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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.

Rich

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.

  1. 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?

  2. 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.

11 days later

Agreed it’s great to see such transparency on feature delivery. I also was surprised to find no standing order support. I’m happy to do a few months of manual payments but will be relieved when SO is available!

Hi George

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.

Kind regards

Martin

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.

1 month later

so just to clarify here sending money to a foreign bank account from a TIDE account is fine?
I will be taking orders in the uk but would need to transfer abroad.

My understanding is that, with a Tide account, it’s not currently possible to make or receive international payments. Check George’s reply up top and he confirms that.

I love Tide and what it stands for, but realistically, international payments is a major feature to be completely without, and I think we’d all be much happier with a temporary solution. My biggest client have just informed me that they are unable to pay me due to this issue, so I’m going to be left without the necessary funds. The location of their bank isn’t something we’ve ever discussed (what with them being based in Lancashire), so it was not an anticipated problem. I’ve seen posts as far back as January discussing the lack of this feature, and we’re nearly a year into that now. I appreciate your quest for something better, but it’s turning a lot of us away when a temporary solution could have alleviated a lot of this distress, on top of a lot of customer support time that could have been put to better use.

Thank you for sharing your feedback @arraneleanor. To echo George, we are working hard to introduce this soon! We really do appreciate your patience as well as other Members similarly awaiting this feature.

Agree with all who point out that IBAN is a must-have, not something to add later. SMEs need to be able to take international payments and Tide is disingenuous in not highlighting this ridiculous omission before opening an account. IBANs are often asked for even if not technically necessary - and so not having one excludes many many payments. Work-arounds? Why? I can use a conventional account instead. Tide is supposed to a providing a way of banking, not forcing people to go elsewhere for fundamentally basic services. I only opened a Tide account this morning, and within an hour found that it was useless for accepting Amazon Pay UK, who use UK sort code and account number but require an IBAN number for ‘verification’. Tide can’t provide one, so the account is useless before it’s been used. That’s a couple of hours of my time I won’t get back - and I wouldn’t have bothered if Tide had warned up-front that it can’t to IBANs.

Hi @ems, thanks for taking the time to post on the community. All the information about Tide can be found on the product page of our website 40. We understand that IBAN is a priority for some of our members. We are working hard to introduce this feature soon! Let us know if you have any other questions about Tide, we’d be happy to help!

How can you not accept paper direct debits? I had no idea so many features would be lacking when I signed up to Tide.

Unfortunately after moving to Tide I am going to have to move to a traditional bank. I can’t even pay my rent without direct debits!

Hi Mark,

Even though we can’t accept paper Direct Debits, you are able to set up Direct Debits electronically.
You can find more information about how to do so here.

Please don’t hesitate to reach out if you have any other questions about Tide, I’d be happy to help!
Valentine