The magnetic signatures of ocean M 2 tides have been successfully detected by the low-orbit satellite missions CHAMP and Swarm. They have been also used to constrain the electrical conductivity in the uppermost regions of the Earth’s mantle. Here, we concentrate on the problem of accurate numerical modelling of tidally induced magnetic field, using two different three-dimensional approaches: the contraction integral equation method and the spherical harmonic-finite element method. In particular, we discuss the effects of numerical resolution, self-induction, the galvanic and inductive coupling between the oceans and the underlying mantle. We also study the applicability of a simplified two-dimensional approximation, where the ocean is approximated by a single layer with vertically averaged conductivity and tidal forcing. We demonstrate that the two-dimensional approach is sufficient to predict the large-scale tidal signals observable on the satellite altitude. However, for accurate predictions of M 2 tidal signals in the areas with significant variations of bathymetry, and close to the coastlines, full three-dimensional calculations are required. The ocean–mantle electromagnetic coupling has to be treated in the full complexity, including the toroidal magnetic field generated by the vertical currents flowing from and into the mantle.