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- Thread starter dbz0e
- Start date
When I researched it a year or two back, it came down to FNB and Nedbank - with Nedbank losing out because they had much higher EFT fees.
Frikkenator
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Or don't go to them. Open an FNB business account online and have them come deliver your cards and pick up your paperwork. That's what we've done and have been happy for 2 years now.
Most banks (at least Nedbank also offered) will do the same for business customers. I reckon the research is well worth the 2 hours it'll take to learn the major differences between the accounts and services.
Having said that, I didn't step foot in a bank either - I phoned each one and got their small business consultant to send through all the relevant information via email - which at the same time gives you a point-person to ask any queries while also 'testing' at least one aspect of their service.
I have a personal account with Nedbank and find their service to be great. Remember reading articles here listing ABSA/Standard as having some relatively high fees, and that was confirmed by my research at the time.
I don't find their footprint to be any smaller (from a customer's perspective) than any other of the big 4?
For the business account though, FNB came out tops thanks to their lower EFT fees.
OK, Did an online application with both Nedbank and FNB. With Nedbank I registered and provided my infomation online; still waiting on them to phone me back (this is the next step). With FNB, I registered online, uploaded my docs and can log in.
^^vampire^^
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What kills me with the business accounts is they are very intense on their fees. I did some research and found it is FAR cheaper to run my business off a personal cheque account from FNB.
Costs me R84.00 per month - this way I don't have to pay for all the other rubbish that business accounts try to charge you for.
Personally I feel business accounts are a con.
Costs me R84.00 per month - this way I don't have to pay for all the other rubbish that business accounts try to charge you for.
Personally I feel business accounts are a con.
As a sole proprietor, that makes sense, though a registered business with more than one partner just makes running it through a personal account unviable on many counts..
Same here. Registered business in Feb, haven't "gotten around" to opening a bank account yet.
I do however, believe that bookie will have something to say about this...
HavocXphere
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Dealing with HSBC & Investec is by far the most pleasant of the SA banks for biz accounts, but I'd imagine they'll also be more expensive than the rest.
Std Bank/FNB/Nedbank should be OK...try to give ABSA a miss if you can. I really dislike dealing with those guys...
Std Bank/FNB/Nedbank should be OK...try to give ABSA a miss if you can. I really dislike dealing with those guys...
You mean bookkeeper...a bookie is someone who accepts bets on say boxing matches.
FNB seems great for if you want your company to jump on the innovation wagon. They register your company name for you AND make Paypal payments between accounts easier. This of course is a big+ for any eCommerce orientated start-up that accepts payments via Paypal.
Open a Capitec global one account,then open another another account linked to the main one.You can open 4 of those and you can name them anything,like "House deposit" or " Joes's Consulting".All linked accounts have their own account numbers.Your monthly service fee for all accounts still is R4.50.
It is sad to read this as a relationship business banker. I would like to address some of the posts made by individuals on this topic. First one specifical;ly this post. HSBC and Investec will give great service due to the size of their "book of business clients" and the price they accompany it with.
In terms of pricing,it thoroughly interests me how you assume Nedbank are cheap in any shape or form where a factual statistic is that they are ranked the most expensive in terms of fees.
I cannot argue the ability to do onlien opening of accounts but I can argue something indeed.
Whilst opening a business account online is great, FNB do not offer a portfolio manager for your queries problems,paperwork etc. If you want anything done such as reversals,quick finance someone to speakl to,come to your business,make recommendations on credit,solution you and hold up a good relationship You had better get used to a telephone call and a support centre as none of this is offered by FNB.
Standard bank and Absa are mid priced. They arent the most expensive nor the least.In terms of online opening of an account. To my knowledge they dont offer it, but if it were me, I wouldnt mind having someone open the account,speak to them "interview me" see what I do,show some interest and tell me what is offered. This also gives me a person for point of reference. When it comes to business.
Do not under any circumstances trade your business through a personal account
1) Credit push facilities are done for business now,and whilst this seems small to a Lamen, Sars do routine yearly cencus checks and request reports etc from banks on accounts relating to business where funds have been paid from and transacted on. If you are caught accordingly the bank and SARS do not takle lightly to this to put it mildly.
2) How do you intend practically to claim tax deductions etc from your business if you are doing business on your personal cheque account?
3) When you post and have Financial statements completed, It would bother me extremely if your accountant is happy with the way you conduct business on a personal account for business,helps claim those tax deductions and signs off on your financial statements. If this is ethical then clearly I am and the bank is reading the companies act,FIC Act and the money laundering legislation a little differently
Which bank do you work for, as a matter of interest?
What options are available for two guys doing some part time work on the side? We don't have any sort of formal company but we would like to keep that part of our finances separate so that we won't have any problems in the future. What would be the most cost effective joint type of account that we can use?