3S Money business account review
3S Money is a UK-based financial technology company that provides international business accounts for companies dealing in multiple currencies. The platform is designed to help businesses receive, hold, and send payments across borders without the complexities associated with traditional banking.
Key features of 3S Money
1. Multi-currency business accounts
- Businesses can hold and manage funds in over 65 currencies.
- The account supports local and international payments in multiple regions, reducing the need for multiple bank accounts.
- Provides UK, EU, and US IBANs for seamless cross-border transactions.
2. Global payment network
- Access to SWIFT, SEPA, CHAPS, Faster Payments, and other regional payment networks.
- No restrictions on incoming payments, making it ideal for international businesses.
- Supports high-value transactions, commonly used for B2B payments.
3. Dedicated relationship management
- Unlike many fintech solutions, 3S Money assigns a dedicated account manager to each client.
- Offers personalised support for complex transactions and compliance queries.
4. Business eligibility and account onboarding
- Designed for high-growth businesses, SMEs, and enterprises with international operations.
- Accepts companies registered in over 190 countries.
- Requires a minimum annual turnover of £100,000 for account eligibility.
- Verification process involves KYC (Know Your Customer) and AML (Anti-Money Laundering) checks.
3s Money fees and pricing
1. Account opening fees
- Standard account opening fee: Ranges from £1,500 to £5,000, depending on business complexity and location.
- Annual account fee: Custom pricing based on transaction volume and business profile.
2. Transaction fees
- Incoming payments: Typically free for SEPA and Faster Payments; charges may apply for SWIFT transactions.
- Outgoing payments: Fees vary by destination and payment method, with SEPA payments usually low-cost and SWIFT payments subject to international banking charges.
- Currency exchange margin: 3S Money applies a mid-market exchange rate plus a small markup, which is typically more competitive than traditional banks.
3. Additional costs
- Dedicated account management: Included in the pricing but tailored support may come with added fees.
- Compliance and due diligence fees: May be applicable for high-risk businesses or those requiring extensive compliance reviews.
Pros and cons of 3S Money
Pros
- Supports 65+ currencies: Ideal for international businesses.
- Dedicated relationship managers: Provide personalised assistance.
- Seamless global payments: Available via multiple networks (SWIFT, SEPA, Faster Payments, etc.).
- Multi-jurisdictional support: Suitable for businesses operating across different countries.
- Faster transactions: Compared to traditional banks.
Cons
- High account opening fees: Makes it unsuitable for small businesses or startups with low turnover.
- Limited personal accounts: As it is primarily for business use.
- Strict eligibility criteria: Requiring a minimum turnover of £100,000.
- No physical branches: As all operations are conducted digitally.
How 3S Money compares to competitors
| Feature | 3S Money | Wise (formerly TransferWise) | Revolut Business | Airwallex |
|---|---|---|---|---|
| Multi-currency support | 65+ currencies | 50+ currencies | 30+ currencies | 50+ currencies |
| Account fees | £1,500 – £5,000 | Free or low-cost | Subscription-based | Free to open |
| Exchange rate | Mid-market + markup | Mid-market + small fee | Mid-market + markup | Mid-market + markup |
| Dedicated account manager | Yes | No | No | No |
| SWIFT payments | Yes | Yes | Yes | Yes |
| Local account details | Yes (UK, EU, US IBANs) | Yes | Yes | Yes |
| Ideal for | High-growth businesses | SMEs, freelancers | Startups, SMEs | Startups, SMEs |
Who should use 3S Money?
- Established businesses with international operations: The platform is designed for companies regularly transacting in multiple currencies.
- Businesses dealing in high-value transactions: Due to its global payment network and high transaction limits, it is suitable for large B2B payments.
- Companies seeking personalised support: With dedicated account managers, 3S Money is ideal for businesses that require customised banking solutions.
- Firms needing UK, EU, or US banking access: The platform provides local IBANs, making it easier for businesses to transact globally.
Our verdict
3S Money offers a robust international business banking solution with a focus on multi-currency support, high-value transactions, and dedicated relationship management. While its pricing structure may be a barrier for small businesses and startups, its comprehensive global payment capabilities make it a strong choice for businesses operating across multiple jurisdictions. Companies with a high volume of international payments and a turnover exceeding £100,000 per year will find 3S Money a valuable alternative to traditional banking.
For businesses considering 3S Money, it is essential to evaluate whether the account fees and eligibility criteria align with your company’s financial needs and transaction volume. If international payments are a key part of your operations, 3S Money provides a competitive, tailored, and efficient solution.