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Tide Bank account

Only for UK Tier 1 (Entrepreneur) points system

Moderators: Casa, push, JAJ, ca.funke, Amber, Zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, geriatrix, John, ChetanOjha, archigabe

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wseldin
Newly Registered
Posts: 9
Joined: Fri Aug 02, 2019 9:29 am
Egypt

Tide Bank account

Post by wseldin » Wed Dec 18, 2019 11:59 am

Is Tide bank account is acceptable for Tier 1 or i need physical bank account

bigcaptain2020
Newly Registered
Posts: 3
Joined: Tue Dec 17, 2019 10:00 pm
Saudi Arabia

Re: Tide Bank account

Post by bigcaptain2020 » Wed Dec 18, 2019 1:50 pm

what is a tide account? i received many offers to open 'virtual' business bank accounts. just be careful.

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marcnath
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Posts: 5770
Joined: Tue Jul 03, 2012 2:27 pm
Location: Milton Keynes

Re: Tide Bank account

Post by marcnath » Thu Dec 19, 2019 10:09 am

wseldin wrote:
Wed Dec 18, 2019 11:59 am
Is Tide bank account is acceptable for Tier 1 or i need physical bank account
You don't need a physical bank account but make sure the bank is properly regulated and can provide you all the documentation that you will need.
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.

teddybear79
Member
Posts: 195
Joined: Mon Jan 27, 2014 10:20 am

Re: Tide Bank account

Post by teddybear79 » Thu Dec 19, 2019 1:55 pm

why do you want to take risk with your visa , just use any high street bank ;-)

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Zimba
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Joined: Mon Aug 11, 2014 5:13 pm
Location: UK
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Re: Tide Bank account

Post by Zimba » Fri Dec 20, 2019 3:59 am

wseldin wrote:
Wed Dec 18, 2019 11:59 am
Is Tide bank account is acceptable for Tier 1 or i need physical bank account
Tide is perfectly fine as a business account for Tier 1E activity as they have an e-money license from FCA.

From the TIer 1E guide:
The FCA and Prudential Regulation Authority (PRA) listing process
A10. The authorisation process has been split between FCA and PRA.
Firms carrying out PRA regulated activities as a bank, credit union, insurer, or managing agent of a Lloyd's syndicate need to apply to the PRA for authorisation, but authorisation will not be granted unless the FCA is also satisfied that it should be. Firms that will be dual regulated should apply to the PRA unless directed otherwise. Solo regulated firms e.g. e-money institutions and payments service institutions and other providers will need to apply to the FCA for authorisation. Firms that have applied to the FCA/PRA for registration may not carry on regulated activities until their registration is complete. This may take 3 months or longer in some cases.
On the Tide website it says:
Tide is not a bank, the Tide current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money. PPS holds an amount equivalent to the money in Tide current accounts in a safeguarding account which gives customers protection against PPS’ insolvency.
Advice is given based on my personal research and experience only. DO NOT contact me via private messages for advice

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