I already have a bank account for my business - why do I need Equals Money?

Anna Meehan

We started Equals Money because we believed there was a better way for finance teams to manage a company’s expenses, budgets, payroll and more. On the surface, it may look like you don’t need Equals Money if you already have a bank account. You can make payments with a bank. You can even get a debit or credit card. So why would you need an account with Equals Money on top of your bank account? 

 From poor customer service to a historic neglect of SMEs, traditional banks don’t give you the attention you need to run your business. At Equals Money, we’ve helped over 17,000 businesses put time back on the clock and money back on their balance sheets by simplifying money movement. 

Here are 9 reasons why your business needs Equals Money.

About Equals Money

1. You’ll get your own account manager, who understands your business

With Equals Money, you’ll get your own expert account manager who will tailor our services to suit your needs. Their entire job is to understand your business, the industry you’re working in, and to be there for you when you need it.

 Additionally, currency markets are volatile. Our in-house experts have over 100 years of combined experience that you can tap into. Your account manager will monitor the market for you, giving you time to get back to business. 

2. We’ll always connect you with real humans

Nothing is quite as frustrating as trying to get through to customer service, only to be kept on hold for hours. Our UK-based team offers support all year round. We pride ourselves on connecting our customers with real people - whether this is your account manager, our live chat, email or over the phone.

3. We offer great rates on international payments, with a range of solutions

With Equals Money, you get great exchange rates for a range of payment solutions. You’ll have your expert account manager by your side helping to protect your business from volatile currency markets. We’ve moved over £10 billion around the world since we started in 2005.

4. We’ll help you manage risk with a hedging strategy 

 For better or for worse, the last few years have taught us to expect the unexpected. It’s more important than ever to have a currency strategy and planning in place.

We offer forward contracts, which allow your business to fix an exchange rate for a future overseas payment. You can lock in an exchange rate for typically up to 24 months, and the fixed rate is protected from any future currency movements in the market to reduce risk and exposure your business may face.1

This does present a potential disadvantage in choosing a forward contract: even if the rate moves in your favour by the time it comes to settling the transaction, you'll still receive the same agreed exchange rate. However, many customers find the stability a forward contract offers outweighs this disadvantage. 

We’ve designed strategies like these to specifically mitigate the impact of currency or foreign exchange risk on your bottom line. We’ve got your back now and during the trickier times.

5. You’ll get your own multi-currency IBAN to receive payments in 38 different currencies

 …as well as dual-authorisation payment approval for extra control when receiving or sending money abroad. We have access to UK Faster Payments and SEPA, and we offer direct connections to payment networks.

You can make payments that are rapid, convenient, and safe.

6. We offer bespoke solutions for your business

 We’ve seen first hand how each industry has specific management needs, and we’ve listened to what our customers want. We create bespoke solutions with dedicated account managers, exceptional customer support and in-house expertise.

Our initial focus when we started Equals Money was the Film and TV industry. The Film and TV industry is famously complicated and opaque when it comes to expense and payment systems, so it made sense for us to start here. We put all of our energy, time and resources on getting one industry right before expanding to others. We’re now working with thousands of businesses across all industries: manufacturing, wholesale, hospitality (to name a few).

You may be part of a Film or TV production, looking to manage crew and cast spending. Or you may be in the manufacturing industry, trying to find a solution that simplifies supply chain payments. Whatever you are and wherever you’re coming from, we’re proud to say that we offer bespoke solutions for a number of different industries. 

7. We care about the world around us

We’ve teamed up with CFree, an environmental consultancy, to help reduce carbon emissions both in our workplace and in the wider company. Last December, we were proud to announce that we offset the carbon emissions for all employees. That’s only just the start and we’ve still got a long way to go. You can read more about our plans here.

We want to make things better for the people who use our products, and this extends to our environmental impact.

8. We’ve built an easy to use online platform

 We’ve developed clever technology that makes our Equals Money platform as easy and stress-free as possible. Goodbye to the days of creating heavy, complicated spreadsheets or navigating the cumbersome online platforms typical of traditional banks.

With Equals Money, you can do everything from annotating transactions in the app (giving you full control over what you’re spending on) to viewing all transactions in one view. We also have a budget functionality for teams and projects, empowering teams to take ownership. Every part of our product has been built with our customers at the very centre of it, and our online platform is no exception.

9. We’re proud to say we’ve got 5 stars on Trustpilot

 Don’t just take our word for it, hear from some of the 20,000+ businesses that already work with us and how they have benefited from our great rates and award-winning service.

1Equals Money can only offer forward contracts to facilitate payments for goods and services

2Equals Money PLC is authorised by the FCA, and your money is safeguarded in a special account. 

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