Any suggestion on business banking account?
I used to have Suncorp few years back which had $0 monthly fees and was designed for businesses with Pty Ltd. They charge fees now.
Anyone know is there are still $0 bank accounts? Also, what is best product in price and service amongst big banks. We ideally want branch in the city for convenience.
Thanks. I should have mentioned. It is purely to do some payments overseases (very few).
So, CBA is definately choice for premium accouhts.
Any fee free?
Found this link which is helpful actually: https://www.canstar.com.au/compare/business-transaction-acco…
Have a look at Bankwest - Zero monthly fee.
Disclaimer: I don't have one myself.
Business needs vary. I need a local branch to deposit cash and get change. So CBA is "best" for me, even at $10/month.
I use Bankwest and have been very happy with them so far; but I don't need to do any international payments - so YMMV.
What is your business specilise in?
Are your margins that tight that you dont want to pay a standard $10 +/- account fee each month???
Maybe you should re consider your business if thats the case.
For overseas transfers look at OFX.com.au or somone like that for transfers.
Good luck.
What is your business specilise in?
What does your business specialise in?
Are your margins that tight that you dont want to pay a standard $10 +/- account fee each month???
It's not +/- … it's only + to the bank.
Maybe you should re consider your business if thats the case.
Wait until you build your own before offering others advice.
Lol. Are you on the right forum? This is ozbargain community. That should explain it :)
Ok. This is what I found:
$0 fees:
1. NAB Everyday account
2. Bank West
3. CUA (83 York St, Sydney NSW, 2000)
4. Bendigo (Maybe; only 10 free transactions per month)
5. Bank of Sydney (liverpool street)
Anyone has had experience with above except for BankWest?
My business is exclusively online, so NAB is the one I am using and very happy with them. However, if you need cash fast then Westpac is the best one, $10 monthly fee though.
Thanks. Ours online as well.
What does that mean if you need cash fast?
What scenario is that?
For me I just want to have the money deposited to my offset account as soon as possible to save some interest on my homeloan and I don't want the bank to keep my money for a couples days. (my turnover is $3000 -$5000+ per day). Also, I need the money available whenever I want to purchase goods, so if they keep the money longer, it's not a good cashflow.
That's why I always choose the same day settlement merchant, in my case it's eWAY and FirstData
Thanks. Great to know. Basically we in process of setting up. So want to keep it lean with minimal outgoings.
When live we will consider what you said when we actually get cashflow.
So in that case do you have account with westpac as well?
I'm thinking that's what we would do with someone like westpac or cba.
I am with NAB at the moment, used to be with Westpac. It depends on my homeloan account because the transfer is instantaneous if the same bank. My homeloan used to be with Westpac so I can transfer money from the business account to my offset account instantly.
If you don't mind to wait for a couples days for the bank transfer then you don't have to stick to the same bank. You can go with any bank you want.
@divious: I understand. Thanks. Ours is pure business account. I guess this is where it tied up with having high interest business saving account. I guess we look at it when we go live. Thanks a lot for your help. We going to sign up with NAB.
Hi, I am starting a small business in consulting. It will be my main income for some months at least. I have set up a company and family trust, and have an abn. Income initially will be 10k/month, with minimal transactions for expenses.
Is there a best bank account? Is there much difference in accounts? Ideally I want good visibility on transactions and any help integrating with accounting software for bas etc (xero or myob maybe).
Also any tips in relation to business banking would be helpful.
I have set up through an accountant but he didn't have any tips for dealing with banks etc.
If it matters I am in SE Melbourne suburbs.
Thanks.
Most likely, who ever you bank with at the moment will have a business account at typically $10/month. You would be probably be familiar with their internet banking. However, sometimes it is good to have a separate bank for business dealings.
Bankwest & NAB have monthly fee free accounts. (NAB does charge for in branch transactions)
I have set up through an accountant but he didn't have any tips for dealing with banks etc.
Take this as a good sign. This shows that they are independent by not referring you to a 'mate" at a bank.
I use NAB… $10 a month for whatever :)
bankwest zero trans with a online savings
As an update: I went for a CBA business account as I have been banking with them for years and wanted something quick. I went to the branch where I bank and was told it would take a day or so. I had brought all original paperwork.
It took over a week for anyone to get back to me and I am still not sure exactly what happened. When I queried it with the business banker, he said that was normal, completely contradicting his earlier comment that it should be a day or so.
CBA are slow and their business bankers are pretty much glorified sales people. My dealings with Westpac have not been any better.
Good luck.
CBA $10 fee.
https://www.commbank.com.au/business/business-accounts/busin…