Dakota provides a modern financial platform for global businesses, but its specific features and pricing structure may not be the right fit for every organization. This article explains what Dakota is, explores common reasons why businesses consider other options, and introduces several alternatives to help you find a solution that better matches your needs.
What is Dakota?
Dakota is a financial technology company providing a modern banking platform for global businesses through stablecoins and U.S. Treasury-backed deposits. The platform facilitates rapid international transactions, instant stablecoin payments, and corporate cards with advanced spend controls.
Additionally, users can access a rewards program with tailored yield options and automated accounting integrations. Dakota offers its services through several pricing tiers designed to accommodate the needs of different organizations.
What to Consider When Selecting a Dakota Alternative?
When evaluating alternatives to Dakota, it's helpful to weigh several key aspects to find the platform that best aligns with your business objectives:
- Pricing and Fee Structure: Consider whether a platform's monthly subscription model or a pay-as-you-go fee structure is more cost-effective for your transaction volume.
- Cryptocurrency and Web3 Support: Assess the platform’s capabilities for handling digital assets, such as stablecoin conversions and crypto payroll, if your business operates in the Web3 space.
- International Transaction Capabilities: Examine the fees, exchange rates, and supported currencies for global payments to ensure efficient cross-border operations.
- Integrated Financial Tools: Look for built-in features like corporate cards, expense management, and automated accounting integrations to streamline your financial workflows.
- Customer Support and Reliability: Investigate user reviews and support channels to gauge the platform's responsiveness and dependability for handling your financial needs.
If these considerations resonate with your company's priorities, the following section details several top alternatives to help guide your decision.
10 Best Alternatives to Dakota
1. OneSafe
OneSafe is a finance platform designed to modernize banking for businesses, particularly those operating in the Web3 and crypto sectors. We provide essential tools for straightforward fund management, quick payments, and access to both traditional and digital assets.
Our platform facilitates a direct 1:1 conversion from USD to USDC on Polygon, simplifying payroll and expense management for global teams. Businesses also benefit from our streamlined onboarding, rapid account setup, and responsive customer support tailored to the digital asset space.
Pricing
Here's a look at our straightforward pricing structure:
- Free Account Services: We charge no fees for account opening, monthly maintenance, or issuing virtual and physical cards. Plus, there's no minimum balance required.
- 0.1% US Domestic Transfers: A small fee applies to ACH and standard wire transfers, with a flat $25 fee for Fedwire transactions.
- 0.2% International Payments: This rate applies to SEPA (EUR) payments and international wires, with the latter including a standard $50 SWIFT fee.
- 0.1% Crypto Transactions: A minimal fee is applied to USDT transactions, while fiat-to-crypto conversions are included at market rates with no hidden charges.
- 3% Corporate Card FX: A standard foreign exchange fee applies to all non-USD spending on your corporate card.
Reviews
Users consistently praise our platform for its exceptional customer support and its ability to simplify complex financial operations for modern businesses. Our clients often highlight how we solve major headaches, especially for companies operating in the Web3 space.
- "OneSafe has the best customer support I've ever experienced from a bank." – Amit Chu, Investments @ Celo Foundation
- "OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it." – Marco, CEO of Ensuro
Want to learn more? Check us out here.
2. Tide Bank
Tide is a UK-based financial technology company established in 2015, offering mobile-first banking services tailored to small and medium-sized businesses. The platform provides current accounts, automated bookkeeping, and invoicing tools that integrate with accounting software such as Sage and Xero.
Account setup is handled through the Tide app, and users can deposit cash at UK Post Office or PayPoint locations. The service also facilitates expense management with team cards and allows for international payments.
Pricing
Here is a glance at their pricing tiers:
- Free Plan: No monthly fee. Charges include 20p per UK transfer and £1 per ATM withdrawal. Cash deposits at the Post Office incur a 0.99% fee (minimum £2.50).
- Smart Plan (£12.49 + VAT per month): Includes 25 free UK transfers, one free expense card, and priority in-app support. Foreign currency card transactions are subject to a 2.75% FX fee.
- Pro Plan (£24.99 + VAT per month): Offers unlimited free UK transfers, two free expense cards, and 24/7 phone and legal support. Foreign currency card transactions are fee-free.
- Max Plan (£69.99 + VAT per month): Provides unlimited free UK transfers, three free expense cards, and a dedicated account manager. Foreign currency card transactions are fee-free.
Reviews
User reviews often point to challenges with customer support responsiveness and occasional account access problems, including unexpected freezes or onboarding difficulties. Check out more Tide Bank reviews here.
3. Wise
Wise, formerly known as TransferWise, is a UK-based financial technology company founded in 2011. It specializes in providing international money transfers for a large customer base of both individuals and businesses.
The platform processes transactions using the mid-market exchange rate and offers a multi-currency account for holding and managing funds in over 40 currencies. A debit card is also available for spending and withdrawing cash globally.
Pricing
Here is their pricing at a glance:
- Pay-As-You-Go Model: Wise operates on a pay-as-you-go basis with no monthly fees; charges are applied based on usage.
- From 0.57% Money Transfers: The fee for sending money varies by currency.
- $9 One-Time Card Fee: A one-time charge is applied for the Wise Multi-Currency Card. ATM withdrawals over $100 per month incur additional fees.
- Free Domestic Payments: Receiving domestic payments is free in certain currencies, while international wire transfers have fixed fees.
- $31 One-Time Business Setup: A one-time fee is required for businesses to receive account details in multiple currencies.
Reviews
Some users have reported issues with account freezes and unresponsive customer support. Check out more Wise reviews here.
4. Revolut
Revolut is a British financial technology company established in 2015 that offers a suite of banking services. These services encompass current accounts, debit and credit cards, stock and cryptocurrency trading, and peer-to-peer payments.
The platform enables users to manage and exchange over 25 currencies at the interbank rate and supports global money transfers. Additionally, it includes team management features such as issuing cards with spend controls and integrations with accounting software like Xero and Sage.
Pricing
Here is their pricing at a glance:
- From £10 per month Basic Plan: Provides essential features for running a business.
- From £30 per month Grow Plan: Offers additional tools to manage spending and operations.
- From £90 per month Scale Plan: Designed for businesses with higher transaction volumes and advanced needs.
- Custom Pricing Enterprise Plan: Tailored to specific business requirements.
Reviews
User feedback often centers on the app's interface, payment processing speeds, and currency exchange features, though some customers have noted challenges with customer support and limitations in certain banking functionalities. Check out more Revolut reviews here.
5. Blank
Blank is a French company that provides online professional accounts designed for freelancers and small businesses. The service includes a professional account with a French IBAN and a Visa Business card for financial management.
The platform facilitates automated Urssaf declarations, simplified accounting, and tools for creating and managing quotes and invoices. It also provides access to professional insurance solutions and various partner offers.
Pricing
Here is their pricing at a glance:
- Simple Plan at €6 per month: Priced excluding tax, this plan includes 30 SEPA transfers, quote and invoice creation tools, automated Urssaf declarations, and expense tracking.
- Confort Plan at €17 per month: Priced excluding tax, this plan includes all Simple plan features plus phone support, 30 additional SEPA transfers, higher card limits, and income maintenance insurance.
- Complète Plan at €39 per month: Priced excluding tax, this plan includes all Confort plan features plus unlimited SEPA transfers, email and phone support six days a week, and higher card limits.
Reviews
User feedback often addresses the platform's simplicity and interface, while some reviews report issues with account closure and difficulties accessing funds. Check out more Blank reviews here.
6. Propulse by CA
Propulse by CA is an online banking and management platform designed for entrepreneurs, freelancers, and small businesses. The service provides an online business account with a French IBAN and a Visa Business card.
The platform offers tools for creating and tracking invoices, managing expenses, and connecting with accounting services. It also facilitates direct filing of URSSAF contributions and includes insurance coverage with its payment card.
Pricing
Here is their pricing at a glance:
- Starter Plan: €8 per month.
- Start+ Plan: €17 per month.
Reviews
User reviews frequently mention difficulties in contacting customer support, leading to delays in account setup and resolving issues. Check out more Propulse by CA reviews here.
7. Bunq
Bunq is a Dutch fintech company founded in 2012 that provides mobile banking services across 30 European countries. It offers both personal and business accounts with features such as multiple International Bank Account Numbers (IBANs) and multi-currency support.
The platform includes a public API for developers and incorporates a sustainability initiative where trees are planted based on the user's subscription plan. Customers also have the option to invest their funds in various environmental projects.
Pricing
Here is their pricing at a glance:
- bunq Free: Free for sole proprietors, includes 3 bank accounts with IBANs.
- bunq Core at €7.99/month: Includes 3 bank accounts with IBANs.
- bunq Pro at €13.99/month: Includes 5 bank accounts with IBANs.
- bunq Elite at €23.99/month: Includes 25 bank accounts with IBANs.
Reviews
User feedback points to challenges with customer support, including slow response times and difficulties in resolving account issues, as well as concerns about hidden fees. Check out more Bunq reviews here.
8. Airwallex
Airwallex is a financial technology company founded in 2015 that provides a range of financial services for businesses. These services include cross-border payments, multi-currency accounts, expense management, and corporate cards.
The platform allows businesses to hold funds in over 20 currencies and offers foreign exchange rates with a markup starting at 0.5% above interbank rates. It also provides corporate cards with no international fees and integrates with accounting software like Xero and QuickBooks.
Pricing
Here is their pricing at a glance:
- Free Explore Plan: Designed for small businesses, this plan is free for users who meet certain deposit or balance requirements and includes multiple business accounts and free transfers to over 120 countries.
- $99 per month Grow Plan: Suitable for growing businesses, this plan includes all features of the Explore Plan, plus international batch transfers, expense management, and bill pay services.
- $499 per month Accelerate Plan: This plan is for large businesses and includes all features of the Grow Plan, along with centralized management of finances across global entities and single sign-on capabilities.
- Custom Plan: Pricing is tailored for high-volume businesses or those needing custom API implementations based on specific requirements.
Reviews
User feedback indicates some customers have experienced issues with customer service, such as delayed responses and account suspensions without clear explanations. Some have also reported challenges with the onboarding process and limitations in available support channels. Check out more Airwallex reviews here.
9. Reap
Reap is a financial technology company founded in 2018 that provides products to manage financial operations for businesses. Its main offering is the Reap Card, a secured corporate credit card.
The platform offers bill repayment in both fiat and digital currencies, along with global coverage and spend controls. It also provides a payment service, Reap Pay, for transactions in various currencies and API solutions for card issuing.
Pricing
Reap's pricing is based on usage, with the Reap Card having no annual or hidden service fees. A 1.2% handling fee applies to stablecoin repayments, while ATM withdrawals and foreign exchange transactions are subject to a 2% fee.
Reviews
User reviews mention issues such as credit limit resets without notice and limitations in setting spending categories, alongside concerns about customer service and financial standards. Check out more Reap reviews here.
10. Everestcard
Everestcard is a neobank that provides financial management services for businesses. The company offers instant issuance of both virtual and physical Mastercard credit cards for team use.
The platform allows for online management of cards and expenses through a dashboard and web application. It also includes expense management tools such as automated reporting, digital receipt scanning, and transaction history tracking.
Pricing
Here is their pricing at a glance:
- €20 Monthly Fee: Includes up to three Mastercard credit cards and access to various expense management tools.
- €5 per Additional Card: The monthly cost for each card beyond the initial three.
- 90-Day Free Trial: Allows businesses to use the platform before committing to a subscription.
Reviews
User reviews cite concerns with company reliability and responsiveness, including slow customer support and account access problems. Check out more Everestcard reviews here.
Which One Should You Go With?
Choosing the right financial partner is a big decision, and any of the platforms listed can serve your business well depending on your specific needs. If you're looking for a modern banking solution that understands the demands of today's global and digital economy, we believe OneSafe is an excellent choice. Ready to see how we can simplify your financial operations? Sign up for OneSafe today.
