Confirmation of Payee is an industry-wide initiative which was introduced across over 400 UK payment service providers. It helps you and your customers avoid paying the wrong account, either by mistake or as a result of a scam.
When you pay someone’s account, Confirmation of Payee checks the account details you add against the details held by the account you’re paying. These details are: the account number, the sort code, the account type (either business or personal) and the name registered to that account.
It’ll then let you know whether the account details you added are the same as those linked to the account you’re paying. This helps you to avoid paying the wrong account by mistake, such as by mistyping a number in the sort code.
It also helps you to avoid paying money to a fraudulent account. Scammers will often pretend to be someone they’re not, and provide an account for you to pay under the false details they’ve provided you. Confirmation of Payee checks these details and alerts you if there’s a mismatch.
This also applies for payments being made to your account. It helps you get paid more reliably by protecting against payments being made to the wrong account in error.
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You can also receive international payments in EUR via SEPA.
To see your EUR SEPA details, go to the 'Payments' tab > tap 'Details' next to your main
account > 'EUR SEPA'. Then, tap 'Share' to share them with your payors from SEPA countries and receive payments from them.
We’ll convert any euros you receive into pounds and credit them to your primary GBP Tide bank account, minus a 0.50% FX markup.
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.
