Jeeves Business Banking Review
- Monthly Account Fee
- $0
- Multi Currency Accounts
- CAD, USD, EUR, GBP + 2 more
- FX Fee
- From 0.20%
Our verdict
Open accounts in 6 currencies and send payments to over 150 countries, but watch out for transaction fees.
Jeeves is a technology services provider that offers a range of business banking products for businesses that operate internationally. It lets you open multi-currency accounts in up to 6 different currencies, allowing you to manage your money wherever you do business. It also supports cross-border payments in over 40 currencies, and lets you issue linked corporate cards to team members in Canada as well as Brazil, Colombia, Europe, Mexico, the UK, and the US.
But Jeeves is a relatively new provider with mixed customer reviews, while you'll also need to watch out for currency exchange and payment fees. Be sure to compare Jeeves with other business banking providers before deciding if it's right for you.
Pros
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Quick and easy signup process
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Get paid in the local currency
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Send payments to over 150 currencies
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You can issue unlimited corporate cards to your global team
Cons
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New provider
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Currency conversion costs
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Transfer fees
Jeeves Business Banking: The basics
- Open accounts in 6 currencies. A Jeeves Cash account lets you access CAD, USD, EUR, GBP + 2 more accounts through one login.
- Send payments in over 40 currencies. You can use Jeeves Pay to send cross-border payments in over 40 currencies, with the ability to pay staff and suppliers in more than 150 countries around the world.
- Corporate cards. You can issue unlimited prepaid cards to team members around the world. Your team members get local cards in Canada, Brazil, Colombia, Europe, Mexico, the UK, and the US, and you can customize spending limits for each user.
- Expense management tools. Jeeves also allows you to manage your team’s global expenses from a single account. You can add your entire team, customize their permissions and roles, set spending limits and capture receipts through the Jeeves mobile app.
What are the benefits of Jeeves?
- Easy signup. It’s quick and easy to sign up for a Jeeves account and onboard team members online.
- No monthly fee. There are no monthly fees associated with a Jeeves account.
- Fast payments. You can make local and cross-border payments from your Jeeves account as quickly as the same day.
- FX risk management. With the ability to hold funds in up to 6 currencies, you can exchange between currencies at times when exchange rates are favourable.
- Rewards. When you pay for air travel with a Jeeves corporate card, . You can also take advantage of discounts on products and services from a host of partner providers, including Slack, AWS and Hubspot.
- Cashback. You and your employees earn 1% uncapped cashback on corporate card spending.
- No minimum deposit. Jeeves does not have any minimum deposit requirements.
- Physical and virtual cards. You can issue unlimited cards linked to your account with built-in spending controls. Free physical cards can be shipped worldwide, while instant virtual cards are also available.
- Accounting integrations. It’s easy to connect Jeeves to accounting software platforms such as Xero and QuickBooks.
- Mobile app. You can send transfers, track expenses in real-time and exchange funds via the Jeeves mobile app, available on Android and iOS devices.
- Multi-lingual support. Jeeves offers round-the-clock customer support in English, Spanish and Portuguese.
What are the drawbacks of Jeeves?
- New provider. Jeeves was founded in 2019, so it doesn’t offer the same proven track record of reliability as you might get from a major bank.
- Currency conversion costs. Jeeves adds an exchange rate markup to currency exchanges. Check how the rate you’re offered compares to the mid-market rate to work out exactly how much your transaction will cost.
- Transfer fees. You’ll also need to pay a fee when you send a payment from your Jeeves account.
Is Jeeves legit?
Jeeves is a technology services provider that offers a corporate spending and expense management platform. A Y Combinator company, Jeeves was founded in 2019 by CEO Dileep Thazhmon.
Jeeves is headquartered in Miami, Florida. Jeeves Technologies (Canada) Inc. has a registered office in Vancouver, BC, but it is not a bank or registered financial institution in Canada. Instead it provides access to payment and banking services through its partners. Jeeves global accounts are provided by Airwallex, which is registered as a Money Services Business in Canada. Jeeves also says that in Canada, it and its partners only work with regulated Tier 1 banks and payment providers.
What should I know before I apply?
You will be asked to provide a variety of information and documentation when applying for a Jeeves account. This may include:
- Names, contact details and dates of birth of account users
- Proof of identity
- Proof of business registration
- Business ownership details
- Nature of the business
- Details of your ownership structure
- Recent business bank statements
How do I open a Jeeves account?
If you’d like to open an account with Jeeves, it’s quick and easy to do so online. Start by navigating to the Jeeves website and clicking the “Open account” link. You’ll need to enter your company’s name, specify the country where it is registered, and provide your work email address.
Next, you’ll need to provide details of your company’s industry, monthly revenue and business structure. You will then be asked to provide your name, date of birth, contact details and proof of ID to submit an application.
Compare other business banking accounts
Bottom line
If you run a global business and you’re looking for an easier way to manage your international spending and payments, Jeeves is well worth considering. It’s easy to create multi-currency accounts, send payments around the world and keep track of all your spending.
Ultimately, however, it’s important to compare business banking solutions from a variety of providers to find the best fit for your business.
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