Companies such as Monzo, Revolut, and Starling are changing the way we think about business and personal banking. Technology has made it easier than ever before to manage your finances.
The rise of the smartphone means we can access bank accounts from anywhere at the touch of a button. Curve gives customers, for both personal and business, the chance to combine all of their finances and accounts into one place.
We review how well the Curve business card stacks up.
Quick Look — Pros & Cons
If you don’t have time for the detailed breakdown of the Curve business card, we’ve picked out the top pros and cons of the service:
Pros
✔️ Easy to get set up using the app.
✔️ Provides a detailed breakdown of spending across multiple accounts.
✔️ Gives automated expenses reports, including receipts.
✔️1% instant cashback on all business purchases.
✔️ Works with Xero accounting software.
Cons
❌️ Some limits of spending and withdrawals.
❌️ Basic, free card has limited features.
❌️ Not a complete banking service, meaning you’ll need other accounts.
On the whole, there’s plenty to like about the service Curve offer. There are several tiers to choose from, giving a greater or lesser range of features depending on which you choose. However, it’s not a complete banking solution, so you’ll likely need to use other accounts/apps to manage your business finance.
What is Curve?
Curve is an app-based finance service that aims you to help you simplify your finances. It’s available to both personal and business customers, and lets you combine all of your bank accounts into one app and card. The company started back in 2015 and launched a closed beta to business customers later that year.
During the beta test, it was judged as the best start-up in the UK at Wired Money in 2017. Curve launched their app in the UK in 2018, with around 50,000 people on the waiting list at the time.
Curve lets you combine all of your bank accounts into one app and card.
There are three tiers to Curve’s service — one is free, and the others charge a monthly fee. Depending on the type of business and how heavily you rely on the business card, you can find a service that suits your needs. All levels use an app to manage multiple bank accounts.
How Does Curve Work?
It’s the app that’s the driving force behind Curve’s service. Business users can download the application and get started with their registration. It’s a reasonably quick and painless process, although you’ll need to have some personal and business details on hand. Once you’ve completed all of the necessary steps, you can get started with the app while Curve sends out your card.
Once you’ve signed up, you can start adding your credit and debit cards to the Curve app. You have quite a lot of freedom here — you can add all of your accounts (although Amex cards are still a bit of a grey area), and choose a default account that payments go out of.
Once you get your Curve business card, you can use it to make payments from any of your linked accounts. It’s easy to change which bank you’re making a payment from — all you need do is open the app and select the one you want.
What Features Does Curve Have?
The exact features you’ll get with your Curve account depends on the tier of service that you choose. There is a free plan as well as the following three premium plans available:
Curve Pay X
- Gives 1% cashback at 3 retailers of your choice for three months
- Allows for some fee-free foreign exchange
- Allows you up to £300 per month off fee-free foreign ATM withdrawals
- Feature to ‘Go Back in Time’ and change the Payment Card used to fund a certain transaction after the transaction was made for up to 60 days (3 trips and with some exceptions)
Curve Pay Pro
- 1% cashback at 3 premium retailers of your choice
- Unlimited fee-free foreign exchange
- Allows you up to £500 per month off fee-free foreign ATM withdrawals
- Go Back in Time features up to 90 days (unlimited trips)
- Worldwide Travel Insurance
- Electronic Gadget Insurance
Curve Pay Pro+
- 1% cashback at 6 premium retailers of your choice
- Unlimited fee-free foreign exchange
- Allows you up to £1000 per month off fee-free foreign ATM withdrawals
- Go Back in Time features up to 120 days (unlimited trips)
- Worldwide Travel Insurance
- Electronic Gadget Insurance
- Rental Car Collision Damage Waiver Insurance
- Worldwide Airport LoungeKey Access
Some of these features, such as the insurance, come with quite a few terms and conditions. However, it’s still an impressive array of services that you can get, particularly when it combines with software such as Xero to make your accounting that much easier.
What are the Fees for Using Curve?
There are several fees associated with using the Curve account, although the exact amount you’ll pay depends on the tier of service you choose.
At a basic level:
- Basic. Curve Pay is free.
- Low-tier. Curve Pay X costs £5.99 per month.
- Mid-tier. Curve Pay Pro costs £9.99 per month.
- Top-tier. Curve Pay Pro+ costs £17.99 per month.
Other fees include:
- A fee of 2% or £2 on foreign currency ATM withdrawals after you go over the threshold of your tier.
- For Curve Pay X customers, a 2% fee applies on foreign transactions over the £300 per month threshold.
- £5.99 to replace your standard Curve card and £59.99 to replace your Curve Pay Pro+ card. Curve Pay Pro and Pro+ customers get one free replacement per year.
- ATM withdrawal fees are the greater of 2% of the withdrawal amount or £2, after withdrawing more than the free monthly limit, which varies based on plan.
Who is Curve for?
If your business uses multiple bank accounts and credit/debit cards, Curve is for you. It gives you the chance to combine all of your finances into one simple app and tie them to one central card. It makes managing your cash flow and expenditure significantly easier.
Of course, the convenience comes at a price. Smaller businesses can probably manage with the free Curve Pay account. However, those who regularly make company transactions will need to pay for the more premium services.
If you’re struggling to keep on top of where your business’s money is coming and going from, Curve could be hugely beneficial. The ‘Go Back in Time’ feature is particularly appealing, as it gives you the chance to review your spend after the fact. Overall, there are few small businesses and freelancers that wouldn’t benefit from at least some of Curve’s features.
What are the Drawbacks of Using Curve?
No service is perfect, and Curve is no exception. Although it’s certainly useful having a ‘master’ account, it doesn’t take care of all the other admin associated with business banking. Overdrafts, loans, payroll, and other features will all have to be managed elsewhere.
Those with established businesses will also find that the basic features that come with the free account aren’t sufficient. If you travel a lot or make a lot of cash withdrawals, the fees will soon start mounting up. The £9.99/£17.99 per month might be better spent elsewhere, depending on how proactive you are.
How Safe is Curve?
Curve’s app is safe and secure, protected by two-factor authentication and tied to your smartphone. You’ll also get instant alerts every time your card is used. If you spot any fraudulent activity, you can instantly lock your card. All app data is encrypted.
All Curve cards come with Curve Customer Protection, which protects you from unauthorised payments of up to £100,000. You can find out more details about the scheme on the Curve website.
Curve: Verdict
Curve is an incredibly useful service, particularly for those who have a multitude of business accounts and cards.
The features offered at each tier give you the opportunity to have greater control over your spending and cash flow. That being said, the basic, free tier may be a little limited for some people.
The integration with Xero is particularly useful for small businesses. The same can be said for the innovative ‘Go Back in Time’ feature. However, fees can soon start mounting up if you’re a heavy user of the service.
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