How we calculated the total charges for each provider

Currensea has calculated the below charges based on an SME that:

Pays $450 per month for their Amazon Web Services Subscription, totalling $5,400
Has an annual Salesforce Enterprise subscription for 2 employees, totalling $2,400
Pays $299 per month for MailChimp, totalling $3,588
Updated their website and paid the supplier $1,300
Paid $297 an annual subscription for Sketch for 3 team members

High street banks

The published charges from these high street banks for a business current account have been used to calculate the total charge. These can be found here:

In addition to these charges, we have included the relevant card scheme premium above the interbank rate. To quantify this premium, we have taken the difference between the daily applicable card scheme benchmark rate and the average interbank rate, where the average is defined as the mean of the high and low rates for the day. From August 19 to end Jan 20, the average Visa premium equated to 0.49%.

Online Payment Providers

We have used the published charges for a standard PayPal account:

PAYPAL

Credit Card Providers

The published charges from these business credit card accounts have been used to calculate the total charge. These can be found here:

CAPITAL ON TAP

AMEX

In addition to these charges, we have included the relevant card scheme premium above the interbank rate. To quantify this premium, we have taken the difference between the daily card scheme benchmark rate and the average interbank rate, where the average is defined as the mean of the high and low rates for the day. From August 19 to end Jan 20, the average Visa premium equated to 0.49%. From August 19 to end Dec 20, the average Amex premium equated to 0.46%.

Pre-Pay travel Card Providers

The published charges from these business prepaid card accounts have been used to calculate the total charge. These can be found here:

SOLDO

PLEO

In addition to these charges, we have included the relevant card scheme premium above the interbank rate. To quantify this premium, we have taken the difference between the daily card scheme benchmark rate and the average interbank rate from August 19 to end Jan 20, where the average is defined as the mean of the high and low rates for the day.

Challenger Banks

We have used these published challenger banks charges for a standard, free of charge business account to calculate the total charge:

STARLING

MONZO

TIDE

REVOLUT

It is worth noting that although Starling, Monzo and Tide charge no fee themselves for standard transactions, their customers still end up paying a charge based on the difference between the card scheme rate and the real time interbank rate. To quantify this premium, we have taken the difference between the daily card scheme benchmark rate and the average interbank rate, where the average is defined as the mean of the high and low rates for the day. From August 19 to end Jan 20, the applicable average card scheme premium equated to 0.39%. For Revolut, we have included the 1% weekend surcharge for exchanging GBP to USD, and the 0.4% markup on FX that applies to anything over the zero free allowance.