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Thread: Transaction fees

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    Transaction fees

    Now that I have been managing my money, opened a savings account and personal account so that I can finally after 22 years draw a salary. Here is the question, Can I transfer all my money from my business account into my R99 account and use my personal account to pay wages etc or do what I am doing at present, using my credit card in my personal capacity to pay my business accounts, then claim it back via the books? I could save myself hundreds of rands in bank charges doing it this way.

    Simple things like salaries transfers to other standard bank accounts are costing me almost R200 per month, It cost less than R5 for me to transfer the money into my R99 account.

    I have had the R99 account for a month and some, did a comparison and realised that even if I keep the business cheque account(which I am assuming I have to have for business reasons) open but just transferred all the money into my R99 I would still save hundreds of rands.

    Anyone have any ideas on how to save on banking fees, because like the petrol, electricity, rates etc are all becoming expenses we need to pay attention to, 10 years ago petrol and banking fees wasn't even a factor in my business, it was just part of my overheads.

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    Diamond Member HR Solutions's Avatar
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    This would be very messy with accountants. But you probably would get some that would say yes.
    We have an accountant that said we should transfer the VAT into a credit card and pay SARS from it. This apparently would earn you voyager miles etc etc on your credit card and other benefits.
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    I am with standard bank, the only thing you get from Standard bank is fees and interest charges, no voyager miles or anything free.

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    Diamond Member HR Solutions's Avatar
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    Quote Originally Posted by ians View Post
    I am with standard bank, the only thing you get from Standard bank is fees and interest charges, no voyager miles or anything free.
    I have a FNB and Nedbank credit card as well as American Express whereby you get voyager miles, e bucks, as well as overseas travel insurance, which is a big saving.
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    You can pay SARS your VAT payment using a credit card?
    The trouble with opportunity is it normally comes dressed up as work.

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    To my experience FNB has the best business banking package with free internet banking.
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    Unhappy

    Quote Originally Posted by Dave A View Post
    You can pay SARS your VAT payment using a credit card?

    i just checked what my Nedbank card that awards Greenbacks ( that is what Nedbank calls it) says about use of card to to earn Greenbacks.

    and this is what they say : "you earn Greenbacks for all eligible* spend"
    * Eligible spend means all spend, excluding cash withdrawals, casino chip purchases, fuel purchases, finance or other card charges, fees or taxes levied by us or the government, purchases of travellers cheques or other negotiable instruments, garage card transactions, budget account instalments and interest thereon, insurance premiums and internet transfers or payments from your account.

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    I think the online transaction is free on Standard bank.I am right..??????

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by flaker View Post
    fees or taxes levied by us or the government,
    The operative word there being "levied", I think.

    Every now and then a doff post from a spammy link builder in Pakistan who claims to be in the USA does prove useful after all
    The trouble with opportunity is it normally comes dressed up as work.

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