Tide vs Revolut for business banking – Is there a winner? Comparing features, costs, pros and cons

When it comes to managing business finances, traditional banks are no longer the only option for UK businesses. The rise of digital banking solutions has opened up a world of possibilities, offering convenience, flexibility, and cost savings. Two popular choices in the UK market are Tide vs Revolut.

In this article, we will compare the pros, cons, key differences, costs, and other considerations of using Tide and Revolut for business banking.

Criteria	Tide	Revolut for Business
Account Setup	Quick and easy setup process	Quick and straightforward setup process
Business Features	Invoicing, expense management, accounting software integration	Multi-currency accounts, expense tracking, corporate cards
International Capabilities	Limited international capabilities	Strong international capabilities, multi-currency accounts
Cash Deposit Options	Cash deposits available through Post Office	No cash deposit options
Customer Support	Personalised customer support	Customer support available through app or website
Lending Services	No business lending services	Business lending options available
Transaction Fees	Some transactions may incur fees	Certain transactions and services may have fees
Pricing Plans	Free account option, paid plans start at £9.99/month	Free account option, premium plans start at £7/month
Integration with Accounting Software	Integration with popular accounting software	Integration with popular accounting software
Regulatory Compliance and Security	Regulated by the FCA, EMI license	Regulated by the FCA, EMI license, Lithuanian banking license
User Experience	User-friendly interface	Sleek mobile app with a user-friendly interface
Scalability	Suitable for small and medium-sized businesses	Suitable for businesses of various sizes

It’s important to note that this table provides a general overview, and it’s recommended to delve into the specific details, terms, and conditions provided by Tide and Revolut to make an informed decision based on your business’s unique needs and requirements.

Statistics

1. Tide:

• Over 350,000 UK businesses have joined Tide since its launch in 2017.
• Tide has processed over £10 billion in transactions on its platform.
• 98% of Tide members rate their experience as either good or excellent.

2. Revolut:

• Revolut for Business has attracted more than 500,000 business customers globally.
• Revolut’s business customers have collectively saved over £150 million in foreign exchange fees.
• Revolut has raised over $900 million in funding, valuing the company at $33 billion as of August 2021.

Tide overview

Tide is a UK-based digital banking platform designed specifically for small and medium-sized enterprises (SMEs). It offers a range of business banking services, including current accounts, expense management, invoicing, and integration with accounting software. Tide prides itself on its user-friendly interface, speedy onboarding process, and customer support.

Revolut overview

Revolut is a fintech company that initially gained popularity for its personal banking app but has since expanded its services to include business accounts. Revolut for Business provides businesses with features such as multi-currency accounts, expense tracking, international payments, and corporate cards. With a sleek mobile app and competitive foreign exchange rates, Revolut has become a popular choice for businesses with international operations.

Pros of Tide

• Quick and easy account setup: Tide boasts a simple and hassle-free onboarding process, allowing businesses to set up an account within minutes.
• Dedicated business features: Tide offers a range of features tailored specifically for businesses, including invoicing tools, expense management, and integration with accounting software.
• Local account details: Tide provides UK businesses with local account details, making it easier to receive payments from clients and customers.
• Personalised customer support: Tide prides itself on its excellent customer support, with a dedicated team ready to assist business owners.

Cons of Tide

1. Limited international capabilities: While Tide does support international payments, it may not be as robust as some other providers, especially for businesses with extensive global operations.
2. Lack of lending services: Tide does not currently offer business lending or credit options, which may be a drawback for businesses seeking financing solutions.
3. Transaction fees: Some transactions, such as cash deposits or transfers to non-Tide accounts, may incur fees that could affect the overall cost for businesses.

Pros of Revolut

1. Multi-currency accounts: Revolut provides businesses with the ability to hold and exchange multiple currencies at competitive rates, making it ideal for businesses with international operations.
2. International payments: With Revolut, businesses can make international payments quickly and at favorable exchange rates, potentially saving on currency conversion fees.
3. Expense tracking and management: Revolut offers comprehensive expense tracking features, allowing businesses to categorise expenses and generate reports easily.
4. Corporate cards: Revolut provides businesses with corporate cards that can be managed through the app, offering control and visibility over employee spending.

Cons of Revolut

• Limited cash deposit options: Unlike traditional banks, Revolut does not have physical branches, which can be a limitation for businesses that rely on cash transactions or need to deposit large amounts of cash.
• Customer support limitations: While Revolut offers customer support, some users have reported challenges in reaching a representative promptly, which may be a concern for businesses that require immediate assistance.
• Potential compliance issues: Revolut has faced scrutiny from regulators in the past, leading to certain limitations and disruptions in services. Businesses may need to consider the impact of such issues on their operations.

Tide vs Revolut – Key differences

1. Business focus: Tide is solely focused on serving businesses, while Revolut started as a personal banking app and expanded its services to include business accounts.
2. International capabilities: Revolut has stronger international capabilities, with multi-currency accounts and competitive foreign exchange rates, making it more suitable for businesses with global operations. Tide, on the other hand, may be more geared towards domestic businesses that primarily transact in the UK.
3. Cash deposit options: Tide allows cash deposits through the Post Office network, while Revolut does not offer cash deposit services. Businesses that deal with cash transactions or rely on cash deposits may find Tide more convenient in this regard.
4. Lending services: Tide does not currently offer business lending options, while Revolut has introduced business lending products. If your business requires access to credit or loans, Revolut may be a more suitable choice.

Tide vs Revolut – Costs and pricing

Both Tide and Revolut offer different pricing plans for their business accounts, and it’s essential to consider your specific business needs when evaluating the costs.

• Tide offers a free account option with limited functionality, while their paid plans start at £9.99 per month, which includes additional features such as invoicing and priority customer support. Additional services, such as international payments or cash deposits, may have associated fees.
• Revolut also has a free account option, but their premium plans start at £7 per month. The premium plans offer benefits like multi-currency accounts, international payments, and expense management tools. Revolut also has a more advanced plan called Revolut Metal, which provides additional perks such as lounge access and higher withdrawal limits for £14 per month.

It’s crucial to review the specific pricing details, including any transaction fees, currency conversion fees, or charges for additional services, to determine which option aligns with your business’s financial needs and usage patterns.

Tide vs Revolut – Other considerations

Integrations

Consider the integrations that each platform offers with other business tools, such as accounting software or payment gateways. Seamless integration can streamline your financial processes and improve efficiency.

Security and Regulation

Both Tide and Revolut are regulated financial institutions, but it’s important to review their security measures and compliance standards to ensure the safety of your business funds and data.

Scalability

If your business is rapidly growing or has complex financial requirements, consider the scalability of the chosen banking solution. Evaluate whether the platform can accommodate your business’s future needs, such as higher transaction volumes or additional features.

User experience

User experience can greatly impact your day-to-day banking operations. Consider the ease of use, functionality, and accessibility of the mobile or web application provided by each platform.

Verdict

In conclusion, both Tide and Revolut offer compelling digital banking solutions for UK businesses.

• Tide focuses on serving domestic SMEs with user-friendly features and personalised customer support.
• Revolut, on the other hand, provides stronger international capabilities, multi-currency accounts, and competitive foreign exchange rates, making it suitable for businesses with global operations.

Consider your specific business requirements, costs, key differences, and other considerations mentioned in this article to make an informed decision that aligns with your financial needs and goals.

Tide vs Revolut FAQ

Remember to thoroughly review the specific details and terms provided by Tide and Revolut, as they may evolve over time. This will ensure that you have the most up-to-date and accurate information when making decisions about your business banking needs.