3S Money connects businesses to their customers around the world by offering local business accounts to send and receive funds globally. Its digital accounts can handle transactions in 65+ different currencies.
What types of business accounts are on offer?
3S Money offers a multi-currency business bank account, with local IBANs in the UK, Netherlands and Luxembourg. There are 3 different plan types – Standard, Enterprise and Enterprise Plus.
All 3 plans offer a dedicated relationship manager and accounting integrations and all let businesses trade in more than 65 currencies, including euros and dollars. The accounts are designed to help your business send and receive high-value business payments around the world. However, there are some key differences between them:
Standard: This plan only allows up to 2 account holders and is suitable for UK and EU based businesses with up to 5 beneficial owners and monthly transaction volumes of less than €100,000.
Enterprise: This plan allows up to 5 account holders and includes negotiable transaction fees and custom API integrations. It’s suitable for importers and exporters, real-estate managers, wholesalers and businesses with global monthly transaction volumes of less than €10 million.
Enterprise Plus: This plan also includes specialised payment solutions, reduced foreign exchange rates and up to 10 account users. It is designed for holding companies, asset managers, financial institutions, private aviation and businesses with monthly transactions of more than €10 million.
What types of fees are there to pay?
The Standard plan costs €100 a month and Enterprise charges €300 a month. The Enterprise Plus plan has a custom fee.
Depending on the complexity of your business type, you may have to pay an onboarding fee on top.
Fees also apply to certain transactions, but exact costs depend on the plan type. For the Standard plan, for example, outgoing UK Faster Payments cost £2, payments to the Single Euro Payments Area (SEPA) zone cost €2, payments to UAE incur a 0.3% fee and payments to China incur a 0.6% fee. However, there are no charges to receive payments from the EU, UK, USA and UAE.
How to apply
You can open a 3S Money business account completely online. To apply for the Standard or Enterprise plans, you will first need to use the online eligibility checker to see if you can apply. If you wish to open the Enterprise Plus plan you must contact 3S Money directly by emailing info@3s.money or phoning 0203 807 9645. There is also an online enquiry form you can use.
3S Money prides itself on the fact that it provides a human contact to guide you through the onboarding process rather than a chatbot. Each application is processed on a case-by-case basis, which means you may be able to open an account even if you’re a non-resident.
When opening your account, you will need to provide the following information:
A shareholder register
A signed resolution document
Evidence of funds
Details of your business activities
Where your company is based
How long it’s been operational
Which countries you’ll be paying and receiving funds to and from
Is 3S Money safe?
3S Money is an e-money institution, which means money held within its accounts is not protected by the Financial Services Compensation Scheme (FSCS).
However, 3S Money is authorised by the Financial Conduct Authority (FCA) and your funds will be held in a segregated account that is protected by safeguarding requirements under the Electronic Money Regulations 2011. This means that if 3S were to become insolvent, you should get your money back.
Pros and cons
Pros
Able to send and receive high-value business payments around the world
Can handle transactions in 65+ currencies
Dedicated personal manager for your account
Same-day transfers available
Local IBANs offered
Cons
High monthly charges
Strict eligibility criteria
No FSCS protection
Fees for certain transactions
Customer service information for 3S Money
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
If your business regularly sends and receives large amounts of money in foreign currencies to and from different countries across the globe, the 3S Money accounts are certainly worth a look, particularly if you’re looking to make transfers quickly and efficiently.
However, when comparing your options, you’ll need to weigh up the cost of the hefty monthly fee to see whether it’s worth paying or whether an alternative account could work out cheaper overall.
Frequently asked questions
3S Money currently doesn't work with businesses in Afghanistan, the Bahamas, Barbados, Botswana, Cambodia, Crimea, North Korea, Ghana, Iran, Iraq, Jamaica Mauritius, Myanmar, Nicaragua, Pakistan, Panama, Syria, Trinidad and Tobago, Uganda, Vanuatu, Yemen, Cuba, Eritrea, Mali, Palestine Somalia, South Sudan and Venezuela.
Onboarding fees are calculated based on your business type and complexity. 3S Money will review your application and inform you of the onboarding fee before you open your account.
This is a way to securely process international transactions. SEPA stands for Single Euro Payments Area, which means transactions can only be carried out in euros. SEPA transfers are primarily used by members within the European Union as well as the UK.
SWIFT stands for The Society of Worldwide Interbank Financial Telecommunication and is a standardised method for handling international payments quickly and securely.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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