When you’re deciding between Revolut Business and Tide Bank in the UK, you need to consider various factors like international spending, account setup, and fees. Revolut Business is great for those who frequently make international transactions, thanks to its fee-free foreign spending. Tide Bank, however, shines with its seamless account setup and team expense management features. Both have their strengths and cater to different business needs. So, which one aligns better with your business goals and priorities? Let’s explore the key differences to help you make an informed decision.
Account Features
When comparing account features, you’ll find that Revolut Business excels in international spending, offering free and unlimited foreign transactions, unlike Tide Bank which charges a 2% fee for foreign ATM withdrawals. If your business deals with foreign currency regularly, the Revolut business account gives you an edge with its cost-effective foreign transactions.
In the debate of Tide vs Revolut business, cash deposits become a notable difference. Tide Bank allows cash deposits, catering to businesses that handle a lot of cash. However, Revolut Business doesn’t support cash or cheque deposits, which might be a drawback if your business relies on these forms of transactions.
On the other hand, Revolut Business offers convenient features like cheque scanning directly in the app, making it easier to manage checks without a physical bank visit.
Both platforms provide expense cards, but Tide Bank goes a step further by offering extra employee cards, adding flexibility in managing team expenses.
While neither platform supports traditional business savings accounts, the added functionalities of Revolut’s app, combined with higher customer satisfaction and a better Finder score, make it a strong contender for businesses prioritizing international transactions and modern banking features.
Pricing and Fees
Comparing the pricing and fees of Revolut Business and Tide Bank reveals distinct cost structures that can significantly impact your business’s bottom line. Tide charges £1 for ATM withdrawals and 20p for bank transfers, making it a more cost-effective option for domestic transactions.
On the other hand, Revolut charges £3 for international payments outside the EEA, which might be a consideration if your business deals with global transactions.
When it comes to crypto exchanges, Revolut imposes a 1.99% fee, while Tide doesn’t offer this service. For cash deposits, Tide charges £1 via the Post Office, providing a straightforward option for businesses that handle cash regularly.
Revolut’s fee structure includes a 1% + 20p charge for bank transfers, adding up quickly if your business makes frequent transfers.
Both banks offer transparent fee structures for various transactions, helping you understand the costs upfront. By examining these fees and charges, you can align your choice with your specific financial needs.
Whether it’s international payments, cash deposits, or ATM withdrawals, understanding these differences can help you make a more informed decision for your business.
Spending in the UK
After examining the pricing and fees, let’s explore how Revolut and Tide perform in terms of spending in the UK.
Both Revolut and Tide shine when it comes to free card transactions for spending in the UK. You won’t incur any fees for card transactions, making everyday purchases straightforward and hassle-free.
However, when it comes to ATM withdrawals, there are some differences. Tide doesn’t charge any fees for ATM withdrawals within the UK, which can be a significant advantage if you frequently need cash. Revolut, on the other hand, may impose fees if you exceed their specified withdrawal limits.
International Use
For international use, Revolut Business stands out by offering fee-free unlimited foreign transactions, making it ideal for global spending. If you frequently travel or have business dealings abroad, Revolut Business can save you a significant amount on international transactions.
You won’t incur any charges for foreign ATM withdrawals, and the higher contactless card limit ensures you can make larger purchases effortlessly.
In contrast, Tide Bank charges a 2% fee for foreign ATM withdrawals, making it less favorable for cash withdrawals abroad. While Tide Bank does allow free UK card transactions, the charges for international use can add up quickly if you engage in frequent international spending.
Each foreign transaction incurs a fee, which can be a considerable downside compared to Revolut Business’s fee-free transactions policy.
Revolut Business also offers a higher contactless card limit for international transactions, providing more flexibility and convenience when making purchases overseas. If your business requires frequent international spending, Revolut Business is the more cost-effective option, allowing you to avoid the additional fees associated with Tide Bank.
Ultimately, for businesses with a global reach, Revolut Business provides a more advantageous solution for managing international finances.
Account Setup
Setting up an account with either Revolut Business or Tide Bank is a straightforward process that you can complete through their respective apps. Both platforms offer a quick and simple application process, ensuring you can get your business account up and running without much hassle.
When you start the account setup with Revolut Business, you’ll find it easy to navigate their app. However, be prepared for a possible card delivery fee. Once the application is complete, you can expect your card to arrive within up to 10 days.
On the other hand, Tide Bank also uses an app for their account setup process. Tide Bank’s application is equally quick and simple, but they stand out by offering free card delivery. Typically, you can expect to receive your Tide Bank card within 2-5 working days, which is faster compared to Revolut Business.
Remember if you sign up for Tide bank with the Tide promotional code: REFER75 which you enter during registration – you will get £75 FREE cash added to your balance once you have completed £100 of spend on your debit card within 30 days.
Both Revolut Business and Tide Bank require a credit check as part of the application process. This is a standard procedure to ensure financial security and compliance.
Customer Support
Once your account is set up, you’ll want to know what kind of customer support you can expect from Revolut Business and Tide Bank.
Revolut Business offers 24/7 customer support through in-app chat and phone, ensuring you can get assistance whenever you need it. This round-the-clock availability means you’ll never be left waiting, no matter the time of day. Users have praised Revolut for its responsiveness and helpfulness, often highlighting the quick resolution of issues.
Tide Bank, on the other hand, provides customer support via email and in-app chat during business hours. While you won’t have the 24/7 access that Revolut offers, Tide Bank ensures timely responses to your queries within these hours. Customers have commended Tide’s support team for being highly knowledgeable and supportive, effectively guiding users through account-related concerns.
User Experience
When it comes to user experience, Revolut Business’s sleek mobile app interface makes managing your account and transactions effortless. You’ll find account management straightforward, with features like instant card freeze enhancing security and control.
Need to keep an eye on your spending? Revolut Business offers real-time notifications for all transactions, ensuring transparency and peace of mind.
On the other hand, Tide Bank also prioritises user experience with its user-friendly platform. If you need to create invoices or track expenses, Tide has got you covered. Their app simplifies these tasks, allowing you to focus more on running your business rather than wrestling with administrative chores.
Both platforms excel in providing a seamless user experience tailored to business needs. Revolut Business’s interface emphasises real-time control and security, while Tide Bank excels in practical features like invoice creation and expense tracking.
Ultimately, your choice might come down to which specific tools and conveniences you value most for your business operations.
Security and Reliability
In terms of security and reliability, Revolut Business ensures your funds are protected with FSCS coverage up to £85,000. This FSCS protection offers a robust safety net for your customer funds.
Additionally, Revolut employs advanced security measures, including biometric authentication and transaction notifications, to keep your account safe. These added security features ensure that you’re promptly alerted to any activities on your account, enhancing fraud prevention.
On the other hand, Tide Bank provides FCA regulation for its business accounts, offering an additional layer of security and oversight. This regulation boosts reliability, giving you peace of mind that your funds are in good hands.
Tide also utilises robust encryption protocols and secure login procedures to protect your customer information. These encryption protocols ensure that your data remains confidential and safe from unauthorized access.
Both Revolut Business and Tide Bank prioritise data encryption and fraud prevention to maintain reliability and trust with their customers. Whether you choose Revolut’s biometric authentication and transaction notifications or Tide’s secure login procedures and FCA regulation, you can be confident that both platforms place a high priority on the security and reliability of your business banking needs.
Customer Reviews
Customer reviews for both Revolut Business and Tide Bank provide valuable insights into each platform’s strengths and weaknesses. Both have an impressive Trustpilot rating of 4.1/5. Tide’s score comes from over 19.6k reviews, with 72% being 5-star and 18% 1-star. Revolut, on the other hand, has amassed over 153k reviews, with 74% 5-star and 11% 1-star ratings.
Positive feedback for both banks highlights their robust security measures and user-friendly app designs, making daily banking tasks seamless and secure for users. Many customers also praise the customer service, citing quick and helpful responses as a major plus point.
However, negative feedback reveals some concerning issues. Both Tide and Revolut have been criticised for unexpected account closures and frozen funds, which can be particularly disruptive for businesses. Unresponsive customer support is another common complaint, leaving users feeling frustrated and helpless when urgent issues arise.
Overall customer satisfaction remains high for both platforms, as indicated by their Trustpilot ratings. Yet, it’s clear that while they excel in several areas, both Tide and Revolut have some critical pain points that potential users should consider.
Frequently Asked Questions
Which Business Account Is Best in Uk?
To decide which business account is best in the UK, consider your specific needs. If you prioritise higher customer satisfaction and a higher contactless card limit, Revolut Business might be your choice.
However, if you need free card transactions in the UK and services like cash deposits, Tide Bank could be better. Weighing these factors will help you determine the best fit for your business.
Is Revolut a Proper Bank in the Uk?
Revolut isn’t a traditional bank in the UK. It’s an online financial platform authorised by the Financial Conduct Authority (FCA).
Though it doesn’t have a banking license, it safeguards customer funds under e-money regulations.
You can access services like current accounts, currency exchange, and cryptocurrency trading.
Can You Use Revolut in the Uk?
Yes, you can use Revolut in the UK for both personal and business transactions. It offers free card transactions and ATM withdrawals, which makes it very convenient.
The contactless card limit is £100, so you can easily make small purchases.
Revolut’s business account features are user-friendly and accessible, making it a great option if you’re looking for a reliable financial service in the UK.
Is Revolut Good for Business Banking?
Yes, Revolut is great for business banking. You’ll find features like prepaid cards, expense tracking, and currency exchange incredibly useful.
It’s perfect for freelancers, contractors, and small businesses with its customizable options and seamless integrations.
The sign-up process is straightforward, and the pricing is flexible, catering to different needs.
With integration into accounting software and messaging apps, managing your finances becomes a breeze.
Conclusion
Ultimately, choosing between Revolut Business and Tide Bank in the UK depends on your business’s specific needs.
If you prioritize fee-free international transactions and higher contactless limits, Revolut Business is ideal.
However, if you value an easy account setup, free card delivery, and managing team expenses, Tide Bank might be the better fit.
Assess what matters most to your business, and you’ll make the right decision for your financial management.
Find out more about our exclusive £75 Tide Referral Offer by going to our homepage here
Or you can go to Tide.co by using our magic promo link which will auto-populate the promotional offer and get your application started here
