Jeeves review: prepaid business cards
Our verdict
Want to get to grips with your business finances? Find out whether Jeeves could help you.
If you’re looking for a better way to stay on top of your business transactions and you work with vendors and employees across the globe, Jeeves has a lot to offer. Not only will it help you to streamline payments and employee expenses, but you can also hold and transfer funds in multiple currencies. In addition, you’ll have the option of issuing unlimited cards to employees around the world, and you can manage everything from one login.
However, remember that there is no FCA regulation, and as with any financial product, it pays to compare what else is available before making your decision.
Pros
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Range of finance tools that can be managed in one place
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Multi-currency accounts available
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Easy to manage employee expenses and invoices
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Option to issue unlimited corporate cards in local currencies
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Cashback and other rewards available
Cons
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Fees apply to certain transactions
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Jeeves is not a bank and is not regulated by the FCA
Fintech startup Jeeves was founded in 2019 and aims to make financial admin a little easier for businesses. It offers a range of finance tools that businesses can manage in one place, helping them to deal with expenses, monitor spending and operate across the globe.
What is Jeeves?
Jeeves is a financial technology firm that offers a range of products, including multi-currency business accounts, corporate cards and expense management tools. All this can be managed from one platform with one login.
Businesses can consolidate multiple financial systems into one, enabling them to track spending and pay vendors quickly and easily, whether they are in the UK or overseas.
How does it work?
There are a number of different segments to Jeeves, and these are outlined below:
- Global accounts. Your business can use multi-currency business accounts to deposit, send and receive funds around the globe. There are no setup fees, monthly charges or overdraft fees. You simply pay a fee when you convert currencies and send payments. Funds can be sent in more than 40 currencies to more than 150 countries.
- Accounts payable. Jeeves Pay lets you pay invoices quickly and in multiple currencies. You can arrange for the payment to be sent the same day or for a future date. Setting up a Jeeves Pay payment takes only a few minutes – simply upload your vendor information and select your destination country, currency, amount to send and send date.
- Corporate cards. There’s the option to issue unlimited corporate cards with built-in expense controls to your teams. Local cards can be issued across Brazil, Canada, Colombia, Europe, Mexico, UK and the US, with no monthly or shipping fees.
- Expense management. You can issue employee cards, set spending limits, capture receipts and manage expense policies within the one account.
- Rewards. All Jeeves cardholders can access up to 1,300 airport lounges when they buy air travel with their card. Plus, you can earn 1% uncapped cashback on all card spending.
Is it safe?
Jeeves is not a bank and is not regulated by the Financial Conduct Authority (FCA). This means the Financial Ombudsman can’t assist in any issues that might arise.
Instead, Jeeves says it works with partners to provide its services. In the UK, it only works with regulated Tier 1 banks, such as Barclays Bank, and payment providers, such as Mastercard, to provide financial services.
Its global accounts are powered by Airwallex, which is an Electronic Money Institution (EMI) licence holder in the UK, and partners with Barclays to provide cover through the Financial Services Compensation Scheme (FSCS).
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