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Hello,

Looking into a Tide account and not quite clear on receiving payments and international operations.

Is there a 20p charge on all incoming payments as well as outgoing?

Also - when it says 'no international payments (yet) - does this mean incoming and outgoing?

I’ve also read that there’s ‘No foreign exchange fees, commission, or loading’ - if there are no international payments, what does this relate to?

Thank you!

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    Aug '17
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    Nov '18
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The 20p charge will depend if money received as BACS credit or Faster Payments Scheme.

While you may not be able to send or receive a SEPA, SOFORT or SWIFT payment the reference to foreign exchange costs relates to use of your Tide debit card abroad

Hi @EmmaKidd, thanks for your question! We charge a 20p fee for bank transfers received or made via Faster Payments. Direct Debits are sent via BACS which are free of charge.

With regards to your question about international payments, we are hoping to introduce both inbound (IBAN) and outbound payments. Read our Founder’s last update on this [here] (Lack of basic banking features) on this subject.

No foreign exchange fees’ means that we use the rate set by Mastercard with no additional foreign transaction fees when you use your Tide Mastercard abroad.

I hope this helps! Do get back in touch if you have any other queries. Thanks Viktoria

Thank you for replying - between the two responses and the link to CEO statement, feeling clearer now.

8 months later
8 months later

Hi,

Can i receive international payments from UAE in to my Tide business account? can someone please help me

Hi @vnikolian,

Thanks for getting in touch!

Can you message us in the app to find out more about International Currency Accounts.

You may be eligible if you hold a Limited Business account with us!

Our Member Support team will tell you more in the app :slight_smile:

Thanks,
Felicity

HI Felicity,

Thank you for coming back to me. My UK company needs to start receiving regular payments from the sister company in Dubai. Is that something Tide business account can accommodate.
I am happy to share any details or a documentation related to the transactions or a set up.

Thanks again I look forward to your responce.