SYS 074: What is the Best Small Business Bank? Revolut, Tide, HSBC or Metro?
Steve has tried four different business banking apps in the last few years trying to find the best for all the requirements of the small business. In this episode he explains which one comes out in front and why.
KEY TAKEAWAYS
- The business banking world for small businesses can often be archaic, clunky and backward in its approach and operation.
- HSBC are difficult to get an account with, it can take three months to get one. Metro required visits to the actual bank to set up and Tide was a difficult process to complete. Revolut was by far the simplest to apply for.
- One of the key functionalities you require as a small business is the ability to authorise other people to operate the account. HSBC allows for this but is not ideal. Tide does not even allow for this. Metro facility is long, archaic and difficult and expensive. Revolut was extraordinarily easy.
- Revolut allows for multiple currencies to be managed by giving you the ability to open multiple accounts under the one app. Their charges are less and their exchange rates are better.
- Authorisation is achieved by using biometrics within the Revolut app which speeds things up tremendously and allows for app integration.
- Revolut offers ‘one off’ payment cards. You can create cards which you can send to staff with authorisation for one fixed payment.
BEST MOMENTS
‘And without a doubt, the winner out of those four, I’m not going to hold you in suspense for the entire of this episode for you to find out what this is, the winner without a shadow of a doubt is Revolut.’
‘They (HSBC) shut down entirely over the COVID period, you could not even apply for an account. It took me three months to open an account.’
‘Its pretty painless. Its not as quick as it could be but its actually not too bad. I did that remotely, I live in Sweden and my member of staff lived in the UK.’
‘Ive got a US dollars account, I’ve got a Euro account, Ive got a British Pounds account.’
VALUABLE RESOURCES
Revolut Referral Link: https://www.revolut.com/referral/stephe34e!JUN1-22-AR
Facebook Group: https://www.facebook.com/SystemsAndOutsourcing/
Website: https://systemsandoutsourcing.com/
YouTube: https://www.youtube.com/drsteveday
The RIGHT Assistants For Your Business by Dr Steve Day http://bit.ly/sys-10
ABOUT THE HOST
Steve used to be a slave to his business but when he moved to Sweden in 2015, he was forced to change the way he worked. He switched to running his businesses remotely and after totally nailing this concept he decided to spend his time helping other small business owners do the same. Steve’s been investing in property since 2002, has a degree in Computing, and worked as a doctor in the NHS before quitting to focus full-time on sharing his systems and outsourcing Methodology with the world. He now lives in Sweden and runs his UK-based businesses remotely with the help of his team of Filipino and UK-based Virtual Assistants.
Most business owners are overwhelmed because they don't know how to create systems or get the right help.
Our systems and outsourcing Courses and coaching programme will help you automate your business and work effectively with affordable virtual assistants. That way, you will stop feeling overwhelmed and start making more money.