Support and FAQs

Find answers to our most frequently asked questions and how to contact our Member Support team.

Contact Us

Contact our Member Support team in the app or by email

In app support

  • Open up your Tide app
  • Tap on the support icon on the bottom tab bar
  • Start a new message, we will reply as soon as possible
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Community

Join the discussion with other Tide members on our community site

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Email us

If you have any questions or feedback at hello@tide.co

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Lost or stolen card

Automated service to report a card lost or stolen, please call: +44 (0) 333 121 0266

FAQs

Account features

Can I deposit cheques?

We don’t currently accept cheque deposits.

We understand that cheques aren’t going to go away any time soon though. That’s why we’re looking at smart ways to process cheques, like an image clearing system which allows cheques to be deposited straight through your phone.

One of the most common issuers of cheques is HM Revenues and Customs. If you’ve received a cheque from HMRC, you can return it and request a direct bank transfer instead.

In instances where your account is being closed, any remaining funds will be returned to you by banking transfer only. At this stage we do not issue remaining balance cheques.

Which types of payment can I make?

All GBP payments sent from your Tide account are Faster Payments.
These can be processed as standard one time transfers, scheduled payments, standing orders, and Direct Debits.

What are Tide’s features?

Tide accounts come packed with smart and time-saving tools, letting you focus less on admin and more on your business.

  • Full UK sort code and account number
  • Business Mastercard, with free purchases at home and abroad
  • Automatic categorisation of your transactions, for easy accounting
  • Instant invoice payment and creation
  • Up to £150,000 of credit, straight through the app

That’s just the beginning! You can see more on our features page, and keep up to date with what’s coming next on our roadmap

Can I make international payments?

It depends.

For most of our members: not yet. Payments can only be made to and received from UK accounts. For now, you can use third-party services to send and receive international payments.

Some Tide members with limited companies have a Tide International Currency Account. If that’s the case for you, there’s a full list on our blog of which countries you can make payments to and receive payments from: International transfers: our new rules

 

Can I use an online IBAN generator to receive international payments?

No. There’s no guarantee your transfer will be directed to us if you’re using an online IBAN generator, it’s very risky and we wouldn’t recommend using this method under any circumstances.

Are there limits on my account?

That will depend on whether you’re a sole trader or a registered company.

Tap “Accounts” from your in-app More menu to see your full account limits, or to request a limit increase.

Can I set up a Direct Debit?

Yes! Tide supports outbound Direct Debits.

If you’re asked to provide the name and address of your banking provider, you can find the address in the app: More > Transactions > Direct Debits.

Please note that Direct Debits can take up to 5 days to become active once requested.

The Direct Debit process starts 8.00am Monday to Friday, excluding public holidays.

Do you offer overdrafts?

We don’t offer overdrafts but we’ve partnered with Iwoca to bring our members business loans.

With Iwoca, you can apply direct via Tide on the web for up to £250,000 of credit, which you can use as an alternative to a traditional overdraft.

This service is for eligible members only. If you’re eligible, you’ll be able to see Credit under the navigation bar when you log into Tide on the web.

How do I deposit cash?

We’ve partnered with the Post Office and PayPoint, so you can deposit cash at over 40,000 locations in the UK!

Here’s how to make a deposit:

  1. Find your nearest Post Office or PayPoint location
  2. Let them know you’d like to add money onto your Tide card
  3. Hand over your Tide card and any cash you’d like to deposit
  4. They’ll swipe your card and hand you a receipt

Processing Times

Post Office deposits made before 6pm will be added to your account the next working day, deposits made after 6pm will take an additional working day.
PayPoint deposits will show in your account after about 10 minutes.

Fees and Limits

There is a £1 fee for a deposit at a Post Office, and a 3% fee on the total deposit value at PayPoint.
The fee is automatically deducted from the deposit at time of processing.

You can deposit between £10–500 each day. Other currencies aren’t supported at the moment.

Can I have a monthly statement?

Yes! You can download a statement on the 4th of the following month.

Just tap More > Transactions > Statements, then select the months that you’d like to download a statement for.

Can I export my transactions?

You can export transaction data to CSV files directly from the app – we offer a few different formats to best suit your accounting needs.

The export button is located in the top right corner of your accounts page, directly under the card icon.

Access

How do I log in to my account from a new device?

To access your account on a new phone, or if you re-install the app after deleting it, you’ll need to complete a quick account recovery process to verify your identity again.

If you’re restoring the apps linked to your previous device, you’ll just need to delete and re-install the Tide app. For security reasons, entering your passcode on a ‘restored’ version of the app won’t work.

To begin the account recovery process, open the app and tap “I already have an account” at the bottom of the screen.

How do I activate and manage my team's cards?

Manage, activate, or cancel your team’s cards by heading to More > Team Cards in your app.

Can I log in from a desktop?

Yes! You can access your account from a desktop at web.tide.co by using the QR code scanner found within your Tide app.

Which devices can I use to open and access a Tide account?

Tide runs on iOS 10 and above, and on Android 5.0.0 and above.

Unfortunately, Tide is not compatible with Windows phones.

Can my business partner or employees access my account?

Not yet, currently accounts can be accessed only by the named account holder.

However, you can order up to 35 Team Cards per account, and grant your colleagues or accountant Read Access.

Full multi-user access is on the roadmap.

Does Tide have an API?

Yes!

Production and sandbox APIs are available via Open Banking Developer Portal.

Can I have more details about Tide and Open Banking?

Production and sandbox APIs are available via Open Banking Developer Portal.

What does this mean for Tide members?

Members will be able to link third party financial tools directly to their Tide app by using Open Banking services. You’ll be able to make payments and see your account balance using linked third party apps, and grant access to time saving accounting tools!

Who can integrate with the Open Banking APIs?

Our Production API can be accessed by any authorised TPP who has enrolled on the OBIE Directory and has production Open Banking or eIDAS certificates. Alternatively TPPs may also integrate via our trusted TSP ‘Yapily’.

Our API Sandbox contains a full simulation of our APIs, without connecting to any real customer accounts. Any developer can access the Sandbox using their own self signed certificates.

Which browsers are supported by Tide.co and Tide on the Web?

Currently we support the following browsers:

  • Chrome – evergreen
  • Microsoft Edge – evergreen
  • Safari – evergreen
  • Firefox – evergreen
  • Internet Explorer 11 – partially supported

Fees

How much does Tide cost?

We don’t charge monthly or annual fees for our current account.

You only pay for what you use:

Bank transfers (in or out) 20p
Payments between Tide accounts Free
Card transactions home and abroad Free
Cash withdrawals £1
Cash deposits (through the Post Office) £1
Cash deposits (through PayPoint) 3% of the total transaction value

Will I be charged for using my card abroad?

With Tide, when you spend abroad or online in other currencies, you get Mastercard’s exchange rate with no additional mark-up or fees.

Our standard fee of £1 to withdraw cash at an ATM still applies.

You can use Mastercard’s Currency Conversion Calculator to work out the daily rate for a transaction.
The Mastercard rate might be different from the European Central Bank (ECB) foreign exchange reference rate.

The ECB is the central bank of the 19 EU countries which use the euro. They publish rates daily based on an average of the rates of European banks. Mastercard set their own rate which can be different from the ECB rate.

Should I choose to pay in pounds sterling or the foreign currency when I’m abroad?

If you’re using your Tide card to pay for goods or services in or from other countries, or to withdraw cash abroad, we recommend you opt to be charged in the local currency. This is because our Mastercard rate is generally far better than the conversion rate a merchant or ATM will charge. Remember, some ATMs charge an extra fee for using their machine.

See also: Will I be charged for using my card abroad?

Joining Tide

What ID will I need to open an account?

We’ll be able to verify your identity from most European National ID cards, international driving licences and passports.

Can I open an account? (our eligibility criteria)

To apply for an account with Tide, you will need to meet our eligibility criteria outlined below:

To apply for a registered business account, you’ll need to be registered with UK Companies House as a director of that company.
To apply for a sole trader account, you’ll need to be a UK based sole trader or freelancer.

For both account types, you’ll need to be aged 18 or above, have a valid UK phone number and address, and hold a compatible device registered to a UK App or Google Play store.

We’re on a mission to help businesses owners spend less time on money admin, and we want to enable as many small businesses as possible to do that. It’s a balancing act though, certain company types are more complex to onboard, so the scope of businesses we’re currently able to offer accounts to is a little more focused than your average high street bank.

We hope to broaden this scope as we grow, but currently we’re unable to onboard the following types of companies:

  • Trading of cryptocurrencies
  • Trading of precious metals and stones
  • Money services (such as foreign exchange, loan providers, money transfers)
  • Casinos, prize draws and other betting or gambling activities
  • Sale of unlicensed pharmaceuticals
  • Sale or trade of cannabidiol (CBD) products
  • Trading of weapons, explosives or armaments
  • Unlicensed trading and processing of scrap metal
  • Unlicensed waste management
  • Sale, import and export of used vehicles or heavy machinery
  • Escort services and other services in the adult industry
  • Bidding fee auctions
  • Modelling agencies
  • Travel agencies
  • Car wash services
  • Political parties
  • Charities
  • CICs and CIOs

You can read more about this in our blog post: Providing financial security for our members.

How long does it take to open an account?

On-boarding timeframes vary depending on the types of applications we receive, but more than half of our new members this year opened their account in less than 10 minutes.

To be exact, 53% opened their accounts in under 10 minutes, 70% in under 60 minutes, and 81% within 48 hours. Even if your business is a bit more complex and we can’t complete your application right away, if you meet our eligibility requirements it’ll still be far quicker than most high street banks!

Saving our members time is at the core of what we do, so we’re always working to optimise and improve wait times. You can read about why we sometimes need a little more information on our blog.

Can a charity open an account with Tide?

Unfortunately we’re unable to on-board charities at this stage.

Do you carry out credit checks?

No! To open a current account, we perform electronic checks (run by third-party services) to verify your identity and comply with UK anti-money laundering regulations. While these checks will not impact your credit score, they will appear on your credit report.

Can I apply from outside the UK?

Yes! Applicants who are not based in the UK may apply for a Registered Business account, as long as they are directors of a company registered with UK Companies House. In some cases, we may have to complete additional checks in order to process your application.

Don’t forget – you’ll need to switch your App or Google Play store to the UK to download Tide.

Does Tide offer a switching service?

Unfortunately not – but you can use Tide alongside your existing bank account until you have fully switched over.

KYC at Tide

I've been asked for more information about my Nature of Business

We need to get a better understanding of your business, this is for regulatory purposes and so we can build a projected financial profile, so we can better protect you from any fraud in the future. 

Of course your information is your own, but the more detail you’re happy to provide, the quicker we’ll be able to verify your application. 

Here’s what’s very useful to us:

Necessary

  • What you’ll do
  • The age of your business
  • Current and/or projected turnover

Also helpful

  • How much of our turnover will be from online sales
  • How much will be in cash
  • Where you do business
  • What you’ve done
  • What you’re doing

I've been asked for more information about Shareholders or Directors

If we’ve asked you for Dates Of Birth (DOBs) or addresses for yourself and/or your major shareholders*, we weren’t able to complete digital checks with the information we have. 

DOBs often fail because we pull information from Companies House who don’t store the day a director or shareholder was born on, and this isn’t amended during sign-up. 

Addresses generally fail because the address we’ve received isn’t a residential address, or because the resident hasn’t lived at that address for more than three months. 

Here’s what we suggest: 

  1. Make sure that the information on Companies House is up to date. You may need to submit a Confirmation Statement (with updates) to ensure this.
  2. Send us the DOBs – confirm these with your shareholders if you need to.
  3. Send us any addresses we’ve requested – make sure that the address is a UK residential one that has been lived in for more than three months.

If we’re still unable to digitally verify a given address we’ll need to see proof of address.

If we’re still unable to digitally verify a DOB, we’ll need to see a photo of valid ID.

If you or your shareholder have not been at any address for more than 3 months i.e. a foreign national new to the country, we’ll need to see a valid Biometric Residence Permit (for the UK) and proof of a foreign address. 

 

*We see a ‘major shareholders’ as any shareholder currently holding more than 24% shares in the company.

I’ve been asked to resubmit my ID or Selfie

There are a few reasons why your ID and selfie might have failed. Your ID might be expired, it might be invalid, or the picture we captured just wasn’t clear enough. Your selfie might have been too blurry or, and this is rare, we’re not sure that the person on the ID is the person in your selfie.

Here are some tips:

  • Lay your ID on flat surface
  • Ideally, make sure that surface is a contrasting background to your ID – sometimes our authenticators struggle to distinguish the edges of an ID against a white or light background
  • Take the picture in a well-lit room but make sure there is no glare.
  • Make sure all the details of the ID are totally clear.
  • Make sure your selfie is totally clear.
  • If you’re worried your camera isn’t good enough, ask a friend to take the picture(s) and forward them through. 

Here’s what we can accept:

  • Passport
  • Driving License
  • Biometric Residence Permit

Sometimes we might ask you for a second piece of ID, to supplement the first. This is for regulatory purposes, and we try to avoid this wherever possible. 

I’ve been asked to clarify Companies House updates

We’ve spotted that the shareholding of your company has changed recently and that this isn’t accurately reflected in its Filing History on Companies House. 

A lot of our applicants let us know that they’ve already submitted the necessary documents such as significant control updates or confirmation statements without updates.

However, we need to see a ‘Confirmation Statement (with updates)’, this is the document which explicitly details current shareholding.

Submitting a Confirmation Statement is a very quick and easy process and most of our applicants usually get back to us with 24 hours to say this has been completed. 

Once this is done, we can verify the correct shareholders.

I’ve been asked to supply Proof of Address

We weren’t able to automatically verify your details during on-boarding. If you’re sure we should be able to verify your full name against your address, then feel free to reiterate your address for us – there may have been a small error the first time round.

If not, then here’s what we can accept:

Strong 

  • Driving Licence 
  • Council or other local authority tax bill (from the current tax year)
  • Self-assessment or correspondence from HMRC or other tax authority (unless using this as proof of business)
  • Court-issued documents 
  • State pension book or similar
  • Local authority rent card
  • Land registry records
  • Evidence from a government-registered address
  • Official documentation or correspondence from the Home Office or other immigration authority
  • Gas or Electric bill (dated from the last 3 months)
  • Water Bill (dated from the last 3 months)
  • Internet or satellite television provider bill
  • High Street Bank Statement (dated within the last 3 months)
  • Letter of account opening (dated within the last 3 months)
  • Mortgage Statement issued by reputable lender

Weak – we’ll need to see two separate proofs

  • Deed of home purchase 
  • Lease or other rental agreement 
  • Pay stubs or documents such as P60s from an employer 
  • Bills or correspondence from a chartered accountant, registered solicitor or licensed medical practitioner 
  • Digital bank statements (dated within the last 3 months) 

You can send through photographs of the full document or PDFs if appropriate. Unfortunately, we cannot accept scans or photocopies, screenshots.

I’ve been asked to supply Proof of Business

In some cases, we may need to ask for additional evidence that your business is established. 

Here’s what we’re looking for:

  • Independent website – Your business’s website
  • Online marketplace – Amazon, Ebay, or a dedicated marketplace
  • Social media profiles – Your business’s social media pages*
  • LinkedIn – Your professional profile, to confirm your expertise in the stated nature of your business.
  • Yell.com or equivalent

If you don’t have any of the above, feel free to send what you do have. We’ll definitely consider it but will probably also ask for something below.

Alternatives:

  • HMRC Registration with name and UTR, if you’re a sole trader
  • Proof of physical presence eg. signed Rental Agreement or Land Ownership (specific to Trading/Company Name)
  • Proof of advertising
  • Proof of membership or association with relevant professional organisation
  • Certification of qualification
  • Invoice with the corresponding bank statement
  • Provider quotes
  • Quotes for clients
  • Business related receipt and corresponding bank statement
  • Signed contract of employment 
  • Signed service/supplier/distributor agreement 
  • Proof of training eg. CSCS cards

If you’re supplying alternative proofs, we may ask to see more than one. 

If you’re sending a photo of anything make sure to send a clear photo of the whole document.

 

*Your social media page(s) must indicate a clear history of business activity and client-base. We may ask for further proof if the page is relatively new.

Setting up

Can I create additional accounts for my business?

Registered businesses can create up to 4 current accounts per company from your more section in the app, each of which will have its own unique account number.

You can use these accounts for a specific expense such as marketing costs, or to save for your tax obligations.

Which accounting software does Tide integrate with?

We have integrations with Xero, QuickBooks, FreeAgentReckonOne, Kashflow and Sage, with other integrations to follow in the future.

Find details on how to connect on our Accounting integrations page.

What is my PIN?

You can check your PIN code at any time from the app home screen – just tap the card icon and ‘Show PIN’.

If you’d like to change your PIN, you can do so easily at most ATMs.

I have several businesses. Can I open an account for each one?

Yes! You can apply as many limited business accounts as you need, each application is subject to our standard approval criteria.

Our Multi-business feature lets you toggle between companies on the same one device – you can find instructions on setting this up on our blog.

Multi-business access is currently capped at five businesses per device – if you have more than five businesses, you can set up multi-business on an additional device.

Can I use Tide with PayPal? Stripe? GoCardless? iZettle?

Yes! Our Members have successfully used their Tide accounts with all of these services.

When will I receive my card?

Most of our members receive their cards within 2-4 working days. If it hasn’t arrived within 5 working days, please get in touch through the app.

Which address will my card be shipped to?

Your card will automatically be shipped to your trading address.

If you’d prefer your card to be sent to a different address, you can edit your trading address by tapping More > Profile in the app.

Support

How long do outbound payments take?

Outbound payments are processed as Faster Payments and should arrive within minutes.

Some banks can take 2+ hours to process Faster Payments, so depending on the receiving institution’s processing time, Faster Payments can take up to 4 hours to be processed.

Tide-to-Tide transfers are instant!

If you have a question about a payment that has taken over 4 hours to arrive, send the Member Support team a message, they’d be happy to help.

Can I partner with Tide?

Yes! We are actively partnering with organisations that help business owners – if this sounds like you, please visit our Partners page.

Can I switch from a sole trader account to a registered company account?

Unfortunately not. If you’d like to switch between a sole trader and registered company account type, you will need to close your existing account and open a new one.

I’m expecting a payment - when will it arrive?

Faster Payments are generally processed immediately and cleared within minutes.

Some banks can take up to two hours to process Faster Payments. Therefore, depending on the originating/receiving institution’s processing time, Faster Payments can take up to 2h30 min to be processed.

If you’re expecting a BACS transfer, this will take up to 3 days to reach your account.

CHAPS payments received into our system before 3pm will be processed on the same working day between 4:10pm and 7:10pm. Any payments made/received after this time will be processed on the next working day from 4:10pm.

If your funds have not appeared within these timeframes, please let us know in the app.

My phone is lost or broken.

Sorry to hear it!

You can regain access your Tide account from another mobile device by going through account recovery.

  • Re-download the Tide app
  • Tap Sign in, and enter the email address linked to your Tide account
  • Enter a mobile number that you can receive text messages to

If you need to speak to the team, you can get in touch by emailing hello@tide.co

My account's been paused. Why is this?

Your account could have been blocked for a number of reasons, most commonly because we’ve seen unusual activity on your account and need to run a few checks. We do this to keep Tide and our members safe, and the checks are normally completed very quickly.

Take a look at our blogpost to learn more about why we might need to block or pause an account.

Can I speak to someone over the phone?

Yes! Just send us a message in the app, or email hello@tide.co with your contact number and a few details about what the call request is regarding. Our Member Support team are happy to give you a call.

What is Tide Preview? How can I join?

Tide Preview is our beta testing programme, where members can register to be the first to test our new features before they’re released publicly.

We’re always looking for new members to join our Tide Preview community! If you’d like to join, just send us a message in the app.

Can I change my company name?

You can update your trading name in the app by tapping More > Profile. If your Company name has changed with UK Companies House, please let us know in the app to have it updated.

I’ve lost my card.

Sorry to hear it! You can freeze, cancel and reorder a card directly from the app – just tap the card icon on your homescreen.

If you don’t have access to the app, please call +44 (0) 3331210266 to have your card cancelled.

I’m having trouble scanning my ID.

We accept most national driving licenses, ID documents and passports, however some older versions of ID documents may not be accepted.

If you’re having difficulty scanning your ID, please ensure that you are taking a clear photo on a flat surface, in a well-lit environment. You’ll also need to grant Tide access to your camera (usually you’ll receive an in-app prompt, otherwise you can update your settings).

Still having trouble?

  • Ensure the image is in focus. We’ll only be able to validate your ID documents if we capture an image that’s in focus. By default, your camera will try to focus on the document, which may take a few seconds. Alternatively, tap the preview screen to force the camera to re-focus (currently Android-only).
  • Avoid low-light conditions. In the absence of good lighting, motion blur can prevent the capture of a sharp image. Ensure the ID is well-lit location when capturing the image for best effect.
  • Avoid glare. Overhead lights and direct sunlight can illuminate the holograms that appear on some ID documents, obscuring identity details. Avoid bright light sources directly overhead.
  • Frame the photo. We need to capture a photo of the entire ID document in order to complete validation checks, not just the text containing identity information. Make sure the camera is capturing the entire ID so the edges align with the dark grey border in the image preview. Avoid taking photos of the ID from an angle.

How do I make a complaint?

We’re sorry that you’re unhappy with your experience using Tide.
So we can fully understand what’s gone wrong and to get the best possible resolution for you, please write to us with a brief description of what’s happened.

You can find instructions on how to contact us, and more information about the complaints process by visiting Tide complaints.

Apple Pay

I’ve lost my Tide card/ My Tide card has been stolen. Can I still use Apple Pay?

If you lose your Tide card or it’s stolen, tell us via the in-app chat. We’ll cancel the card and issue you a new one, but you’ll be able to continue using Apple Pay. When you get your new Tide card and activate it in the app, the details in the Apple Wallet are updated automatically.

If instead you freeze your Tide card, you won’t be able to use it to pay by Apple Pay.

What’s the spending limit with Apple Pay?

There’s no limit. But some merchants will have their own limit for contactless payments. There are no limits for Apple Pay transactions you make in apps or in Safari.

I’ve frozen my Tide card. Can I still use it with Apple Pay?

No. If you freeze your Tide card, you won’t be able to use it to pay by Apple Pay on any of your devices.

When you unfreeze your card, you’ll be able to use it with Apple Pay again as before.

Can I use Apple Pay abroad?

Yes – you can use Apple Pay anywhere that accepts contactless payments.

Can I add my Tide team card to Apple Pay?

Yes. Go to the Wallet on your Apple device to add the card.

I’ve frozen one of my co-workers Team Cards. Can they still use it with Apple Pay?

No. When you freeze a Tide card, it can’t be used to pay by Apple Pay on any device.

When you unfreeze the card, your co-worker will be able to use it with Apple Pay again as before.

Is Apple Pay secure?

Yes, Apple Pay is safer than using cash or a debit, credit or prepaid card. This is because every time you use Apple Pay to buy something, the system uses a device-specific number and unique transaction code. Your card number is never stored on your device or Apple’s servers, and never shared with the merchant.

Apple Pay also keeps your purchases private. When you pay with your Tide card via Apple Pay, Apple doesn’t keep transaction information that can link the purchase back to you. You can see transaction information on your Apple device and in your Tide app, but Apple doesn’t store this data on their servers.

Of course, you need to make sure you protect the security of your Apple device, just as you would with your Tide card.

How do I add my Tide Card to Apple Pay?

On your iPhone, open the Tide app and click ‘Add to Apple Pay’.

Or you can open the Wallet app on your iPhone and tap ‘+’ to add your Tide card.

If you have an Apple Watch, open the Watch app on your iPhone and click ‘Wallet & Apple Pay’, then ‘Add Credit or Debit Card’.

For iPad, go to Settings, click ‘Wallet & Apple Pay’ and then ‘Add Credit or Debit Card’.

For MacBook Pro with Touch ID, open ‘System Preferences’. Open ‘Wallet & Apple Pay’ then click ‘Add Card’.

On which Apple devices can I use Apple Pay?

Apple Pay works on iPhones, iPads, Apple Watches, and Macs. To check if your device is compatible and where you can use Apple Pay, read the full list from Apple Support.

Is Apple Pay free?

Yes, it’s free to add your card to your Wallet and when you pay with Apple Pay, you pay the same price you’d pay by using your Tide card.

Company expense cards

How do I request Team Cards?

You can request company expense cards both in the Tide app and via Tide on the web.

  • Go to More > Team Cards
  • Enter your team member’s details
  • Select the account(s)

If your team member passes our security checks, the card will arrive at your trading address within a week.

How much do Team Cards cost?

Team Cards, our company expenses cards, are £5 per calendar month.

If you’re a Plus, Plus Cashback or Premium member, Team Cards are currently free as part of your membership – there’s no extra charge.

The fee is taken automatically from your Tide account on the fourth of each month.

Please see our Tide Terms for full details.

If you joined Tide before 13 October 2020
For existing members and early adopters of our company expenses cards, we’re currently keeping the cards fee-free to say thank you for helping us test and improve the Tide app and Team Cards. If you need to order a replacement card for an existing Team Card holder, the card will stay remain fee-free until further notice, as will and any Team Cards you order for other people in future will also be fee-free.

Am I eligible for Team Cards?

If you’re already with us, you’re eligible to apply. 🙂

How many Team Cards can I apply for?

You can order company expense cards for up to 35 team members per account.

If you have Team Cards linked to sub-accounts, these count towards the overall account maximum of 35.

If you have more than one Tide account, you can have a maximum of 35 Team Cards for each account.

Why can’t I see Team Cards in my More menu?

If you can’t see the Team Cards feature, go to the app store and check your Tide app is up-to-date.

Who can manage Team Cards?

The main account holder manages all your company expense cards.

Team Cards are a step towards building full team access. For now, you’ll manage Team Cards through the Tide app belonging to the main account holder.

As the main user, you’ll fully manage access for your team – you can freeze and cancel cards, as well as share and hold PIN codes. And of course, you’ll be able to see who spent what.

How do I freeze a Team Card?

The main account holder can freeze or unfreeze individual or all company expense cards.

  • Go to More > Team Cards
  • Select a person from the list and then you can freeze or unfreeze their Team Card

How do I cancel a Team Card? What happens when I cancel a Team Card?

  • Go to More > Team Cards
  • Select a person from the list and then cancel their Team Card

If you have Free Tide membership
When you cancel a Team Card you’ll be charged £5 per Team Card on the 4th of the following month. Any Team Cards activated and cancelled within the same month will be billed on the 4th of the following month (there will be no further payment after that). There’s no pro-rata fee refund when you cancel a Team Card. Fees do not apply to Team Cards for Plus, Plus Cashback and Premium members.

Can my staff view their expenses?

Not yet. We’re working on team access at the moment so your team members will soon be able to log in and look at what they’re spending.

As the main user, you’ll be able to set different levels of access for your team members.

As soon as this feature is live, we’ll email to let you know.

Can I put a limit on a Team Card?

Not yet. We’re working on this at the moment. When this feature is live, we’ll email to let you know.

If you want to create a separate pool of money for team expenses, you can do that with our sub-accounts.

Invoicing

How do I create an invoice with Tide’s Invoice feature?

It’s easy. Open your Tide app and go to Invoice.

Start by editing your template then click Create a new invoice.

Add items, add VAT if you need to.

Check all the details then send it to your customer.

If you want extra peace of mind, go to Tide on the web and add Invoice Protection.

Is Tide’s Invoicing feature free?

Yes. Tide members on all our memberships plans can use the Invoicing feature for free.

As you’d expect, there’s a charge to insure invoices with Invoice Protection.

Can I add my own logo to invoices with the Tide app?

Yes Go to Invoice > Manage > Settings > Template logo.

You can then upload your logo from your files.

How do I match an invoice to the payment?

  • Go to Invoice
  • Select an invoice and tap Actions
  • Tap Mark as Paid
  • Select the relevant transaction and tap Confirm
    You can match invoices to payments you received in the previous two months.

That’s it! Easy.

How do I mark two or more invoices as paid?

  • Go to Invoice
  • Select an invoice by long-pressing, or go to the Actions menu and choose Select.
    You can select up to 100 invoices.
  • Tap the ✔ to mark the invoices as paid

Can I amend an invoice after I’ve sent it?

Updated: 8 July 2020

No. However we’re working on solutions so you’ll be able to cancel and clone invoices. We expect these to be ready later in 2020.

Can I change my name/address/email address in invoices with the Tide app?

Your details are automatically filled in for you.

In your invoice settings, you can change your email address.

If you’re a sole trader, you can change your name and address too.

If you’re a limited company, you can’t change your name and address because for legal reasons, the details on your invoices must match the details we have for your business.

What improvements to Invoicing are Tide working on at the moment?

Updated: 8 July 2020

Plenty! Did you know that Invoicing was one of the first features we built to do more for business owners than you get with a conventional bank account? So it’s one of our favourite features.

This year, our dedicated Invoicing team is working on lots of enhancements such as

  • automatic payment matching
  • chasing invoices
  • a safe way to correct invoicing mistakes

These and other improvements are all suggestions from people like you, Tide members, who need a quick and easy invoicing system.

Invoice Protection

Should I use Invoice Protection? What other businesses use it?

A wide range of businesses insure invoices against non-payment – a customer not paying an invoice can happen to any business.

If a large part of your work is done with the same customer, or if some of your customers are new or not yet creditworthy, taking out Invoice Protection can safeguard your company in case your customer doesn’t pay.

What does Invoice Protection cover?

You will be protected against the non-payment of a valid invoice, either because your customer won’t pay or their business has become insolvent.

You won’t be protected against:

  • Non-payment of a disputed invoice
    You’ll need to settle the dispute with your customer before Hokodo will consider your claim.
  • Damage or loss of goods in transit
    If you need this cover, it should be covered by your normal business insurance policy.
  • Activity by a government which prevents your invoice being paid
    This means events such as war, requisition of a property, currency controls etc.
  • Fraud or dishonesty
    You’re not covered for claims which are the result of fraud or dishonesty by your company
  • Illegal claims
    You’re not covered for claims which would require Hokodo to breach sanctions or anti-money laundering regulations.

Which of my invoices are eligible for Invoice Protection?

Any invoice you send to another business is eligible for Invoice Protection as long as:

  • it’s a valid invoice
  • it isn’t too close to the due date
  • it was issued within 30 days of the supply of the goods and/or services
  • it’s supported by evidence that the customer confirmed the purchase
    This could be a purchase order, email confirmation or agreed contract.

If you only received verbal confirmation of the order, then you can still take our Invoice Protection. However, Hokodo won’t pay a claim for your invoice if your customer disputes having placed the order.

To take out Invoice Protection, you’ll be asked to confirm that, to the best of your knowledge, your customer:

  • is not insolvent
  • is able to pay the invoice at the time you buy the protection
  • does not have any other outstanding invoices with you which are over 45 days overdue.

Hokodo doesn’t expect you to do any further investigation of your customer’s solvency. However if, in carrying out your business, you discover it’s likely that your customer won’t be able to pay your invoice then you must not take out any further Invoice Protection on invoices to that customer.

Is the VAT on my invoice covered?

Invoice Protection covers 90% of the amount of your invoice, excluding the VAT.

If the invoice included VAT on top of the net amount, you can usually claim VAT Bad Debt Relief from HMRC. Find out more at the Government website:
Gov.uk | Guidance | Relief from VAT on bad debts

Who underwrites Tide’s Invoice Protection insurance?

Our Invoice Protection is arranged by our partner, Hokodo Services Ltd which is a coverholder at Lloyd’s of London. The policies are underwritten by Lloyd’s which is a specialist in insurance and reinsurance.

How long will it take for Hokodo to pay my claim?

After you notify Hokodo about the non-payment of your invoice, the usual process is that Hokodo’s collections partner, STA International, will attempt to collect money for you. If STA achieve this, you’ll get the amount they collected within 14 days of them receiving it. This collections process usually takes from 15 to 60 days.

If STA fails to collect money for you, you’ll be asked to fill in a claim form. Hokodo will pay you the amount covered – 90% of the invoice value – promptly when they get your valid claim form.

Hokodo aims to settle the majority of claims within 15 days of receiving a claim submission. However, a limited number of claims need more investigation and, in these situations, Hokodo may take up to 60 days to assess your claim.

How do Hokodo attempt to collect what I’m owed?

Hokodo’s collections partner is STA International. They have deep industry expertise when it comes to collecting trade debt and they’ll manage the process of getting your debtor to pay.

After confirming the debt with you, they’ll contact the debtor by various channels including telephone, email and post. If this collections process succeeds, they’ll pay you the amount they collect, minus their fee of 6% (+VAT) of the recovered money. You can allow them to also recover this success fee from your customer – this is generally allowed by law. In this case, there would be no fee taken off the amount you receive.

If STA can’t collect the debt within 60 days, you’ll be asked to fill in a claim form. Hokodo will pay you the protected amount – 90% of the invoice value – promptly when they get your valid claim form.

Hokodo aims to settle the majority of claims within 15 days of receiving a claim submission. However, a limited number of claims need more investigation and, in these situations, Hokodo may take up to 60 days to assess your claim.

Membership Upgrades

How much is Tide Plus?

Tide Plus is £11.99 a month including VAT, billed at the 4th of each month for that calendar month.

Your first month will be billed pro-rata, so if you sign up on the 16th we’ll only charge you for the 16th until the end of that month. Then on the 4th of the following month you’ll join the monthly billing cycle.

Get your next month free! If you spend £10k on your cards within the month, your Tide Plus subscription fee will be waived for your next month.

Why am I charged VAT?

VAT is value added tax, which we’re required to add on top of Plus fees. This is for the value added services associated with your Plus subscription, so is subject to Value Added Tax (VAT) requirements. This is different to Tide’s standard transactional fees, which are exempt from VAT. If you’re VAT registered you’ll be able to reclaim this back at the end of the accounting period. Plus VAT is the standard 20%.

How many free transfers do I get?

With Tide Plus, you get 20 free transfers a month. This includes all inbound and outbound Faster Payments, CHAPS, BACs and Direct Debits. Please note this does not include international payments if you have an International Currency Account.

How do I access priority support?

Same as always, send us a message in the app and you’ll automatically be bumped to the top of the queue.

To call us, you’ll see an option to phone us in your Support section of the app, Tide Plus phone support is available 9am – 6pm UK time. For your security, our phone support team will take a few minutes to verify your identity – just like high street banks.

Who provides legal help?

We have a financial arrangement with Irwin Mitchell LLP who provide a legal helpline to our members. Trained personnel from Irwin Mitchell will help with any questions you may have. We pay Irwin Mitchell LLP for their services, they’re independent from Tide and provide impartial and confidential advice.

When can I call the legal helpline?

They’re available 24/7 365 days a year.

Tide Plus Cashback

What is Tide Plus Cashback?

We’ve created Tide Plus Cashback to give you what we believe is the best value business banking service available on the market. You get:

  • 0.5% cashback on all eligible purchases on your Tide card
  • 150 free transfers a month
  • dedicated account manager
  • access to a 24/7 legal helpline
  • matte black card

And unlike most cashback services, no matter what you buy with your Tide card, you’ll get 0.5% cashback. (With some providers, not all card purchases are eligible for cashback.)

Are any purchases excluded from Tide Plus Cashback?

Only genuine card purchases count.

Repeat purchases might not qualify.

ATM withdrawals don’t count towards your cashback.

If we find out that any cashback has been given or calculated incorrectly, we reserve the right to reclaim or deduct payments from your Tide account, including those relating to returns, exchanges or chargebacks made on your account.

How much does Tide Plus Cashback cost?

It’s £59.99 a month including VAT.

The monthly fee goes out of your Tide account on the 4th of every month.

How can I join Tide Cashback Plus?

To upgrade to Tide Plus Cashback:

  • go to More and click Upgrade
  • select Tide Plus Cashback
  • read and agree to the terms and conditions
  • enter your app passcode

You’ll be upgraded immediately. The fee for your first month is calculated pro-rata.

What happens if I can’t pay the Tide Plus Cashback fee?

If we can’t collect the fee on the 4th of the month because there isn’t enough money in your account, we’ll try again every day until the end of the month.

If we haven’t been able to collect the fee, your account will be automatically downgraded and your access to Tide Plus Cashback will end on the 1st of the following month.

When do I get my cashback payment?

In the first week of every month, we’ll send you an email to confirm your total card spend and the cashback you’ve earned during the previous month.

Your cashback payment will go into your account within the first 21 days of the month after you earned it. The payment will have the reference ‘Tide Cashback’.

Help, something’s not right with my cashback payment...

Send us a message in the Tide app to tell us what’s wrong or call your dedicated account manager directly on the contact number in-app. We’ll investigate and reply as soon as possible.

Is the Tide Plus Cashback plan a trial? How long will it be available?

Tide Plus Cashback will run on a trial basis for three calendar months from 4 August 2020. If you no longer wish to be on the Tide Plus Cashback plan during or after this trial, you can downgrade in the app. Otherwise, you’ll remain on the Tide Plus Cashback plan afterwards.

What are the terms and conditions of the Tide Plus Cashback plan?

You can view and save the T&Cs here:
Tide Plus Cashback Terms and Conditions (PDF)

If you have any questions, message us in the Tide app or email hello@tide.co

Bounce Back Loans - How they work

What is a Bounce Back Loan?

The ‘Bounce Back Loan Scheme’ is a new support scheme from the Government, adding to the existing support for small businesses affected by coronavirus.

You can borrow from £2,000 up to 25% of your annual turnover, up to a maximum of £50,000 for up to six years.

For the first 12 months, you won’t pay any interest because the Government will pay it for you. You also won’t have to make any repayments in the first 12 months. There are no fees on a Bounce Back Loan – unlike other loans, you won’t pay fees to arrange the loan, to repay it early or if your repayments are overdue.

For the rest of the term of the loans, you’ll pay interest at 2.5% per year.

Bounce Back Loans are delivered only by lenders accredited by the British Business Bank. The Government provides a 100% guarantee to lenders for all eligible Bounce Back Loans, but you remain liable for all the repayments, as well as the interest after the first year.

How is a Bounce Back Loan different from a Business Interruption Loan?

The Bounce Back Loan Scheme is separate from but similar to the Coronavirus Business Interruption Loan Scheme. Both loan schemes lend money to businesses via lenders accredited by the British Business Bank.

Small businesses can be eligible for both schemes but the Government launched the Bounce Back Loan Scheme to help small businesses borrow smaller amounts more quickly, and with more generous terms.

Read more from the British Business Bank: What is the difference between CBILS and the Bounce Back Loan Scheme?

Can I have a Coronavirus Business Interruption Loan and a Bounce Back Loan?

If your business is already getting a Coronavirus Business Interruption Loan of more than £50,000, you’re not eligible for the Bounce Back Loan Scheme.

However, if your Business Interruption Loan is for £50,000 or less, you may take out a Bounce Back Loan and use the money to repay your Business Interruption Loan, as long as the money you get from the Bounce Back Loan is enough to pay back the other loan in full.

You may not hold both a Coronavirus Business Interruption Loan and a Bounce Back Loan.

What’s the interest rate on Tide’s Bounce Back Loans?

Like all Bounce Back Loans, you won’t pay any interest for the first 12 months because the Government will pay it for you.

After that, the interest rate is fixed at 2.5% p.a.

Can I borrow more money?

The maximum you can borrow as a Bounce Back Loan is 25% of your annual turnover in 2019, up to a maximum of £50,000.

If you need more than this, you could apply for a Coronavirus Business Interruption Loan.

Remember, you may only hold one Bounce Back Loan, and with only one lender, and you aren’t allowed to have both a Coronavirus Business Interruption Loan and a Bounce Back Loan.

Bounce Back Loans - Eligibility

Is my business eligible for the Bounce Back Loan Scheme?

You’re eligible for a Bounce Back Loan if your business:

  • is based in the UK
  • was established on or before 1 March 2020
  • has been negatively affected by coronavirus
  • earns 50% or more of its income from trading
  • will use the loan money as working capital or to invest in your business

If your business was an ‘undertaking in difficulty’…
You’re eligible if you certify that taking out a Bounce Back Loan won’t breach state aid rules and that you won’t use the loan for export-related activities.

 

You aren’t eligible if your business is:

  • a bank, insurer or reinsurer
    (but insurance brokers are eligible)
  • a public-sector body
  • a state-funded primary or secondary school
  • going through a bankruptcy, debt restructuring or liquidation
  • receiving or has applied for a Bounce Back Loan from another lender
  • already getting a loan from the Coronavirus Business Interruption Loan Scheme.
    However, you can take out a Bounce Back Loan and use the money to repay the Business Interruption Loan in full.

Can I get more than one Bounce Back Loan?

No. You may only hold one Bounce Back Loan, and with only one lender.

It isn’t possible to ‘top up’ a Bounce Back Loan with more money.

I own more than one business. Can I get more than one Bounce Back Loan?

It depends. Government rules state that you may only have one Bounce Back Loan.

If you’re a sole trader, this means one per person.

If you’re a Director of a limited company, this means one per limited company or group. Two or more companies form a ‘group’ when one or more are subsidiaries of another, or when your companies come under the same holding company.

If you operate as a sole trader and are also the Director of a limited company, then you may have one for your sole trader business and one for your limited company.

Bounce Back Loans - Repayment

When will my repayments start from the Bounce Back Loan?

Your first repayment will be due in the thirteenth month after you receive the money. You’ll be able to see this in your Tide app.

You can choose to repay earlier if you wish – there’s no early repayment fee.

How do I make repayments on my Tide Bounce Back Loan?

We’ll take the repayments automatically from the Tide account into which you received the loan money.

It doesn’t matter if you use another business account for your banking but you must make sure there’s enough money in your Tide account when your repayments are due.<

You can choose to repay earlier if you wish – there’s no early repayment fee.<

Can I repay my Bounce Back Loan early?

Yes, you can choose to repay all or part of the loan earlier if you wish.

There’s no early repayment fee.

I can’t make a repayment - what should I do?

If you’re concerned you won’t be able to make a repayment on your Bounce Back Loan, let us know as soon as possible by emailing: collections@tide.co We’ll talk over the options and work out a repayment plan.

Bounce Back Loans - Tide service

Why is Tide no longer offering Bounce Back Loans?

We worked with a large number of financial institutions to secure funding to lend through the Bounce Back Loan Scheme.

However, the design of the Government’s Scheme doesn’t meet the requirements of our prospective funding partners to be able to provide the capital for us to lend to you.

Oliver, our CEO, has explained this in full in this letter to members.

Did Tide only become an accredited lender to gain new members?

No. Tide exists to support small businesses so when, in March, the Chancellor announced support for SMEs in the Budget, we immediately expressed our interest in becoming an accredited lender for the Coronavirus Business Interruption Loan Scheme (CBILS). We pursued this application until the Bounce Back Loan Scheme (BBLS) was announced in April. This scheme is much better suited to our members so we switched our application.

The Bounce Back Loan Scheme is a Government initiative open to all eligible small businesses. We believe it isn’t fair to discriminate against new customers so that’s why any small business owner could apply for an account with us, and if they wished, register interest in getting a Tide Bounce Back Loan.

We’ve gained some new members but in fact almost 90% of the businesses who joined our waiting list were existing rather than new members.

I’ve applied with another lender and they need proof I’m not in the application process with Tide. What can I do?

I’ve applied with another lender and they need proof I’m not in the application process with Tide. What can I do?
Message us by email (hello@tide.co) or in the app and we’ll be able to help.

How did Tide fund Bounce Back loans? Isn’t it Government money?

All loans that we provided through the Bounce Back Loan Scheme were funded by us and not the Government. This means we had to raise the money we lent through the Bounce Back Loan Scheme.

The Bounce Back Loan Scheme is 100% guaranteed by the Government. ‘Guaranteed’ means that if the lender doesn’t collect the loan, then the Government has to reimburse the lender. ‘Guaranteed’ doesn’t mean the money is given to lenders by the Government.

Because the Government guarantees the loans, they need to have control over how much all accredited lenders lent to customers.

You can read more about how we tried to raise the capital to lend as Bounce Back Loans in this letter from our CEO to members.

Something’s not right, how do I complain?

We’re sorry you’re not happy – did you give us a chance to sort it out? Please message us in the app or by email hello@tide.co

We set out our complaints handling procedures and the rights you have to complain to the Financial Ombudsman Service in our Tide Terms.

Read more: FAQ: How do I make a complaint?

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