Amaiz is an e-money institution (not a bank) that allows you to send and receive payments online, or accept card payments if you bundle your Amaiz account with an appropriate reader and processing package.
What will really amaze about Amaiz, though, is the pricing applied to business accounts. Unless you are able to deposit £10,000 per month into an Amaiz account, the subscription fee is a whopping £99 + VAT per month (this drops to £24.99 + VAT if you do meet the five-figure minimum.)
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Consider that Amaiz is not a bank, which means that your funds will not be protected by the FSCS, and does not offer any lending streams or additional products, that seems like a lot of money for a limited service. Most SMEs and sole traders will be much better off applying for a challenger bank account.
Amaiz business banking services
- Pros and cons
- Business current accounts
- Business overdrafts
- Business savings accounts
- Amaiz at a glance
- Other business finance products
- Amaiz reviews
- Business eligibility criteria
- Business finance alternatives
- Additional considerations
- FAQ
Pros and cons of Amaiz for business services
| Pros of Amaiz | Cons of Amaiz |
|---|---|
| ✓ No microtransaction fees | ✗ Expensive account fees |
| ✓ Spend your balance using a prepaid card | ✗ Not a bank, so not FSCS protected |
| ✓ Can accept card payments (for a fee) | ✗ No lending streams or additional products |
Business current accounts
Amaiz is really designed with personal customers in mind. If you want a buinsess account, you’ll pay an eyewatering fee. Unless you deposit at least £10,000 every 35 days into your Amaiz account, you’ll need to pay £99 + VAT per month to keep the account alive.
These funds can be spent anywhere that accepts MasterCard as you will be provided with up to three prepaid cards attached to your Amaiz balance, but that seems like a disproportionate fee for what this account has to offer.
While there are no microtransaction fees outside of a penalty for making ATM withdrawals using your Amaiz card, this is a limited service that is not protected by the FSCS. The Amaiz app does offer bookkeeping services, but these are also found in the app of any challenger or rival e-money institution.
Business overdrafts
✗ Not available through Amaiz. See best business overdrafts.
Business savings accounts
✗ Not available through Amaiz. See best business savings accounts.
Amaiz at a glance
| Phone number | 020 3987 3173 |
| App downloads | iOS; Android |
| Website | www.amaiz.com |
| Number of branches | N/A |
| FSCS protected? | No |
| Founded | 2017 |
Other business finance products
✗ Amaiz does not offer any additional financial products – this app is purely for sending and receiving business funds.
Amaiz reviews
What are other business banking customers saying about Amaiz?
| Review platform | Score | Number of reviews |
|---|---|---|
| TrustPilot | 3.5/5 | 171 |
| Feefo | Not reviewed | N/A |
| Smart Money People | 2.33/5 | 6 |
| Which? | Not reviewed | N/A |
| Average score | 2.915/5 | 177 |
Business eligibility criteria
Amaiz are fairly relaxed about who opens a business account, so as long as you provide the appropriate proof of ID and identity you should be eligible – provided you will be depositing at least £10,000 per month or are willing to pay the £99 monthly fee. However, like all financial bodies, Amaiz reserves the right to decline an application without explanation. This is likeliest if your business model is considered high risk.
Business finance alternatives
The closest business alternatives to Amaiz are PayPal (which is a bigger name but will not provide you with a debit card,) Revolut, or Monese.
If you would prefer greater flexibility with your spending power and FSCS protection for your funds, consider a more traditional challenger bank account. All of these options will likely be much more cost-effective that Amaiz – there is little to recommend this provider to business customers.
Additional considerations
The Amaiz website also has a blog that discusses current affairs in the world of finance, though at the time of writing it has not been updated for almost a year.
FAQ
No, Amaiz is not a bank. Although it is regulated by the Financial Conduct Authority (FCA), it is not protected by the Financial Services Compensation Scheme (FSCS). As a digital only finance company, they offer similar banking services as traditional banks.
Opening an Amaiz business account is easy and free. To open an account, all you need to do is sign up online via the Amaiz website with your company information (e.g. name, address, telephone number) and proof of identity (e.g. a valid passport or driver’s licence). Once approved, you will be able to access the Amaiz dashboard, a digital platform where you can manage all your banking needs including payments, transfers and loans.
Amaiz provides a range of services tailored to small businesses. The main service is their business current account, which is free and comes with no monthly fees or transaction charges. Other services include online payments, automated account reconciliation and contactless debit cards. In addition, Amaiz offers business loans of up to £2 million and an invoicing service with the ability to accept multiple payment methods. Finally, their analytics dashboard allows small businesses to track their financial data in real time.
Amaiz does not charge any monthly fees or transaction charges for their business current account. Loan interest rates are competitively priced and vary depending on the size of the loan and the borrower’s credit score. In addition, there may be some fees associated with certain services such as foreign exchange transactions.
Amaiz is able to accept a variety of payment methods, including bank transfers and debit cards. They also offer an invoice feature that allows businesses to easily send invoices and receive payments from customers. Furthermore, Amaiz supports multiple currencies (including GBP, EUR, and USD) which makes it easy for international businesses to make and receive payments. Finally, they offer contactless debit cards that can be used to make secure purchases in-store or online.