ICA FAQs

Find answers to all your most frequently asked questions about ICAs here.

If you don’t see what you’re looking for and have questions about your existing Tide account, just chat to us in the app.

Your ICA e-money account

Is my money safe?

Short answer, yes!
Tide holds the equivalent of the e-money we create for our members in what we call a Safeguarding account with Saxo Bank. This is a ring-fenced account that can only hold funds for our members e-money relating to our International Currency Accounts feature. No other funds such as fees, Tide's own funds, or any other companies' funds are allowed in it.

Moreover, the funds in this account can never be loaned out by the credit institutions to other customers and, as such, are not exposed to risk. As your funds will never be reinvested, they do not require FSCS protection (which is only required where credit institutions reinvest and take risks with your money).

Finally, by activating the e-money license, Tide becomes fully regulated by the Financial Conduct Authority, much like PrePay Solutions Ltd, who provide your GBP e-money account account on behalf of Tide.

What currency are my funds held in?

Any EUR e-money Tide creates for their members will have an equivalent amount safeguarded in real money terms in EUR at Saxo Bank. Any e-money Tide creates for their members in currencies other than EUR and GBP will be safeguarded in real money terms in GBP at Saxo Bank and readjusted daily based on the exchange rate fluctuations.

Why Saxo Bank?

We have carefully selected the credit institution that will hold these funds based on a thorough analysis of their financial reports and any adverse media. We regularly review the choice of credit institutions and have accounts in different credit institutions should the financial risks increase at Saxo Bank.

Fees

What foreign exchange rate will I receive?

Our rates are provided by Xignite and take the spot interbank exchange rate. We apply a markup which will be displayed before you confirm the transfer.

The current FX transfer rate is charged at 0.50% (excluding market holidays, like weekends and bank holidays).

When will fees be charged?

Fees are charged automatically, as soon as the transaction is complete.

What are the fees and charges?

You can set up as many international currency accounts as you need - entirely for free. It’s also free to receive payments in the currencies of each account (e.g. receiving Euros in your EUR account).

  • SEPA transfers - 0.70 EUR
  • SWIFT transfers - £5 (or currency equivalent)

Please note that other banks may also charge additional fees after you’ve made a payment. Unfortunately, we have neither visibility nor control over any charges applied by third parties.

Limits

Are there any restrictions on payments?

International currency accounts are for business purposes only, such as payments to suppliers, payments from customers or payroll.

Are there limits on payments?

Yes, the following limits apply for each international currency accounts:

  • The maximum singular inbound or outbound payment limit is GBP 50,000 equivalent.
  • The maximum total outbound monthly limit is GBP 100,000 equivalent.
  • The maximum balance you can hold is GBP 100,000 equivalent.

To request a change to your account limits, please contact the Member Support team via the in-app chat.

Setting Up

How many accounts can I open?

You can open one account in each available currency.

The currency I want isn't available. Will more currencies be added in future?

Yes. We'll be adding many more currencies in the future, including USD, and we’ll let you know once we do.

Which IBANs will I receive?

You'll be issued with three IBANs:

  • DE (Germany) IBAN for receiving and sending SEPA Euro payments
  • DK (Denmark) IBAN for receiving and sending SWIFT payments in all other currencies (including Euro SWIFT payments)
  • GB (Great Britain) IBAN for receiving international GBP payments sent via the SWIFT network

Using your IBAN and ICAs

How do I exchange money?

Tap “Pay” in your Tide app, and select the accounts you’d like to transfer money between. You’ll see the rate before you confirm the transaction, and when you tap “Exchange” your balances will be updated.

Will my accounting software integration work with international currency accounts?

Not yet, but we hope to introduce this over the coming months.

Can I get cards issued to my international currency accounts?

International currency accounts can only be used to send or receive payments. You can still continue to use your Tide card abroad, and we will process payments from your GBP account, regardless of the currency your spending. And we still use the Mastercard wholesale rate when you spend abroad using your Tide card.

What if I send money to the wrong recipient?

Contact our Member Support team via the in-app chat as soon as you can. Our team will work with all the necessary service providers to locate the payment, but unfortunately we can’t guarantee that an incorrect payment will be recovered.

What if I send money to an account that is a different currency?

The receiving bank may convert your payment into the new currency before the funds are deposited into the recipient’s account. Unfortunately, we have neither visibility nor control over any charges applied by third parties. However, the recipient can confirm with their bank what fees and conversion rates will be charged.

How long will payments take to arrive?

Payments in EUR (via SEPA) take 1 to 3 working days to arrive. All other international payments (via SWIFT) take 3 to 5 working days.

How do I make an international payment?

Just as you’d make any other payment through Tide: Tap “Pay” and select which account you’d like to send money from. You can then add a new recipient and their account details before proceeding to the confirm payment screen.

How do I move money into my international currency accounts?

There are two ways you can do this: you can either transfer GBP from an existing Tide account to an international currency account, or you can send a payment to one of your IBANs (e.g. send a EUR payment to your DE IBAN to credit your Euro Account).

How do I close an international currency account?

Contact our Member Support team via the in-app chat, who’ll close the account on your behalf.

How do I change a recipient’s details?

You’ll need to delete and recreate the recipient again.

Will I get statements for my international currency accounts?

Yes - separate statements for your international currency accounts will be available on the 7th of each month. You can find statements for both your GBP and international currency accounts in the app - tap “Legal Documents” under the “More” menu.

What if I receive a payment in a currency for which I don’t have an account?

The payment will be converted into GBP automatically, and deposited into your Tide GBP account. All foreign exchange conversions will be executed at our usual FX rate. If you receive a payment from a region or in a currency that’s not currently supported, it will be returned to the sender’s account.

Also, please note that your GB IBAN (linked to your main GBP account) can only accept Pound Sterling payments, and your DE IBAN (linked to your Euro Account) can only accept SEPA Euro Payments.

How can I receive international payments?

Share the IBAN and BIC associated with your international currency account with the person who wants to pay you.

You'll receive three unique IBAN and BIC pairs:

  • One for SWIFT GBP payments (beginning with GB) - you'll use this to receive international GBP payments sent via the SWIFT network.
  • One for SEPA EUR payments (beginning with DE) - you'll use this to receive Euros within the SEPA zone.
  • One for all other international currency payments (beginning with DK) - you'll use this to receive payments all other currencies (including SWIFT Euro payments).

Please note that the GB IBAN is only for Pound Sterling payments and the DE IBAN is only for Euro payments. Payments in any other currencies sent to these IBANs may fail.

If you're asked to share the address associated with your IBAN and BIC, you can find these details in-app by tapping 'More', then 'International currencies', then selecting the relevant account.

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.

Please use the IBAN associated with your International Currency Account.

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