Tide Logo
Tide Logo

Start Your Business

Business Accounts

Business Tools

Credit

Support


Tide Logo


What is the FSCS?

The Financial Services Compensation Scheme (FSCS) was introduced under the Financial Services and Markets Act 2000, and aims to protect customers of financial firms when the firms can’t fulfil their obligations, or when they go out of business, because of illiquidity or insolvency.

If your bank, building society or credit institution fails to repay your savings, the FSCS will step in to compensate you as long as you’re eligible. You can learn more about this on the scheme’s website and receive payments from them. 

All current and savings accounts we offer are protected by the FSCS, for up to £85,000.

To learn more about SEPA, and how to use it to send or receive international payments, visit the dedicated FAQ page.

You can receive international payments in GBP via SWIFT (Society for Worldwide Interbank Financial Telecommunication) too. 

To do this, you’ll need your SWIFT account details. You can find these in your app by tapping the ‘Payments’ tab > ‘Details’ next to your main account > ‘SWIFT’. Then tap ‘Share’ to send your details to your payors. 

We will charge you 20p per payment. If you’re using one of our paid plans, we’ll start charging the 20p fee after you’ve gone over your monthly free transactions limit. 

You can’t send payments via SWIFT but we will let you know if we make this possible in the future.

Did you find this information useful?

Need to get in touch?

Searching our help articles is usually the quickest and easiest way to get answers. If you still can't find what you’re looking for, contact us in-app or via hello@tide.co