The Sasfin Business Bank account offers a streamlined digital banking experience tailored for South African businesses. With a focus on online accessibility, this account provides a range of business tools and features designed to facilitate easy financial management. As of 2024, the account continues to evolve, integrating new functionalities and updated fee structures to meet the diverse needs of business clients.
Key Features
- Fully Digital Access: The Sasfin Business Bank account is accessible entirely online, eliminating the need for branch visits.
- Mobile App: A free mobile app allows account holders to manage funds, invest, save, and conduct transactions.
- Investment Options: Account holders can invest in call deposits, fixed deposits, and notice accounts.
- Forex Solutions: The account offers tailored forex services, providing insights into forex news and enabling quick rand payments for trades.
Account Options and Fees
The Sasfin Business Bank account offers two primary options: the Bundle Account and the Pay As You Use (PAYU) Account.
Sasfin Business Account Options
- Bundle Account
- Monthly Fee: R199.00
- Included Transactions: 30 free debit transactions per month
- Additional Fees:
- EFT: R6.90
- Debit Order: R10.20
- Local POS Purchase: R3.90
- International POS Purchase: R3.90 plus 2.85% conversion fee
- Immediate Payment Up to R10,000: R15.00 (2 free transactions per month)
- Immediate Payment R10,001 to R25,000: R25.00
- Immediate Payment Over R25,000: R35.00
- Cash Deposits: Two free deposits (capped at R20,000), thereafter R12.00 + R1.50 per R100
- Local ATM Withdrawals: R9.00 + R1.30 per R100
- International ATM Withdrawals: R35.90 + 2.85% conversion fee
- ATM Balance Enquiry: R5.00
- Local ATM Airtime Purchase: R1.20
- Free Transactions: Inter-account transfers, EFT to other Sasfin accounts, unpaid debit orders, secondary cards (up to 20)
- Pay As You Use (PAYU) Account
- Monthly Fee: R100.00
- Additional Fees:
- EFT: R6.90
- Debit Order: R10.20
- Local POS Purchase: R3.90
- International POS Purchase: R3.90 plus 2.85% conversion fee
- Immediate Payment Up to R10,000: R15.00
- Immediate Payment R10,001 to R25,000: R25.00
- Immediate Payment Over R25,000: R35.00
- Cash Deposits: Two free deposits (capped at R20,000), thereafter R12.00 + R1.50 per R100
- Local ATM Withdrawals: R9.00 + R1.30 per 100
- International ATM Withdrawals: R35.90 + 2.85% conversion fee
- ATM Balance Enquiry: R5.00
- Local ATM Airtime Purchase: R1.20
- Free Transactions: Inter-account transfers, EFT to other Sasfin accounts, unpaid debit orders, secondary cards (up to 20)
Additional Fees for Both Accounts
- B\YOND User Role: Four free roles, R50.00 per additional role
- Card Replacement: R120.00 per card
- Statement (Consultant Assisted): R30.00 per statement
- Account Payments (Consultant Assisted): R150.00
- Bidvest Lounge Access:
- Domestic Lounge: One free visit per month, R283.00 per visit thereafter (Incl. VAT)
- International Lounge: One free visit per month, R475.00 per visit thereafter (Incl. VAT)
- PayShap Payments:
- Up to R1,500: R5.50
- R1,501 to R3,000: R7.50
Integration and Tools
- Sasfin Xero Integration: Direct integration with Xero accounting software, offering real-time transaction updates and seamless bookkeeping.
- Beyond Platform: Provides comprehensive financial management tools including invoicing, cash flow monitoring, and payroll services. Note that there is an out-of-bundle cost for the Beyond platform.
Advantages
- Competitive Fees: Lower conversion fees compared to other banks and a low monthly fee for the bundled option.
- Investment and Forex Solutions: Flexibility to invest and manage forex needs directly through the account.
- Online Accessibility: Easy online account management with the option to open accounts and access features without visiting a branch.
- Business Management Tools: Integration with Xero and access to the Beyond platform enhance financial tracking and management.
Disadvantages
- No Rewards Program: The account does not include a rewards program for additional benefits.
- Limited Travel Benefits: Except for free Bidvest lounge access, there are few travel perks.
- No Dedicated Private Banker: The account lacks a personal banker or dedicated business banking support.
Requirements
- Existing Business: Must have an established business.
- Identification: Valid South African ID book or smart card.
- Proof of Residence: Not older than three months.
- Company Registration: Provide the company registration certificate.
Conclusion
The Sasfin Business Bank account offers a robust suite of features for South African businesses, focusing on digital accessibility and integrated financial tools. With competitive fees, investment options, and forex services, it provides a comprehensive solution for businesses looking to streamline their banking operations. The integration with Xero and the Beyond platform further enhance its appeal, making it a strong contender for businesses seeking a modern, flexible banking experience.
