What is a Business Account?
A business bank account is a bank account that’s used only for business transactions rather than personal finances.
Cheap Business Account In South Africa
| Bank | Account | Electronic payment |
|---|---|---|
| FNB | Gold Business Account | R7.50 |
| Nedbank | Business PAYU | R8.35 |
| Standard Bank | MyMoBiz Account | R5.25 |
| TymeBank | EveryDay Business | R0 |
What is needed to open a business bank account in South Africa?
Valid ID documents for the business owner and any other signatories on the account. Proof of address for either the owner (sole proprietors) or the business.
Usually, utility bills or similar documents are sufficient. Banking history of your business – three months of statements is often required.