Tide vs Revolut for business banking

Updated on 7 August 2023

Choosing the right banking solution is crucial for any business, as it directly impacts financial management and operational efficiency. In recent years, digital banks have revolutionised the traditional banking landscape by offering innovative and convenient solutions. Two prominent players in this space are Tide vs Revolut.

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In this article, we will compare the features, pros and cons, fees, and standout features of both banks to help UK businesses make an informed decision.

Video: Choosing a business bank account

Tide vs Revolut

Before delving into the specifics of each bank, let’s compare some key features side by side to give you a better understanding:

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FeaturesTideRevolut
Account TypesBusiness Current Account, Business PlusBusiness Account
Account CurrencyGBPGBP, EUR
Virtual CardsYesYes
Physical CardsYesYes
InvoicingYesYes
Expense ManagementYesYes
IntegrationAccounting software, APIsAccounting software, APIs
Multi-User AccessYesYes
Banking LicenseFCA AuthorisedFCA Authorised
Tide vs Revolut

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Tide

Tide is a leading digital banking platform designed exclusively for small businesses and freelancers. It offers an intuitive and user-friendly interface, making it easy to manage your finances on the go.

Pros

  • Quick and easy account setup process, with no lengthy paperwork.
  • Simple and intuitive mobile app for easy account management.
  • Virtual and physical cards for seamless transactions.
  • Integration with popular accounting software such as Xero and QuickBooks.
  • Multi-user access, allowing you to collaborate with your team.
  • FCA authorised, ensuring regulatory compliance.

Cons

  • Limited account currency options (only GBP).
  • Certain features are only available with the Business Plus account.

Table of fees and charges

Fees and ChargesTide
Monthly FeeFree
Cash WithdrawalsFree up to £500 per month
TransfersFree (within Tide)
Foreign Exchange1.5% markup on weekends
Card PaymentsFree (UK and EEA)
Cash Deposits£1 per deposit (at PayPoint)
Tide fees and charges

Unique and standout features

  • Invoicing: Create professional invoices directly from your Tide account.
  • Expense Management: Categorize and track your expenses effortlessly.
  • API Integration: Seamlessly integrate with various accounting software and other business tools.

Revolut

Revolut, a digital banking pioneer, has gained popularity for its extensive range of features and global presence. With Revolut for Business, you can streamline your financial operations and enjoy convenient banking solutions.

Pros

  • Multi-currency accounts, allowing you to hold funds in GBP and EUR.
  • Virtual and physical cards for easy transactions.
  • Integration with popular accounting software, such as FreeAgent and Slack.
  • Instant notifications and spending insights for better financial control.
  • Expense management and receipt scanning for efficient tracking.
  • FCA authorized for added security and trust.

Cons

  • Certain features, such as access to cryptocurrency trading, are limited to paid plans.
  • Some users have reported occasional customer support issues.

Table of fees and charges

Fees and ChargesRevolut
Monthly FeeFree (Standard)
Cash WithdrawalsFree up to £200 per month
TransfersFree (within Revolut)
Foreign ExchangeFree up to £1 million per month, 0.5% fee thereafter
Card PaymentsFree (UK and EEA)
Cash Deposits2% fee (up to £1,000 per month)
Revolut fees and charges

Please note that these fees and charges are accurate as of the time of writing and are subject to change. For the most up-to-date information, it is recommended to refer to Revolut’s official website.

Unique and standout features

  • Multi-Currency Accounts: Hold and manage funds in multiple currencies to facilitate international transactions.
  • Global Transfers: Send and receive money in different currencies with competitive exchange rates.
  • Expense Management: Categorise and track expenses effortlessly, with the ability to attach receipts for better record-keeping.
  • Advanced Security Features: Control card settings, enable/disable features, and set spending limits for enhanced security.

Conclusion

Both Tide and Revolut offer comprehensive digital banking solutions tailored to the needs of businesses.

Tide provides a streamlined experience with its intuitive interface, integrated invoicing, and expense management features.

On the other hand, Revolut offers multi-currency accounts, global transfers, and advanced security options.

When deciding between the two, consider your specific business requirements.

If you primarily operate in GBP and prioritize ease of use, Tide may be a suitable choice.

However, if you frequently deal with multiple currencies or engage in international transactions, Revolut’s multi-currency accounts and competitive exchange rates make it a strong contender.

Ultimately, the right choice depends on your business’s unique needs, preferences, and future growth plans. Consider the table provided, weigh the pros and cons, and thoroughly review the fee structures before making a decision.

FAQ

Can I integrate Tide or Revolut with my existing accounting software?

Yes, both Tide and Revolut offer integration with popular accounting software, allowing you to sync your financial data seamlessly.

Are virtual and physical cards available with both banks?

Yes, both Tide and Revolut provide virtual and physical cards for easy transactions and payment management.

Are there any monthly fees for using Tide or Revolut?

Tide offers a free account, while Revolut offers a free standard account. However, additional features and benefits may be available with paid plans.

Are cash withdrawals free with both banks?

Tide offers free cash withdrawals up to £500 per month, while Revolut offers free cash withdrawals up to £200 per month. Beyond these limits, fees may apply.

Are both banks authorised by the Financial Conduct Authority (FCA)?

Yes, both Tide and Revolut are authorised by the FCA, ensuring regulatory compliance and security.

Note: Fees and features mentioned in this article are accurate at the time of writing but are subject to change. It is recommended to refer to the respective bank’s official website for the most up-to-date information.

Reviewed by , Managing Director

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