Top 5 Cashplus Alternatives
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.
Note: Cashplus Bank will be changing its name to Zempler Bank in the latter part of 2024
Cashplus Alternative | Key Benefit | Best For |
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| Small UK businesses who needs fee-free local transfers and the ability to conduct international transactions. |
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| UK businesses seeking EUR and USD accounts. |
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| UK, US, or EEA-based businesses operating across borders with a need for robust digital tools and business APIs. |
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| UK small businesses that prefer mobile-first banking solutions with payment solutions and integrated accounting features. |
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| 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 |
|
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 |
|
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
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. |
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 |
|
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.
Tip: Learn more about Starling Bank’s features and fees in our Starling Bank business account review
3
Revolut
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.
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.
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 |
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 |
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.
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 |
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) |
FAQs
What are the best Cashplus alternatives?
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?
Is there any alternative to Cashplus for businesses in Asia?
Can I have more than one business account?
Disclaimer
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.
