fidomoney is a digital-only business banking platform that aims to offer customers a range of solutions based on their preferences.
Our review looks at what these solutions are and what else fidomoney has to offer.
What is fidomoney?
fidomoney is a business banking platform that exclusively supplies digital payment solutions. Through it, you can have physical or virtual debit cards, open multicurrency accounts and benefit from dedicated account management.
It underpins all its services with a platform that aims for integrated and efficient solutions that support small- and medium-sized businesses.
How does fidomoney work?
First things first, fidomoney is not a bank. It is an electronic money institution that can provide your business with the following:
- Physical and virtual debit cards. You can have both physical and virtual debit cards to allow you to make business purchases.
- Multicurrency account. Through fidomoney’s multicurrency account, you can manage US dollar, pounds sterling, euro and Swiss franc transactions as well as receive competitive exchange rates for cross-border payments.
- Payment solutions. fidomoney can help you set up a webshop for your business, provide you with new payment terminals and enable you to receive payments for home deliveries.
Is fidomoney suitable for your business?
fidomoney caters largely to small businesses. If you are a start-up or a small business owner, most of fidomoney’s solutions are suited for you.
Its tailored payment solutions and dedicated account management are designed to support smaller operations in achieving their goals. You can expect to receive 24/7 support, either on the phone or online.
However, if you need integrated account software or anything beyond business payments, then you’ll probably want to look elsewhere.
Is fidomoney safe?
fidomoney isn’t a bank, so it doesn’t have a banking licence or benefit from the Financial Services Compensation Scheme (FSCS) deposit protection of up to £85,000. Its parent company, Fido Finance UK, is regulated as an Electronic Money Institution by the Financial Conduct Authority. This means that customer money has to be kept separate from company money and can never be used to pay the company’s debts.
The bottom line
If you want simple, digital solutions for your business payment needs, then fidomoney can provide that. Its selling point is that it supports multicurrency payments and can provide dedicated support to small businesses. We contacted them via live chat and got a response within minutes.
This is great if you are a start-up or small business owner who prefers to conduct business online and wants tailored solutions for your payment needs. However, if you want more services or account integration, other online business banking platforms have more to offer. If you have read this review and decided fidomoney isn’t for you, you can compare other business bank accounts on the market.
Frequently asked questions
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