Author: John Alson
Updated on November 06, 2020
Tide business banking has been in the UK market since 2015. It was launched for small businesses and freelancers. It is not actually a bank, but actually an account like an app that is managed completely through the mobile. It contains a debit card or master card for shopping purpose. But it does not have any IBAN for international transfer.
The tide business banking aims to free the user from the problem of finance management and to save their time. But, the tide is actually not a bank, rather it is an app. Now, the question arises that many banks have a mobile application service. So, what is special in it? The peculiarity is that it is based on mobile. All the management is done through the mobile application. However, you can also use an email service when required.
The purpose and functions of tide business account include
Being a digital platform, its importance lies in the fact that it can be managed through the “tide app” like it provides the digital invoices whose images can be kept. Your business can be managed on the move.
The tide app doesn’t allow some business persons to open an account. This business include.
Normally, when you want to open an account, you need to wait for several days to get it open due to the long procedure. Taking an appointment and going to the bank with your business details and ID card and then wait for the approval. However, the tide is not that long procedure. You can open an account within 10 minutes when you want to. What you need is to download the tide app, enter your business details. Scan your ID card and take a selfie to give proof of your identity. Within 10 minutes, you will get the account number and your master card. This is how you can save yourself from wasting time while going to a bank and managing your finance. The tide app has made it possible in the vicinity of your comfort zone.
Some prominent features of tide business account are
Opening up an account on the tide app is free and its basic features including the master card are also free. However, it charges just 20p per transaction
Tide usually offers free services to those who are new to tide banking. However, for some businesses, it also offers two more plans and provides additional features.
The three plans are
The similarities between tide free, tide plus and tide premium app are as follow.
(£9.99 + VAT/mo)
(£49.99 + VAT/mo)
Priority support in tide app
Dedicated account manager
0.5% cash back
No personal account
Instant to use
No face to face contact
No credit checks
No cash payment
Quick customer service
No international transaction
Easy to manage
No access to an account without a phone
Balance limit of £ 1,00,000
If you own a personal business on small scale and a mobile person. This is the best banking app for you. However, if you own an expanded business, this app may not work for you due to limitations on a transaction.
About the Author: John Alson