Soldo review Ireland
Business spending and management with a smart account and app and prepaid business cards.
Soldo brings together banking, admin and accounting features that allow you to manage your employees’ expenses – helping to give your company greater control of its spending cycle.
Our review looks at Soldo’s features, fees, pros and cons to help you decide whether it would make your business’s (and your own) life easier.
Foreign transaction fee
If you’re looking for a way to get your business spending and expenses under control, Soldo offers pre-paid Mastercards to avoid overspending. Soldo isn’t a bank but read on to see if it could help you and your business.
How does Soldo work?
Soldo isn’t a bank nor does it offer a full bank account. It calls itself a “spend control and management platform” and its range of products include an Uno plan, Pro plan, Premium plan and a custom plan. Each account comes with prepaid Mastercards which you can distribute amongst your team as well as a spending account in your business’ name.
Soldo comes with a number of useful features including auto top-ups, virtual cards, expense management, and real-time notifications.
Soldo was founded in 2015 and is currently available in Ireland, the UK, and the rest of the European Economic Area. The company is headquartered in London and has an office in Dublin.
Is your business eligible for Soldo?
Soldo claims to be available to all businesses, small or large. However, if you employ more than 100 employees, Soldo recommends you to check out Soldo for enterprises.
- Prepaid Mastercards. Each Soldo account comes with prepaid Mastercards that can be used to spend globally. While these are prepaid, you can set up automatic top-ups so your employees always have the funds they need.
- Virtual cards. You can also set your team up with virtual cards.
- Accounting software integration. Make bookkeeping easy by integrating your Soldo account with Xero or QuickBooks accounting software.
- Free transfers. You can transfer money domestically for free.
- Mobile app. Each cardholder can download a mobile app to manage their spending and account.
- Expense management. Employees can upload receipts in the app to make reporting easier, and you can manage transactions as they happen.
- Premium features. Soldo Premium comes with additional features including advanced reporting with smart filters, custom permissions for your team and the ability to assign cards to specific departments or teams.
What are the account options for businesses?
There are 3 options to choose from with Soldo: Here are some of the features with each:
Fees and limits
Soldo comes with the following fees:
- Monthly fees. Soldo Uno is a free plan. Soldo Pro comes with a €6 fee per card each month and Soldo Premium comes with a €10 fee per card each month. Contact Soldo to get a quote for the Soldo Custom plan.
- One-off fees for each new card. €5 for a physical card that will be shipped to you, €1 for a virtual one you can start using immediately.
- ATM withdrawal fees. 1% of the withdrawal amount (minimum of €2) each time one of your employees withdraws cash in Ireland. If they’re abroad, it’ll be 1% of the exchanged curency amount (minimum GBP 2 or US$2).
- Currency exchange fees. With all of Soldo’s paid for plans, you’ll pay a fixed currency exchange fee of 1% for using the card in another currency than the one linked to your card. With Soldo Uno, you’ll pay 2%.
- Bank transfer fees (not in Ireland). Soldo will charge you for money transfers abroad, which includes a €16 charge for non-Single Euro Payments Area (SEPA) transfers.
It’s important that you read Soldo’s full list of fees and limits on its website so that you understand all the charges you can expect to face with this account.
Essentially, the typical way of using Soldo would be to move money from your main account and then allocate it to your employees, who can then use it to make purchases with the card. If you use it that way, you aren’t charged any extra fees.
How to sign up with Soldo
Applying for Soldo is relatively quick and easy. You can start by clicking “Go to Site” on this page to be securely redirected to Soldo. You will need to provide information such as your business name, number of employees, country registration number, business address, details of the director as well as your ID.
Once you are approved, you will receive login information for your business account. You can then fund your company wallet with a bank transfer, add employees and order your prepaid cards.
Soldo offers a somewhat unique service by putting together banking and expense management, which isn’t that common among its competitors. It considers itself “ideal for small businesses” – if you’re running a big one, you’ll probably do your expense management differently rather than giving each employee who needs it a prepaid card.
Soldi comes with various financial tools for businesses that allow you to spend, manage your money, make payments and transfer money. However, it is not a full-service bank and only offers prepaid cards, not debit cards. If you are looking for a full bank account then you will need to consider alternatives.
However, it’s a tailored and smart solution for expense management, and if you need that, it’s probably a good investment. If you have a set of employees you often have to give your business debit card to, Soldo can save you a lot of trouble. Many business accounts are only conceived with a single user in mind, so Soldo’s different approach may be what you’re looking for. The prepaid cards can be personalised with the employee’s name, so everything will be crystal clear and well-organised.
Keep in mind that Soldo can become a bit pricey if much of your business’s expenses happen abroad: its 1% foreign currency transaction fee is more competitive than most traditional banks’, but some digital-only competitors offer a full business account with fee-free spending abroad in more currencies. Revolut for Business, for example, comes in multiple different currencies.
Customer opinions of Soldo
More than 1,000 users have recorded their opinions about Soldo on Trustpilot. It is given 4.3 out of 5 stars and 71% view it as Excellent. 16% give it a Bad or Poor rating (September 2021).
While some highlight Soldo’s great support and easy-to-use service, others note slow response times to the online chat platform and poor customer service.
Reviews of the Soldo app are limited. 138 Android app users give it 3.5 out of 5 stars on Google Play. Apple app users give it 3.6 out of 5 on the Apple app store, based on 24 reviews (September 2021).
Compare Soldo Business with other digital banks for businesses in Ireland
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