Welcome to the community
IMPORTANT: Tide Community is closing - we’re building something better!
Thank you for sharing your feedback, questions and ideas. We very much appreciate your contributions - and now it’s time for something new. To better support you, and to showcase your businesses, we’re developing a member directory.
5th February 2021: This forum is now ‘static’ so it's not possible to add a new topic or comment.
Summer 2021: The forum will close. Read more
Thanks for your reply, George. I take your points, though can’t unreservedly agree with all of them. To my mind, the ability to accept an international payment is key for a service marketing itself to SMEs. And even though standing orders fall into your ‘less requested’ box, I still feel that many current account users would expect this feature as standard.
Additional frustrations - including, for example, EasyJet treating the Tide card as a credit card for the purposes of fees, and train ticket machines not recognising the card for reservation collection purposes - also strike me as ‘non-SME friendly’. I’d put these features ahead of, say, TouchID on my ‘wish list’. But, hey, we’re not all the same.
I guess that my frustrations also stem, in part, from the fact that Tide’s current account is close to doing exactly what I want. And I’m all for giving the big banks a kick up the annual results, so would like to see Tide in full flow. So, I’ll continue to be (mainly) patient and see what washes up on the shore in coming months.
In the meantime, if you could get the invoice systems to automatically populate with the next numerical invoice number, that’d be lovely. Could we have that by tea-time, please?
My understanding is that you are correct - Tide does not yet offer a ‘joint account’. (I wish it did!)Some workarounds have been suggested and there is an old thread here: /t/can-i-add-team-members-to-my-account/328/1 3
From my perspective, I would prefer you to incrementally improve the offerings, not try to boil the ocean - it would have been far more useful and expedient to most of us to offer CHAPS/IBAN capability, even restricted, as that has been requested frequently for many months. You could then extend the features to include multi-currency pots, which would only make it better. Right now, I can’t use Tide because it doesn’t accept incoming IBAN payments. That’s daft. And telling me it will be “months” tells me to use another service.
I also agree that Standing Orders, and a roadmap are verging on essential features. I am fully aware that Tide is effectively a software product, and will never be ‘complete’, but it would be great to see what features are actually being considered, or worked on.
As for Standing Orders, that’s a must. So much so that to be honest I didn’t check when I signed up. Am currently having to retain my old account until this is sorted.
But great to see the founder of a disruptive product getting stuck in on the community forums.
I have also learned today that Tide does not accept paper Direct Debit mandates, despite providing an address for this purpose. It took about a month for this to actually be mentioned to us after we originally contacted support about a £10k payment bouncing.
We don’t have a single supplier who is able to process digital DD mandates at present.
In its current state, no serious company should consider using Tide under any circumstance. It is not fit for purpose.
I’m a one person Limited Liability Company and the current feature set ticks all the boxes. Instant account setup and approval is awesome (it took me four weeks with Metrobank). I created two additional accounts instantly from the app, one for VAT, one for Corporation Tax, thats amazing. I only do a few transfers in, a few expenses and a few payments out each month. It might be light on big bank features but it ticks all my boxes.
Except for the always “coming soon” Xero feature that is, but theres always got to be one thing.
Good to know that Tide is working well for you! I’m personally looking forward to IBAN support.
It’s interesting that you’ve opted to create additional separate accounts for VAT and Corporation Tax.
At first glance, it seems like this would cause additional unnecessary accounting paperwork due to having to move funds amongst the various accounts, but I might be mistaken. Am I?
Also, I’m assuming that such a multi-account setup offers at least some specific benefits. Any insight as to what those would be? I might consider the same setup if the benefits outweigh the disadvantages (if any).
I have an accountant and use Xero which deals with any of the transfer transactions. They are just transfer transactions after all and in the accounts they are ignored. The difference is only virtual anyhow.
The benefit for me is that I take a tiny salary and then lots of dividends throughout the year. I make sure I always transfer 20% of any dividend to my corporate tax account (tax on profits) and as each invoice comes in I transfer the VAT component to the VAT account.
It’s rudimentary, but it ensures I stay on top of cash flow and always know how much money I have as Her Royal Majesty’s money sits in separate accounts.
Anyone with more accounting knowledge should feel free to butt in here and point out any shortcomings with my approach.
International payments aren’t a big part of my incoming transactions but when required I ask my client to send me their payment via Transferwise. It was easy to link my Tide account to Transferwise, a little bit like linking it to Paypal. My clients have never had a problem sending their funds to me that way, many of them actually said they liked having the option of paying in their own currency and I have found that to be a really effective way around the nonexistent IBAN problem. Saying that it would be nice in future if we could accept and send international payments directly from our Tide account.
Thanks for weighing in on this. I agree with your surprise if few members have requested standing orders, I’d have thought many small businesses will want to run payroll that way, pay their accountants, etc.
On the IBAN launch, I’d be happy with an intermediate solution, even one that accepted GBP only, or had higher than ideal forex fees. That way we can at least request that overseas clients pay in GBP until your final world-beating capability is ready to launch.
In general, I also feel that you should publishing timelines - perhaps along with degrees of uncertainty. That would be much better than having many of us requesting many updates from many of your support staff, with many resulting discussions over how we really would like to know when x will arrive. If you want loyal customers it’s better for us to know if we should hang on or find our own workarounds.
Hi @EmmaKidd, glad you’ve found this discussion useful! It looks like @MRMM has answered your question. But to add to this point, you would have to set up an account for one account holder now. You will then be able to add your partner(s), other director(s), accountant, etc., to the account and order multiple cards when these features have been released.