Summary

This account comes with no monthly fees and has useful features for international payments and transactions. The best part is you don’t even need to hoard guavas to open it.

Pros

No monthly fees
Choose from more than 20 currencies
No fees for switching currencies between accounts

Cons

Not FSCS protected
No cashback, rewards or interest
Mixed reviews on Trustpilot

Guavapay has been around since 2017 in the UK when it first hit the finance scene as a card processor working with Mastercard and Visa. Since then, it has branched out to deliver everything from personal savings pots to “all-in-one e-commerce solutions”. Its MyGuava Business Account is its business offering.

We sliced it open to show you what it’s all about.

What is the MyGuava Business Account?

The MyGuava Business Account is a business account with no monthly fees. Guavapay also offers tailored solutions for businesses so that they can scale up and down depending on their needs, for a fee.

This account allows you to manage payments, make local and international transfers, get paid online or in person and access all your business tools in one place. It doesn’t charge to issue virtual cards or ship physical cards. There’s also no charge for Faster Payments and SEPA payments. You will have to pay for outgoing SWIFT payments, which cost £10, while there’s a 0.5% FX charge and 1% ATM withdrawal fee.

What features are there?

The MyGuava Business account has a range of features for businesses that need to make international payments and transactions. It also lets you manage expenses and multiple cards with ease.

Here are some of the key features of the MyGuava Business Account:

Payments and transfers. You can transfer funds in more than 90 currencies to 160+ countries around the world. You can also receive payments in more than 20 currencies, including pounds, euros, Swiss francs and Canadian dollars.

Fee-free currency switching. You can open accounts in over 20 currencies and there are no fees for switching currencies between accounts or transferring within the same currency.

Virtual and physical cards. You can manage your business expenses with the MyGuava Corporate Card. It allows you to set custom limits for you and your team and seamlessly integrates with your MyGuava Business Account. You can also add the digital card to digital wallets, which is handy if you take your phone everywhere.

Analytics and insights. Tidy, colourful pie charts and graphics break down your spending so it’s easy to analyse at a glance.

Is Guavapay safe?

Guavapay was founded in 2017 and now has offices in the UK, US, Poland and Canada. Guavapay Limited is registered with the Financial Conduct Authority (FCA) in the United Kingdom as a Small Electronic Money Institution. However, Guavapay isn’t a bank and isn’t covered by the Financial Services Compensation Scheme (FSCS).

MyGuava customer reviews

On the reviews platform Trustpilot, reviews are mixed for the overall MyGuava product, which includes both business and personal accounts. However, there were less than 300 reviews when we checked in September 2024. The brand overall scores 3.5 – classed as “Average”. Positive reviews praised its ease of use, features and simplicity, while negative ones cited issues with customer service and accounts getting blocked.

Our verdict: Is MyGuava Business Account worth it?

The MyGuava Business Account has useful features for businesses that need to make lots of international payments and transactions. Having no monthly fees to use the account is a big plus as well.

However, there are other business accounts that have similar offerings in terms of international payments and transactions. There’s also a range of business bank accounts that do have FSCS protection. Some of these accounts even come with perks such as cashback and rewards that the MyGuava Business Account doesn’t offer.

Despite having a fruity name that might at least grab some attention, the MyGuava Business Account doesn’t really stand out in a crowded market.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full profile

Ricky Davies was a senior writer at Finder, focusing on banking and fintech. He previously wrote for Lloyds Banking Group, Halifax, and Royal Bank of Scotland. Additionally, he worked on content at LSEG, which is one of the world’s largest providers of financial markets data and infrastructure, and has created guides for several crypto sites. See full profile

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MyGuava Business Account review: What you need to know