Equals Money Prepaid Business Card Review

Equals Money’s prepaid business card gives UK firms an easy way to load funds, set limits and track each pound spent, all under one roof.

The card hooks into a wider multi-currency platform, bringing payments, accounts and expenses together for simpler control.

With nearly two decades in financial services, the company says its goal is to “simplify money management” for businesses of every size.

Read on to see how it works, what it costs, and whether it fits your needs.

Equals Money: My Verdict

Equals Money delivers one of the most flexible spend-control solutions we’ve tested for UK SMEs.

The ability to issue hundreds of virtual cards at no extra cost, set granular limits in seconds, and spend in 21 core currencies at the real exchange rate makes day-to-day purchasing remarkably frictionless. Add a multi-currency IBAN, strong security controls, and recycled, carbon-neutral physical cards, and the platform feels both capable and forward-looking without the learning curve that plagues some rivals.

Its drawbacks sit mostly around protection and scope. Balances are safeguarded but not FSCS-protected, support is UK-centred rather than truly 24/7, and the prepaid model offers no credit cushion for cash-flow crunches. Firms needing deposit insurance, revolving credit or constant phone access may fare better with providers such as Revolut Business or Soldo.

However, for businesses that value transparent multi-currency pricing, tight spending control, and clear sustainability credentials, Equals Money earns a confident recommendation.

Equals Money at a Glance

Pros & Cons

Who is Equals Money Best For?

Equals Money suits UK-registered businesses that need tight, low-cost control over day-to-day spending, especially when those purchases cross borders. If your team regularly pays suppliers or staff in euros, dollars or any of the other 19 “core” currencies with no FX mark-up, the platform can cut fees and admin time in one move.

Great fit for:

• SMEs and scale-ups with travelling staff – the cards work in 190+ countries while you monitor spending in real time.
• Project-based industries such as film & TV, hospitality and manufacturing that juggle multiple budgets; you can ring-fence funds per project or department.
• Firms issuing lots of cards – every plan includes up to 200 free virtual cards, so you can kit out freelancers or contractors without extra cost.
• Online merchants and multinationals that bill or pay in several currencies via a single multi-currency IBAN (38-currency support).
• Sustainability-minded companies that like the idea of 100% recycled plastic cards and a carbon-neutral provider.

Think twice if you:

• Need a credit line or overdraft; Equals Money is strictly prepaid.
• Hold large cash balances and want FSCS protection; funds are safeguarded but not guaranteed by the scheme.
• Rely on round-the-clock phone support outside UK office hours; all support teams are UK-based and phone lines follow local hours.

Key Features & Benefits

Equals Money is designed to give you “one platform, all things money management”, so the card is only the beginning. Here are the core elements that set it apart:

Taken together, these features give growing businesses tight, real-time control over spending and cash flow, without the complexity of juggling multiple banking tools or fee structures.

Pricing & Fees Explained

*Free spending in the 21 “core” currencies, including GBP, EUR and USD.

What this means for you:

• Day-to-day card use is cost-light if you stay in the core currencies and avoid frequent cash withdrawals.
• Predictable flat platform fees make budgeting easy, although VAT on physical cards and rush deliveries can add up.
• High-volume international payers or firms transacting in exotic currencies should factor in the bespoke FX margin on bank transfers.
• Because there’s no overdraft or credit facility, there are likewise no interest, late-payment or minimum-balance charges to trip you up.

This information is accurate as of 26 June 2025 and provided for general guidance only. Always confirm current rates and seek professional advice before making critical financial decisions.

How the Equals Money card works in practice

1. Sign up in minutes: click Get started, answer a handful of KYC questions, and you’re ready to load funds. Enterprise clients get a dedicated account and compliance manager for a white-glove onboarding.
2. Load your wallet: Send GBP or any of the 38 supported currencies into your own multi-currency IBAN so you can spend company cash, not credit, from day one.
3. Issue cards instantly: Order physical Mastercards (delivered in a few days) or spin up virtual cards on the spot. They work at any merchant in more than 190 countries and cost nothing to use in 21 core currencies.
4. Spend & capture: Staff tap, swipe, or add cards to Apple Pay; transactions land in the app in real time, with prompts to snap receipts, add notes, and choose project codes.
5. Stay in control: Finance can freeze a card, block ATMs, set per-day or merchant limits, and ring-fence budgets. It also requires dual authorisation before any top-up or bank transfer leaves the account.
6. Reconcile on autopilot: every approved transaction syncs straight into Xero, SAP Concur or your own system via the open API, slashing month-end admin.

In short, Equals Money turns a prepaid card into a live spend-management hub: easy for staff to use, but with enterprise-grade controls that keep finance firmly in the driving seat.

Security & Regulation

Equals Money is overseen by the Financial Conduct Authority as an Electronic Money Institution (FRN 900493) and must follow the UK Electronic Money Regulations 2011.

Client money is held in segregated safeguarding accounts at tier-1 banks, so it stays ring-fenced from the firm’s own funds, although the FSCS deposit scheme does not protect it.

How your funds and data are protected

Equals Money offers bank-grade technical and organisational safeguards, but you should avoid parking large idle balances if statutory FSCS cover is a must for your risk policy.

Customer Service & Support

Equals Money prides itself on “real human support” delivered entirely from UK teams, giving you knowledgeable staff rather than chatbots whenever you need help. Support is advertised as available 365 days a year, and you can choose the channel that suits you:

• Live chat and email for quick queries, with card complaints emails monitored every day
• Phone lines for cards and international payments: Monday–Thursday 09:00-17:00, Friday 09:00-16:00 UK time. A US number runs 09:00-17:00 Pacific for North American users
• Online tickets if you prefer a written audit trail

Enterprise customers benefit from a dedicated account manager and compliance contact who guide onboarding and handle complex issues swiftly. Complaint handling follows FCA guidelines: acknowledgement within three business days and a final response or update inside eight weeks, with escalation to the Financial Ombudsman if unresolved.

Overall, Equals Money offers responsive, people-first support that outshines most fintech competitors. The only caveat is that phone help follows UK office hours, so firms needing round-the-clock voice assistance will have to rely on chat or email outside those windows.

Equals Money Customer Reviews

Equals Money has a 4.6/5 Trustpilot rating from 387 reviews, with 89% giving five stars and 5% one star. The mobile apps fare differently: The Apple App Store averages 3.8/5 (about 55% five-star, 15% one-star), while Google Play sits at 2.4/5 (roughly 25% five-star, 40% one-star). Figures are accurate as of 26 June 2025.

Positive comments focus on knowledgeable UK-based support, fast problem resolution and the convenience of issuing multiple cards. iOS users often praise the live FX rates, clear budgeting features and the ability to manage several team members from a single app, calling the overall experience “modern” and “simple to use”.

Negative feedback centres on Android stability and large-scale migrations. Play-store reviewers complain of crash loops, repeated log-ins and problems uploading receipts. A handful of Trustpilot one-star posts cite headaches when moving hundreds of users to the new portal, saying cards and reports had to be rebuilt manually. Some detractors also note that Equals has not replied publicly to every low-score review, which can make unresolved issues feel ignored.

Eligibility Criteria

• UK-registered limited company, LLP or charity (sole traders must apply for the separate personal product)
• All directors and persons of significant control aged 18 or over
• Pass standard anti-money-laundering and sanctions checks
• High-risk sectors (for example crypto, gambling, adult services) only accepted after enhanced due-diligence review; some may be declined

Documents You’ll Need

• Companies House number and registered address
• Passport or UK driving licence for every director and 25 %+ shareholder
• Recent proof of address (utility bill or bank statement dated within the last three months)
• Last three months of business bank statements (PDF preferred)
• Brief note on intended card use and estimated monthly spend, especially if multi-currency
• Additional compliance policies, licences or source-of-wealth evidence for high-risk industries

Having the full pack ready usually lets straightforward applications clear KYC within one to two business days.

Step-by-Step Application Guide

Tip: keep digital copies of all documents and ensure directors are available to complete selfie-ID checks promptly. Doing so avoids back-and-forth emails and helps you go live in under 48 hours. Information is correct on 26 June 2025; always confirm current requirements before applying.

Equals Money vs Top Competitors

How it stacks up

• Equals Money leads on fee-free multi-currency spend, a generous virtual-card allowance and sustainability credentials.
• Revolut offers the cheapest entry point and a wide feature set, but FX charges apply after the first £1,000 each month.
• Soldo delivers predictable flat-rate FX and strong controls, although its base plan costs more and caps free users.
• Pleo shines at automated expense management and cashback, yet per-user pricing and higher FX fees can mount up for teams that spend heavily abroad.