Overview
Modulr Business, at a glance.
Modulr Business is an e-money institution headquartered in the United Kingdom, regulated by FCA. The company behind Modulr Business is Modulr FS Limited. Business accounts cost £16.25 a month. Opening an account takes up to 5 days.
The account is an e-money account issued by Modulr FS Limited (FCA 900573) and sold by its agent Modulr Finance Limited. Modulr is not a bank: money is held in safeguarded accounts and the terms say the Financial Services Compensation Scheme does not apply. Foreign exchange and payments in other currencies are provided by The Currency Cloud Limited under its own terms.
Why businesses pick Modulr Business
- Its own sort code and account number, with Faster Payments and Bacs
- Plans from £16.25 a month with 35 payments included
- Connects to payroll and accounting software: BrightPay, Xero, Sage, IRIS, Staffology and others
- Approval workflows and approvals from a mobile app
- Unlimited virtual company cards on payables and bundle plans
- Open to sole traders and partnerships as well as limited companies
Watch out for
- A payments account, not an everyday current account: plans are sold by number of payments, and each extra one costs £0.32 to £0.80
- Only for UK-registered businesses
- Payments in other currencies cost £3 each plus SWIFT fees, and exchange costs 0.5% to 1.2%, through Currencycloud
- CHAPS payments cost £17.50
- Not a bank: no FSCS protection
Business fit
Will Modulr Business accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Modulr Business's published rules
Likely fit
Modulr Business lists both United Kingdom companies and Startups and SMEs as accepted.
Modulr Business does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Modulr Business publishes about the businesses it takes on.
Who Modulr Business serves
- Startups and SMEs
- Professional services
- Travel
Not supported
Industries and countries Modulr Business does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use Modulr Business?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
GBP and EUR, plus 19 to pay out
Local account details
2 currencies
Account details in your company's name for receiving and paying on the country's own network, without SWIFT.
GBP · United Kingdom · Sort code and account number (Faster Payments, Bacs)
EUR · Euro area · IBAN (SEPA, SEPA Instant)
IBAN country for direct UK plans not published
Account issued to the business (terms 3.1); Modulr supports UK Confirmation of Payee.
Hold and receive · 2 currencies
- EURLocal
- GBPLocal
Pay out · 21 currencies
- EURLocal
- USD
- GBPLocal
- CAD
- AUD
- BGN
- CZK
- DKK
- HKD
- HRK
- HUF
- IDR
- INR
- MXN
- MYR
- NOK
- PHP
- PLN
- RON
- SEK
- SGD
Other currencies on the Accounts Payable product only, through Currencycloud
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- United Kingdom
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Limited companies, Sole traders, Partnerships, Limited partnerships and LLPs, Charities (companies limited by guarantee or CICs)
Pricing
What does Modulr Business cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
£16.25–500
depends on plan
Payroll Bronze
Lowest cost£16.25 per month
£0 setup · £195 in year one
Payroll Silver
£67.2 per month
£0 setup · £806.4 in year one
Payroll Platinum
£300 per month
£0 setup · £3,600 in year one
Payables Bronze
£20 per month
£0 setup · £240 in year one
Payables Silver
£75 per month
£0 setup · £900 in year one
Payables Platinum
£320 per month
£0 setup · £3,840 in year one
Bundle Bronze
£30 per month
£0 setup · £360 in year one
Bundle Silver
£110 per month
£0 setup · £1,320 in year one
Bundle Platinum
£500 per month
£0 setup · £6,000 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| Faster Payments (GBP) | £0.8 | Fixed fee · Pay-ins count towards the plan's included payments, then £0.32 to £0.80 each |
| Outgoing | ||
| SEPA | £0.8 | Fixed fee · EUR payments count as plan payments, as for GBP |
| Faster Payments (GBP) | £0.8 | Fixed fee · After the payments included in the plan: £0.80 on Bronze, £0.40 on Silver, £0.32 on Platinum |
| CHAPS (GBP) | £17.5 | Fixed fee |
| SWIFT / international | £3 | Fixed fee · Payments in other currencies, through Currencycloud; SWIFT fees on top |
| To another Modulr Business account | Free | No charge · Between your own Modulr accounts |
Ranges span the plans; higher plans pay the lower end.
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | 0.5–1.2% | Percentage of the amount, within a range · Accounts Payable product only, provided by The Currency Cloud Limited |
Onboarding
From application to live account.
Usually within 5 days, says Modulr
- 1
Choose a plan
Pick a Payroll, Accounts Payable or bundle plan on Modulr's pricing page and fill in the short registration form.
- 2
Set up the subscription
Add the payment details for the monthly plan; Modulr emails a link to the full application.
- 3
Application
Limited companies are looked up on Companies House. Add directors and every owner with 25% or more; owners verify their ID with a selfie check.
- 4
Approval
Once approved, set up the Modulr Portal and connect your payroll or accounting software.
Documents you need
- Company registration number, registered and trading address, website
- Business activity, industry, expected monthly payment value and volume
- Directors' full names and dates of birth
- All owners with 25% or more: ID document, selfie check (Onfido) and in some cases proof of address
- Ownership structure chart, certified, for multi-company ownership
FAQ
Your questions, answered.
Is Modulr a bank?
No. The account is an e-money account issued by Modulr FS Limited, authorised by the FCA as an electronic money institution (900573). Money is safeguarded, and the terms say the FSCS does not apply.
How much does Modulr cost?
Payroll Payments plans cost £16.25, £67.20 or £300 a month with 35, 200 or 1,100 payments included. Accounts Payable and Spend Management plans cost £20, £75 or £320, and bundles £30, £110 or £500. Extra payments cost £0.80, £0.40 or £0.32. CHAPS costs £17.50 and payments in other currencies £3. Prices exclude VAT.
Who can open a Modulr account?
UK limited companies, sole traders, ordinary partnerships, limited partnerships and LLPs. Charities only as companies limited by guarantee or CICs registered with a UK charity commission; societies and unregistered charities are not accepted.
Does Modulr do international payments?
On the Accounts Payable product, in 19 currencies besides GBP and EUR. The FX and international payments are provided by The Currency Cloud Limited, at 0.5% to 1.2% for exchange and £3 per payment plus SWIFT fees.
Is this the same Modulr that powers other fintechs?
Yes, the same company. Modulr also sells its accounts and payments to platforms by API; Finzil's Modulr infrastructure page covers that side.
Alternatives
How Modulr Business compares.
If Modulr Business is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 Modulr BusinessThis pageE-money institution | | Supplier paymentsUK companies |
 TideE-money institution | | Free planNon-residents accepted |
 ANNA MoneyE-money account | | Free planTax tools |
| Starling BankBank | | Free accountDeposit protection |
 AirwallexE-money institution |   | Global accountsOnline businesses |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.