% of the amount at PayPoint.

Tide Business Banking Exchange Rate

There are no direct currency exchange services. However, you can use the business payment cards to make international transactions. The currency will be converted with the standard Mastercard’s rates.

Tide Business Banking Limits

It’s important to remember that there are balance limits for your account. You can’t keep more than 100,000GBP on your Tide account. You also can’t send more than 50,000GBP in one transaction, and there is a monthly limit of 200,000GBP.

You can contact the company to increase your limits. You will most likely need to undergo an additional verification process.

Tide Business Banking compared to other business accounts

Tide itself isn’t a bank institution, and the platform itself is focused on online banking. However, thanks to this limited scale of operations, they are able to provide much cheaper services than any mainstream bank. They are also a strong competitor on the online payment processors market. However, despite their high-security standards, the company is still relatively young and needs to process the payments through other companies, which decreases their reliability.

How to use Tide Business Banking?

Business API

Tide’s API allows you to connect other software to your mobile banking account. This way, you can, for example, manage any payments easier, keep track with your sales or set up automatic invoices and send live updates and information to your accountant. There is special documentation available for developers on how to use these features.

How to sign up?

Tide advertises itself to be very easy to set up. All you have to do is download the mobile app from Google Play Store or App Store, depending on your device. Then, scan your ID, take a selfie so that they can verify it’s really you and fill out the information about your company. The account should be ready after a few minutes, in other cases, Tide will contact you to ask for additional information.

Is Tide Business Banking safe and reliable?

To handle your payments, Tide has partnered with PrePay Solutions (PPS), who is an FCA regulated company and part of the Mastercard group. They need to comply with all of the financial laws and regulations. Moreover, they have years of experience with processing payments and also benefit from Mastercard’s expertise, as it is a well-established company on the financial market.

When it comes to the technical aspects of the platform, there are additional verification and security measures for the mobile app, as it is protected with pin number, fingerprint, or even face ID. This means that even if your phone gets stolen, no one will be able to access your banking account.

Customer Support

The most convenient way to contact Tide team is through a live chat in the mobile app. Alternatively, you can call their customer support or send an email. There is also a community board where you can discuss your issues with other users of Tide.

On the website, you can find various articles and tutorials, as well as FAQ section to learn the basics of the platform.

Final Thoughts

Tide Business Banking Review

Tide with its cheap transactions, no monthly costs, and easy to use app seems like a very good choice to use for your startup or small business. Unfortunately, there are limits on how much money you can store on the account, and the monthly transaction amounts are also quite low. Therefore, bigger businesses won’t benefit from the platform. Most of the users seem to enjoy the app. They say it’s very intuitive and easy to use. There is also an API, which you can connect to your other business tools to keep track of your finances easier. The registration process is quick and easy.

Our users comments

Thieves, they have frozen 4k of my money and they don't intend on returning it!

~ S Hussain

I run a small mot station, High tech mots ltd. And tide has made me suffer for the last 4 months by holding £3657.73p and not returning it to my bank account, I'm a new start business, they have no answer why my money is on hold! Its not fair

~ S Hussain

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