Ampere review: The business account, not the unit of electric current
Our verdict
Ampere could be a useful option for businesses that want to pay a single monthly fee and then be able to budget accordingly. But £20 a month is quite high compared to other options.
Faster Payments in the UK and free SEPA payments are a big plus, alongside competitive FX fees. For a business that needs to make payments in the EU, this could be another way to save costs. However, if you need to take cash out at an ATM you're going to have to pay £1.50 to do so.
Being able to send invoices and track payments from the app is another handy feature, but it's not unique to Ampere.
If you're not a fan of Ampere, then check out our guide to best business bank accounts for more information.
Pros
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Free transfers in UK and SEPA payments network
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Low FX fees
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Send invoices and track payments from the app
Cons
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Set-up and monthly fees are high
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No FSCS protection
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ATM withdrawal fees
Does Ampere’s account have what it takes to give your business a spark or is its monthly fee a jolt to the system?
Ampere calls itself an “all-in-one financial service for business”, aiming to simplify the financial journey for businesses. Our review covers the basics of the account to help you decide if it’s right for your business.
What is Ampere?
Ampere is a business account. It offers debit cards, the ability to receive payments and send invoices from the app, loans for businesses, low FX fees and free transfers in the UK and across the Single Euro Payments Area (SEPA) payments network. It’s aimed at startups, small and mid-sized businesses.
How does Ampere work?
You can apply for Ampere’s current account online or through its app. It says it has a quick process to open, as long as you provide all the correct information and documents. You need to verify your identity with your registered address and ID, such as a passport. Companies registered in the UK and EEA can open an account.
The account comes with a monthly fee of £20, which is higher than other business accounts. It also has a £35 fee to open the account, which includes the first month and the debit card issuance fee. If you’re a freelancer or startup looking for an account with low fees, you might get better value elsewhere. If you’re a more-established business that makes lots of payments, having a monthly fee could be a useful way to budget, especially as this account has no fees for transfers in the UK and SEPA network or for card transactions. The FX fees start at 0.35%, which is pretty competitive. ATM withdrawals are £1.50, both domestic and international.
What features are there?
Ampere’s account offers a range of features geared towards businesses. These include:
- Payments: You can make local payments in the UK using Faster Payments and international payments via SEPA.
- Currency conversion: Funds can be converted into popular currencies automatically.
- Invoices: Generate and send invoices to customers in the app, then track their payments.
- Loans: Ampere offers business loans to eligible businesses.
- Merchant accounts: You can set up a merchant account for free to receive card payments.
- Debit cards: Use debit cards to spend and track expenses.
Is Ampere safe?
Ampere is registered at the Financial Conduct Authority (FCA) as an authorised electronic money institution. This means funds in its accounts are safeguarded. However, Ampere isn’t a bank and isn’t part of the Financial Services Compensation Scheme (FSCS).
Pros and cons
Pros
- Free transfers in UK and SEPA payments network
- Low FX fees
- Send invoices and track payments from the app
Cons
- Set-up and monthly fees are high
- No FSCS protection
- ATM withdrawal fees
Who might Ampere suit?
Ampere could be suitable for a business that makes a lot of transactions and wants to pay a single monthly fee. Many business accounts charge per transaction so the costs can really add up, but if you’re in that situation then Ampere can help you budget.
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