[Question] FNB vs ABSA vs Standard bank

[league_of_ordinary_men]

Hi all

I have an business account with FNB and the other day I wanted to purchase an item from an international website and I wanted to use my business cheque VISA card.So I went through all the steps and when I wanted to pay my card didn't work,so I phoned them and found out I had to verify the card with VISA online so I tried but no option was available so I went to my FNB branch so they could help and they informed me that my card can't make international purchases and that I had to open an PERSONAL account and that card will work with international purchases.Now please correct me if I'm wrong but is a business account not suppose to have more "buying power" if you will then an personal account?

Well any why I will be make international payments through that site monthly so I'm thinking of switching to a different bank that will allow me to be able to make my international online purchases.So what bank will be best excluding FNB with regards fee's monthly fee's and restrictions?

[ians]

I applied for a credit card with Standard bank for my business, they told I didn't qualify because my credit rating was too low, so I applied for a personal cheque account and credit card they offered me R40 000 limits. I still don't have a business credit card so now I use my R99 account for literally everything. Just a tip...don't use your credit card to do an eft, they rip a hole so deep in your backside that you can taste it in your mouth.

Something else I learnt, link all your accounts and transfer the funds from your business account into your R99 account, it only cost R4.75 and then all the transaction including efts are free well for me so far, just check the fees, and like I said don't use your credit card to do efts, only swipe it.

I still don't know why people don't offer cash discounts when paying cash.

[CLIVE-TRIANGLE]

I still don't know why people don't offer cash discounts when paying cash.

I guess because of cash deposit fees and the security risk associated with getting it banked.

[Blurock]

I guess because of cash deposit fees and the security risk associated with getting it banked.

Good answer - and true. Once its known that you have cash on the premises you become a target.

FNB has an option on their internet banking for you to link the card for VISA online purchases. People at the branches (of all banks) are not always well trained or well informed. He/she probably looked at the computer and saw that your card was not linked. If you have a problem, it may be better to call a business banker.

[wynn]

I recieved this email from 'EFFENB' the other day, dunno how much use it will be? didn't ring any jangles for me because I already take advantage of what I need to, but I suppose it is worth knowing what else.


"At FNB, we realise that businesses need to know what they are paying for. We carefully review our fee structures and pricing for our business clients each year, making sure that you get the best possible value from our services.


Easy ways for your business to save on bank charges:

CURRENT WAY OF BANKING HOW TO BANK MORE COST-EFFECTIVELY


Cash deposits

1) Every month I deposit R5000 in cash at
my branch.

2) Every month I deposit R60 000 in cash at
my branch.

3) Every month I deposit R2-million in cash at
my branch.

answer 1) Receive payments via EFT (Electronic Funds Transfer), which is more cost-effective and
reduces the amount of cash on your
business premises.
You can also make deposits at FNB ATM
Advance terminals; conveniently available after banking hours.

answer 2) Receive payments via EFT (Electronic Funds Transfer), which is more cost-effective
and reduces the amount of cash on your
business premises.
Use our FNB Cash Centres to save on your cash deposit fees.

answer 3) Use our FNB Cash Centres to save on your cash deposit fees.
Our cash-in-transit solutions are convenient
and saves you time as you don't have to go to
a branch.

Cash withdrawals

4) I withdraw less than R1000 at a time from my branch.

answer 4) Use CashBack at point-of-sale devices to withdraw cash, as this service is FREE.
Use your nearest FNB ATM to make your cash withdrawals more cost-effective and convenient.

Cheque payments

5) Make payments 24/7 via Online Banking for Business or eWallet Pro instead of using cheques to save money on cheque processing fees.

International trading

6) Make and receive safe payments 24/7 using Top
up and Withdraw with PayPal.

Transfers

7) Use Online Banking for Business to make convenient transfers anytime, anywhere and save on transfer costs.

Balance enquiries

8) Use Cellphone Banking or Online Banking for Business for all balance enquiries, as
it is available 24/7 and cheaper than doing it
in branch.

Statements

9) Opt to receive your bank statements via email
for FREE."

[league_of_ordinary_men]

Does anyone of you know what the monthly fee's are for a standard bank business account?

[ians]

go to standard bank.co.za then business banking fees

[IanF]

I recieved this email from 'EFFENB' the other day, dunno how much use it will be? didn't ring any jangles for me because I already take advantage of what I need to, but I suppose it is worth knowing what else.


"At FNB, we realise that businesses need to know what they are paying for. We carefully review our fee structures and pricing for our business clients each year, making sure that you get the best possible value from our services.


Easy ways for your business to save on bank charges:

CURRENT WAY OF BANKING HOW TO BANK MORE COST-EFFECTIVELY


Cash deposits

1) Every month I deposit R5000 in cash at
my branch.

2) Every month I deposit R60 000 in cash at
my branch.

3) Every month I deposit R2-million in cash at
my branch.

answer 1) Receive payments via EFT (Electronic Funds Transfer), which is more cost-effective and
reduces the amount of cash on your
business premises.
You can also make deposits at FNB ATM
Advance terminals; conveniently available after banking hours.

answer 2) Receive payments via EFT (Electronic Funds Transfer), which is more cost-effective
and reduces the amount of cash on your
business premises.
Use our FNB Cash Centres to save on your cash deposit fees.

answer 3) Use our FNB Cash Centres to save on your cash deposit fees.
Our cash-in-transit solutions are convenient
and saves you time as you don't have to go to
a branch.

Cash withdrawals

4) I withdraw less than R1000 at a time from my branch.

answer 4) Use CashBack at point-of-sale devices to withdraw cash, as this service is FREE.
Use your nearest FNB ATM to make your cash withdrawals more cost-effective and convenient.

Cheque payments

5) Make payments 24/7 via Online Banking for Business or eWallet Pro instead of using cheques to save money on cheque processing fees.

International trading

6) Make and receive safe payments 24/7 using Top
up and Withdraw with PayPal.

Transfers

7) Use Online Banking for Business to make convenient transfers anytime, anywhere and save on transfer costs.

Balance enquiries

8) Use Cellphone Banking or Online Banking for Business for all balance enquiries, as
it is available 24/7 and cheaper than doing it
in branch.

Statements

9) Opt to receive your bank statements via email
for FREE."

I Had FNB write to me and say I could save R32 by getting the 2 cheques I deposited converted to EFTs What they don't understand that this is payments by embassies and they don't do electronic payments. Then they phone me and ask what my opinion is of FNB and I tell them the cheque fees and EFT fees are ridiculous because I can't change embassies and when I order small thing like rubber stamps the EFT fee eats the gross margin as it is only 30% on a R100 stamp less a R16.50 EFT fee.
The question is do they listen?
I know I can get an account and for rubber stamps once a month, but one month I will do 1 next month 5 and then none for 3 months so I prefer to pay when I order.

[Pap_sak]

I Had FNB write to me and say I could save R32 by getting the 2 cheques I deposited converted to EFTs What they don't understand that this is payments by embassies and they don't do electronic payments. Then they phone me and ask what my opinion is of FNB and I tell them the cheque fees and EFT fees are ridiculous because I can't change embassies and when I order small thing like rubber stamps the EFT fee eats the gross margin as it is only 30% on a R100 stamp less a R16.50 EFT fee.
The question is do they listen?
I know I can get an account and for rubber stamps once a month, but one month I will do 1 next month 5 and then none for 3 months so I prefer to pay when I order.

Open account at Capitec
change one of the 4 free accounts to bank name
run all debit orders and small eft out of that account.
debit orders are R3
EFT's are R1.50

FNB are now (at the ATM) cheaper for cash deposits
and of course are handy for having a overdraft at very reasonable rates.

I have been operating this "spit" system for a while and save around R300 - R400 p/m - accountant does not seem to mind working of two statements.

[league_of_ordinary_men]

Does capitec have business accounts?

[Dave A]

Does anyone of you know what the monthly fee's are for a standard bank business account?

Last time I checked (about Jan or Feb this year), running my business bank accounts at Standard Bank worked out over 50% more expensive than if I had operated the same accounts at FNB. So look carefully before you leap.

[Blurock]

Does capitec have business accounts?

No

[Pap_sak]

No

Depends what you want. If you are happy with an account in your business name with a unique account number that has it's own statement and you can have debit orders and eft's directly from - then yes, thye have the cheapest business account in SA by far.

It's as basic as they come, but will be fine for many.

[roryf]

I guess because of cash deposit fees and the security risk associated with getting it banked.

We use G4S to collect some of our cash and they have a banking service where they charge R0.33/R100 deposited.The amount deposited is then transferred to our account via EFT.I do pay an additional fee for them to collect but they basically pay for themselves and it is soo much easier and safer.

[MartinK]

Overdraft costs

Hi there

After investigating my bank statement for the last 6 months I've come to realize that Standard bank's been charging me R25 every month for some overdraft facility which I am using. Now according to my knowledge, to be able to use overdraft you must have R0 in your account which has never been the case. Just wanted to know if you experience a similar fate as me ?

Kind regards