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Best budget bank account for a business?

theratman

Executive Member
Joined
Jan 21, 2008
Messages
7,161
#22
You act surprised, What did you expect?


Capitec is life.
They told me no business accounts at the bank and I wasn't sure if a payment to cheese factory that's actually a ratty named account would go through but it did :)
 

Zarkon

Senior Member
Joined
Jun 6, 2014
Messages
948
#23
Capitec does not have a business account and will not work.

Absa bussines lite is R99 with online banking (10 eft transactions free)
Absa bizstart R32 is a business account without internet banking

Fnb is R75 plus R4 per internet transaction

Nedbank R58 plus R8 per internet transaction
 

theratman

Executive Member
Joined
Jan 21, 2008
Messages
7,161
#25
Ended up using Capitec for a bit and migrated to an FNB business account once business got bought out. Lawyers set everything up for the FNB business account.
 

silkenphoenixx

Senior Member
Joined
Dec 11, 2006
Messages
690
#29
Capitec does not have a business account and will not work.

Absa bussines lite is R99 with online banking (10 eft transactions free)
Absa bizstart R32 is a business account without internet banking

Fnb is R75 plus R4 per internet transaction

Nedbank R58 plus R8 per internet transaction
You don't legally have to have a business bank account, you can use one that's opened in your personal capacity as long as you keep your own personal finances separate. I do this - Capitec account for my side business, FNB for my personal money.
 

Zarkon

Senior Member
Joined
Jun 6, 2014
Messages
948
#30
You don't legally have to have a business bank account, you can use one that's opened in your personal capacity as long as you keep your own personal finances separate. I do this - Capitec account for my side business, FNB for my personal money.
If you are a sole prop yes. A company needs a business account in the name of the business. Payments are done to the name of business.In your case it goes to your personal income because it is in your name which is not allowed.

Sars said the same,so i dont want trouble with sars when they might audit me and red flags go off. They are quite strict about this when i asked them.But hey you can do whatever,it's mzansi right...anything goes.
 

silkenphoenixx

Senior Member
Joined
Dec 11, 2006
Messages
690
#31
If you are a sole prop yes. A company needs a business account in the name of the business. Payments are done to the name of business.In your case it goes to your personal income because it is in your name which is not allowed.

Sars said the same,so i dont want trouble with sars when they might audit me and red flags go off. They are quite strict about this when i asked them.But hey you can do whatever,it's mzansi right...anything goes.
I ran this plan through my accountant and he said it was fine, as long as we kept finances separate.

I dunno though, I haven't had any problems with SARS so far.
 
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