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Top 5 Cashplus Alternatives in 2024 & Who We Recommend For

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1.

Monzo

2.

Starling Bank

3.

Revolut

4.

Tide Business

5.

Metro Bank


Cashplus, also known as Cashplus Bank, operates under the legal name Advanced Payment Solutions Limited (APS) in the UK and offers financial products tailored for UK businesses, such as Cashplus business accounts, business expense cards, travel currency cards, and credit options.

Cashplus business account supports transactions in GBP, with the option for international transfers in EUR and other allowed currencies, which you can learn more about by reaching out to them directly.

Registered in England and Wales, Cashplus is affiliated with Mastercard® and the Financial Services Compensation Scheme (FSCS), providing deposit protection.

If you're considering opening a UK business account but are still undecided whether Cashplus is the most suitable option, this article presents 5 alternatives to help you determine the best fit for your business.

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Cashplus Alternative

Key Benefit

Best For

  • Free UK bank transfers
  • Free ATM withdrawals in the UK and the EEA
  • Outbound international transfers to 70+ countries
  • Business debit cards
  • Free plan available

Small UK businesses who needs fee-free local transfers and the ability to conduct international transactions.

  • GBP, USD, and EUR business account
  • Transfer to 34 countries
  • Add-ons for bookkeeping
  • Mobile cheque deposits
  • Free plan available

UK businesses seeking EUR and USD accounts.

  • Multi-currency business accounts in over 25 currencies
  • GBP and EUR local account
  • Free local GBP, EUR, USD, and CHF transfers
  • Custom API integrations
  • Business debit card
  • Free plan available

UK, US, or EEA-based businesses operating across borders with a need for robust digital tools and business APIs.

  • Current account
  • Savings account with unlimited withdrawal
  • 0.5% cashback account
  • Expense card
  • Free plan available

UK small businesses that prefer mobile-first banking solutions with payment solutions and integrated accounting features.

  • Business bank accounts for small and large business
  • Savings accounts
  • Foreign currency account
  • Local business manager
  • Physical branch network
  • Business debit and credit card

Small to large UK businesses seeking comprehensive banking solutions with physical branch support.

1

Monzo

Founded in 2015, Monzo Bank Limited, operating as Monzo, is a British online bank headquartered in London, offering a user-friendly mobile banking app. 

In the UK, Monzo operates as a regulated bank, meaning eligible deposits are protected by the Financial Services Compensation Scheme (FSCS). On the other hand, Monzo US partnered with Sutton Bank in Ohio to ensure deposit protection through FDIC insurance.

Monzo has served over 400,000 business owners. Only sole traders or limited company directors with businesses based in the UK can apply for Monzo.

Key Services Offered by Monzo

Monzo Key Services

Description

UK Business Account

A full UK current account with fee-free UK bank transfers and the opportunity to earn 1.60% (variable) AER interest monthly on savings.

International Transfer

Outbound international transfers to 70+ countries powered by Wise and receive international payments in over 40 currencies, including Euros.

Business Debit Card

A business debit card is available for all users, and a virtual card is available for Monzo Business Pro.

Collect Payment

Send payment links and QR codes, as well as accept card payments and bank transfers.

Expense Management

Budgeting tools, categorised spending analysis, and digital receipt management.

Accounting Software Integration

Monzo Business Pro users can sync with Xero, FreeAgent, or QuickBooks, export to Google, and share access easily.

Loan for Business

Up to GBP 25,000 business loans are available for eligible sole traders, with a variable APR from 14.8% to 28.9%.

Cheque and Cash Deposit

Deposit cheques up to GBP 500 via the app and over GBP 500 by post. Cash deposits can be made at post offices and PayPoints across the UK.

Monzo Fees

Monthly Fee

  • Free for Monzo Business Lite
  • GBP 5 for Monzo Business Pro

Local Transfer Fee

Free

International Transfer Fee

We cannot find information

Foreign Exchange Rate and Fee

Payments received in EUR are converted to GBP by Monzo, incurring a 1% conversion fee capped at GBP 1,000

Cash Withdrawal

  • UK and the EEA: Free 
  • Non-EEA: First GBP 200 free every 30 days, 3% thereafter

Cash Deposit

GBP 1 at PayPoints and Post Offices across the UK. 

3% fee outside the EEA after the first fee-free GBP 200 every 30 days.

We Recommend Monzo For

✅Sole traders or directors of limited companies based in the UK seeking fee-free local bank transfers and occasional cash deposits

✅ Companies requiring international outbound and inbound transfers, especially in euros

✅ Businesses seeking the capability to collect payments

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Tip: Learn more about Monzo’s features and fees in our Monzo business account review and explore how to open a Monzo business account online

2

Starling Bank

Starling Bank, founded in 2014, is a UK-based digital bank catering to businesses of many sizes, from startups to enterprises. The company’s core services include bank accounts, international transfers, and integration with accounting software. 

Starling Bank, registered in England and Wales, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, offering protection for eligible deposits
With over 500,000 UK businesses served, Starling is a trusted name in digital banking. To be eligible for a Starling Bank business account, your business must be based in the UK, and the company directors need to be UK residents.

Key Services Offered by Starling Bank

Starling Key Services

Description

UK Business Account

(No interest payable on business current account)

UK-based business accounts for limited companies, limited liability partnerships and startups. An account tailored for sole traders is also available. 

EUR Account for UK businesses

*Limited to SEPA and Target2 transfers

Hold, send, and receive euros. Ideal for Eurozone customer receipts, European property rentals, and more.

USD Account for UK businesses

*SWIFT is not supported for USD business account

Hold, send, and receive USD. Ideal for renting out US business property and receiving payments from payers with a US account number and ACH routing number.

International Transfer

Secure transfers to bank accounts in 34 countries across the globe.

Business Debit Card

Mastercard® debit card tied to your account

Business Toolkits

Bookkeeping, HMRC tax calculation, reporting, automated savings, and VAT management are available as an add-on.

Accounting Software Integration

Integrate with Xero, QuickBooks, and FreeAgent.

Cheque and Cash Deposit 

Deposit cash into your Starling account at any post office branch and conveniently utilise mobile cheque deposits.

Business Loan

SME loans from GBP 25,001 to GBP 250,000, with a personal guarantee required as security, a one-time loan arrangement fee of 4%, and a fixed interest rate.

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Note: Euro and US Dollar Business Account applications are temporarily paused, but Starling has stated that they should reopen soon.

Starling Bank Fees

Monthly Fee

  • Free for UK Business account
  • GBP 2 for EUR account
  • GBP 5 for USD account

Local Transfer Fee

Free via Faster Payments, Direct Debits, and Standing Orders

GBP 20 for each CHAPS payment

International Transfer Fee

0.4% Transfer fee from Starling

Plus, GBP 5.50 for SWIFT or other delivery fees, depending on your delivery option.

Foreign Exchange Rate and Fee

Rate and fees should be shown before you decide to make a transaction.

FX rates on cards follow Mastercard®’s rate.

Cash Withdrawal

Free withdrawals at local and foreign ATMs, but fees from the local foreign ATM provider may occur.

GBP 0.50 fee for withdrawals at any post office

Deposit Funds via the Post Office Counter Service

GBP 3 or 0.7%, whichever is greater

We Recommend Starling Bank For

✅ UK businesses engaging in European transactions with the option to hold, send, and receive EUR

✅ UK businesses seeking a USD account designed for frequent transactions in this currency without the need for SWIFT international transactions

✅ UK-based sole traders, as Starling offers a free account. You only pay for add-ons like business toolkits that include bookkeeping tools, if needed.

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Tip: Learn more about Starling Bank’s features and fees in our Starling Bank business account review

3

Revolut

A screenshot of Revolut's website

Founded in 2015, Revolut is a UK-based neobank offering various banking services for individuals and businesses. Standout features include sending and receiving payments in multiple currencies, currency exchanges, and API integrations.

Revolut isn't a traditional bank in the UK; instead, the company operates as an e-money institution under UK regulations. Client funds are protected through partnerships with UK banks. However, in the European Economic Area (EEA), Revolut holds a banking license issued by the Bank of Lithuania.
Revolut has over 10,000 new business applications monthly. Businesses must have a physical presence in the UK, US, the EEA, or Switzerland to be eligible for an account.

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Tip: Revolut is among our picks for the top 19 neobanks.

Key Services Offered by Revolut

Revolut Key Services

Description

Multi-currency Business Account

Send, receive, and exchange in over 25 currencies. Enjoy unlimited inbound transfers in GBP, EUR, USD, and CHF. Higher tier plan offers up to 3.51% AER savings interest.

Local Account Details

Get a local account number and sort code for GBP payments in the UK and a local IBAN and BIC code for EUR payments in the EEA.

Business Debit Card

Physical and virtual business debit cards for your company team. Utilise card payments in most countries that accept Mastercard® or Visa, along with ATM withdrawals.

International Transfers

Transfer to over 25 currencies. SWIFT and SEPA supported.

Collect Payment

Payment links for payments via cards, digital wallets, and bank transfers. Plugins are available for platforms like Shopify and WooCommerce.

Spend Management

Track company spending in real-time, set flexible limits by time, category, and location, and sync staff expenses with your budget. Simplify receipt management with automatic categorisation.

Accounting Software Integration

Synchronise your transactions with popular accounting software like Xero, QuickBooks, and Sage.

Business API

Customise your integrations, automate payments, and unlock additional features.

Revolut Fees

Monthly Fee

Free: Free

Grow: From GBP 19

Scale: From GBP 79

Enterprise: Custom

Local Transfer Fee

GBP 0.20, with free allowances depending on plan  

International Transfer Fee

GBP 5, with free allowances depending on plan

Foreign Exchange Rate and Fee

0.6%, with free allowances depending on plan

Cash Withdrawal

2% for ATM fee

We Recommend Revolut For

✅ UK, US, or EEA-based businesses operating across borders in multiple currencies.

✅ Companies seeking a robust digital interface and API integrations.

✅ Businesses prioritizing tiered plans that can scale with their growth. 

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Tip: Explore more about Revolut Business in our Revolut Business account review and how to open a Revolut Business account online

4

Tide Business

Tide or Tide Business is not a bank but a prominent UK-based business financial platform with headquarters in London. The fintech provides mobile-first banking solutions for small and medium-sized enterprises. The key services include business accounts, expense cards, business tools, small loans, and UK company registration.

The Tide business account benefits from protection by the Financial Services Compensation Scheme (FSCS), facilitated through its partnership with ClearBank. To date, the company has supported a community of over 700,000 small businesses

UK-based directors of limited companies and sole traders are eligible for a Tide account. 

Key Services Offered by Tide Business

Tide Key Services

Description

Business Account

A business current account with access to payment solutions and integrated accounting features.

Business Savings Account

Earn a variable 4.33% AER and enjoy flexible, easy access to your savings with unlimited withdrawal.

Cashback Account

Upgrade to a cashback account and receive 0.5% cashback on your card spending.

Business Expense Cards

Easily track spending by person and category, upload receipts, and match them to transactions. Plus, adjust limits instantly.

International Transfer

Make and receive payments via SEPA.

Receive payments via SWIFT.

Payment Link

Use payment links for online card transactions.

Accounting Software Integrations

Integrate with Quickbooks, Xero, Sage, and more.

Business Loans

Explore eligible loan and credit options, such as start-up loans, business cash advances, and invoice finance.

Cash Deposit

Via post office and PayPoint.

Tide Business Fees

Monthly Fee

  • Free Plan: Free 
  • Plus Plan: GBP 9.99 
  • Pro Plan: GBP 18.99 
  • Cashback Plan: GBP 49.99 

All prices are subject to VAT

Local Transfer Fee

GBP 0.20 per transfer, with 20 free transfers/month for Plus Plan

Pro and Cashback Plans enjoy unlimited free transfers

International Transfer Fee (SWIFT)

20p per received payment
*Sending via SWIFT is currently unavailable

Foreign Exchange Rate and Fee

Interbank exchange rate with 0.50% FX markup

Cash Withdrawal

GBP 1 for ATM withdrawal 

Cash Deposit

GBP 2.50 for deposits up to GBP 500 or 0.5% for deposits over 500 via Post Office

3% via PayPoint

We Recommend Tide Business For

✅ UK businesses that prefer mobile-first banking, as Tide Business has a strong focus on mobile solutions.

✅ Companies looking for a scalable current account with access to payment solutions and integrated accounting features.

✅ Small enterprises aiming to optimise capital, with options for a savings account offering unlimited withdrawals and the opportunity to upgrade to get cashback benefits.

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Want to know more? Check out our Tide business account review to learn more about its features and fees 

5

Metro Bank

Metro Bank PLC is a retail and commercial high-street bank established in 2010 and operating in the United Kingdom. The bank provides various services, including personal banking, business banking, private banking, current accounts, mortgages, cash management, and debit and credit cards.

Metro Bank PLC, registered in England and Wales, ensures that eligible deposits are protected by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. 
Businesses must be based in the UK to be eligible for a Metro Bank account.

Key Services Offered by Metro Bank

Metro Bank Key Services

Description

Business Bank Account

Designed for small businesses, startups, sole traders, and limited companies with up to GBP 2 million turnover annually. Dedicated Local Business Manager included.

Commercial Current Account

Tailored for companies with an annual turnover surpassing GBP 2 million. Enjoy dedicated Relationship Managers and expert industry support.

Business Savings Accounts

Enjoy flexible access to your funds or lock them away for higher interest rates.

Foreign Currency Account

Choose from 14 popular international currencies for regular overseas transactions, whether sending or receiving.

Business Debit Card

Use your debit card abroad. Non-sterling transactions incur no fees in most European countries.

Business Credit Card

18.9% APR with no annual fee

Accounting Software Integration

Connect your Metro Bank account to Xero and Clear Books accounting software.

Business Loans

The APR varies depending on the amount and profile, but the representative APR for loans under GBP 60,000 is typically fixed at 9.6%.

Metro Bank Fees

Monthly Fee

GBP 6 per month. 

Waived if your balance remains above GBP 6,000

Local Transfer Fee

GBP 0.30 for Faster Payment and Direct Debit

GBP 25 for same-day UK CHAPS payment

International Transfer Fee

GBP 25 for SWIFT
GBP 0.20 for SEPA

Foreign Exchange Rate and Fee

We cannot find specific information

Cash Withdrawal

GBP 0.30 for ATM withdrawal

✅ Small to medium UK businesses seeking a dedicated local business manager and in-branch banking support for their UK bank accounts. 

✅ Larger businesses seeking a comprehensive banking solution, as Metro Bank accommodates commercial banking with dedicated relationship managers and expert industry support.

✅ UK businesses looking for high street banks with numerous account types, loans, and extensive banking products compared to non-bank counterparts.

Considering a Business in Asia? Take a Look at Statrys

We hope the provided list offers insight into the options that may suit your business needs in the UK. Moreover, you may consider getting multiple business accounts from various providers to address your specific requirements. 

However, if your business is based in Hong Kong, Singapore, or the British Virgin Islands (BVI), you should consider Statrys.

Statrys is a licensed payment service provider that offers a multi-currency business account tailored for businesses in Hong Kong, Singapore, and the BVI. The account supports 11 currencies and can be opened and managed 100% online, with the following benefits:

Multi-currency Business Account

Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD.

Local Payments

Send payments like a local, with lower fees, in 12 currencies: AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND

International Payment (SWIFT) & Tracking

Xero Integration

Payment Cards

Physical and virtual cards

Monthly Fee

Free, if 5 or more outgoing transfers are made in the month

FX Rate and Fee

Competitive exchange rates with fees as low as 0.15%

Company Registration Service

100% online Hong Kong and Singapore company registration.

Customer Support Channels

Website, Live Chat, Email, Phone, WhatsApp, and WeChat

Trustpilot Score

4.7/5, based on 268 reviews. (Retrieved 26 April 2024)

A dropdown of some supported currencies by the Statrys business account.

FAQs

What are the best Cashplus alternatives?

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Our top picks for the best 5 alternatives to Cashplus for business accounts in the UK are Monzo, Starling Bank, Revolut, Tide Business, and Metro Bank.

What is another name for Cashplus?

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Is there any alternative to Cashplus for businesses in Asia?

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Can I have more than one business account?

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Disclaimer

More info

Statrys does not directly compete with Cashplus Bank because we do not provide business accounts in the UK. We're committed to providing an unbiased, thorough review to help you make an informed choice.

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