Tide vs Wise Business: at a glance
| Feature | Tide | Wise Business |
|---|---|---|
| Provider type | Tide is not a bank; ClearBank-powered current accounts and PPT e-money accounts | E-money institution (Wise Payments Ltd) |
| Money protection | FSCS up to £120,000 (via ClearBank, subject to eligibility) | Safeguarding under e-money regulations |
| Primary focus | UK business admin + banking | International payments + multi-currency |
| Free plan available? | Yes — Tide Free | Yes — Wise Business (account fee applies) |
| Monthly fee | Free tier; paid from £12.49/m | No monthly fee; account opening fee ~£45 |
| Outbound UK transfers | 20p each (Free plan) | Free (GBP to GBP) |
| FX fee | 2.75% (Free/Smart) | Mid-market rate + small % fee (typically 0.4–1%) |
| Multi-currency accounts | No | Yes — hold 40+ currencies |
| Receive in foreign currencies | GBP only | Yes — local account details in 10+ currencies |
| Cash deposits | Post Office & PayPoint (charged) | Not available |
| Built-in invoicing | Yes | Yes — basic |
| Company formation | Yes | No |
| Current sign-up offer | Up to £200 cashback with REFER200 | Check Wise directly |
The fundamental difference: domestic admin vs international payments
Tide Business Current Accounts are powered by ClearBank (a licensed UK bank), and eligible deposits can receive FSCS protection up to £120,000. Wise Business is an e-money institution that safeguards customer funds under the Electronic Money Regulations — a different but regulated protection mechanism. Beyond that structural difference, the two products are built for different primary use cases.
Wise Business is one of the best products available for businesses that regularly send or receive money internationally. Its FX rates are based on the mid-market rate with a small transparent fee, typically 0.4–1% depending on the currency pair — significantly cheaper than Tide's 2.75% FX fee on the Free and Smart plans. Wise also offers multi-currency accounts that let you hold 40+ currencies and receive payments with local account details in over 10 countries.
Tide does not offer multi-currency accounts or competitive FX rates at its lower plan tiers. Its strength is UK domestic business admin: invoicing, receipt capture, expense cards, cash deposits via Post Office and PayPoint, and company formation. For a business that trades primarily in GBP and needs those admin tools, Tide is the stronger product.
FX and international payments: a detailed comparison
For a business making regular international payments or receiving money from overseas clients, Wise Business's FX rates are materially better than Tide's at equivalent plan levels. The difference on a £10,000 international transfer is approximately £230 (Tide Free at 2.75% vs Wise at 0.5%) — enough to offset the REFER200 cashback on a single large transfer.
For a business making occasional international payments — a few hundred pounds per month — the absolute cost difference is modest, and Tide's domestic admin tools may outweigh the FX saving.
| Feature | Tide | Wise Business |
|---|---|---|
| FX rate basis | Tide's own rate (typically mid-market + margin) | Mid-market rate + transparent % fee |
| FX fee (typical) | 2.75% (Free/Smart plans) | 0.4–1% depending on currency pair |
| FX fee (top plan) | 0% (Max, £69.99/m) | 0.4–1% (no plan-based discount) |
| Multi-currency holding | No | Yes — 40+ currencies |
| Receive in EUR (IBAN) | No | Yes — European local account details |
| Receive in USD | No | Yes — US local account details |
| Receive in GBP | Yes | Yes |
| SWIFT transfers | Yes | Yes |
| Best for | Occasional international payments | Regular international trading in multiple currencies |
Cash deposits: another critical difference
Tide supports cash deposits via the Post Office and PayPoint networks. Wise Business does not offer a UK cash deposit route. If your business handles any cash at all, this is a practical limitation of Wise that should be considered before switching.
Who should choose Tide vs Wise Business?
| Business type | Better choice | Reason |
|---|---|---|
| Business trading internationally at volume | Wise Business | Mid-market FX rates, multi-currency accounts, local receiving details |
| Freelancer invoicing international clients in EUR/USD | Wise Business | Receive in local currencies; avoid conversion costs |
| UK-domestic business with modest transfer volume | Tide | Better admin tools; lower plan costs for domestic use |
| Business needing cash deposits | Tide | Wise has no UK cash deposit capability |
| New limited company wanting formation + banking | Tide | Company formation built into Tide account opening |
| Business needing expense cards | Tide | Wise Business offers cards but Tide's expense card management is more developed |
| Business wanting built-in invoicing | Tide | Tide's invoicing is more developed for UK domestic use |
| Business with large international payment volumes | Wise Business | FX savings outweigh Tide's admin advantages at scale |
Can you use both Tide and Wise Business?
Yes, and this is a common approach for businesses that trade both domestically and internationally. Using Tide as the primary UK business account — for invoicing, receipt capture, expense cards and domestic payments — while routing international payments through Wise Business captures the strengths of both without the weaknesses of either.
The practical setup: receive GBP payments into Tide, use Tide for domestic card spend and invoicing, and use Wise for sending or receiving international payments. There is no restriction on holding accounts with both providers simultaneously.
The REFER200 offer in this comparison
The REFER200 cashback of up to £200 applies specifically to opening a Tide account. It pays £75 after £100 of qualifying card spend within 30 days, and £125 after depositing £5,000 into Tide Instant Saver within 7 days of opening and holding it for one month.
If your primary need is international payments, Wise Business is likely the better choice regardless of the cashback offer. The FX savings on a business with meaningful international payment volumes will outweigh a one-off £200 cashback within a few months.