Go global: Easily pay and get paid in euros with Tide

Introducing our latest feature: the ability to send and receive euro payments via your Tide account. It’s a game-changer, especially if you’re eyeing expansion into the European market!

With EUR SEPA, managing euro payments is now easier, right within the Tide app. All it takes is a few steps from your end: simply share your details with the payer or request a payment into your Tide account.

We’ll handle all the heavy lifting, from currency conversion to preparing your EUR SEPA statement. This way, you can channel your energy into growing your business, while we take care of the technicalities, saving you both time and money.

What is SEPA?

SEPA, or the Single Euro Payments Area¹, is a European Union (EU) initiative that allows fast and secure euro transactions between individuals and businesses across borders within the eurozone. Even though the UK has parted ways with the EU, it continues to be a member of the SEPA zone. UK Finance asked the European Payments Council (EPC) for permission to remain part of SEPA, and the application was approved in March 2019².

Suppose you wish to purchase goods from France. Thanks to SEPA, we take care of converting the amount from GBP to EUR and crediting it to your payee’s account. And if you’re selling goods, we convert the funds you receive in EUR and credit them to your primary GBP Tide account in pounds, minus a 0.50% FX markup.

Which countries are in the SEPA zone?

The SEPA region consists of 36 European countries³. The member states include:

• The 27 EU member states: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain and Sweden

• The 3 EEA countries of Norway, Liechtenstein, Iceland

• Switzerland, the UK, San Marino, Vatican City, Andorra, Monaco

Understanding EUR SEPA payments with us

• Costs made clear
  Each euro payment is subject to the current exchange rate and a 0.50% FX markup

• Effortless transactions
  You’ll be able to complete everything in a single, straightforward transaction, allowing you to send and receive funds quickly and hassle-free

• Transparent transfer fees
  If you’re on our free plan, it’ll cost 20p to send or receive euros. Upgrade to Plus, Pro or Cashback and you’ll enjoy no transfer fees*
  *the specific amount of free transfers depends on your plan

Our currency exchange rates 

When it comes to currency exchange rates, we keep things explicit and fair.

Sending euros?

Here’s how it works. Once you’ve entered the amount you want to send, we’ll show you the real-time exchange rate along with a fixed markup fee and the transfer fee. Our exchange rate updates every 30 seconds, ensuring you always get an accurate rate. After you’ve finished the transaction, you can easily review the details by tapping on it in your timeline.

Receiving euros?

Checking the details of a euro payment you’ve received is just as simple. Tap on the transaction in your timeline to see the exchange rate, markup fee, and transfer fee.

Here’s what you need to have ready

To kickstart your euro transfers – whether you’re sending or receiving funds – start by getting your your IBAN (International Bank Account Number) and BIC (Bank Identifier Code) ready and agreeing to the terms:

1. In the Tide app, tap Details on your main business account tile
2. Head to the Account Details section > tap EUR SEPA > Get EUR SEPA details
3. Read and accept the SEPA terms and conditions

💶 For receiving euro payments

If you’re expecting euros payments, simply share the following details with the sender: 

• Your IBAN and BIC, also known as SWIFT code
• Your full name and address

💸 For sending euro payments

1- Gather the following information:

• The recipient’s full name 
• Their IBAN and BIC

2- Once you’ve got all that to hand, it’s time to send those euros via the Tide app:

1. Tap Send money > EUR SEPA 
2. Fill out the recipient’s details > tap Next
3. Enter the amount and reference > tap Next
4. Review and authorise the payment

What’s next? 

If you’re considering taking your business stateside, we’ve got some great news!

Later this year, we’re rolling out updates that’ll allow you to easily receive and send US dollars through our platform. We’ll let you know when we’ve confirmed the release date. Stay tuned!

If you have any questions, you can always take a look at our EUR SEPA payments FAQs.

Sources used for this article (checked as of 4 March 2024):

^1,3 European Central Bank – eurosystem | Single Euro Payments Area (SEPA)

²EPC approves UK finance application for continued participation in SEPA