Startup bank accounts

[SCG8866T]

Not that I know of. I believe there's a charge for internet fund transfer. So what I did was that, deposit the cheque and then do cash withdrawals via atm.

Always have $0 in my account.

Weird because on their website, they say 20cts charge for instant fund transfer via fast and 50cts charge per cheque. So doesnt that means, fund transfer is cheaper?

 

[djchris]

Is there any hidden transaction cost for maybank?

I see ocbc first account lite has 30 free cheques monthly and $5k average balance maintenance, but need to top up $25 monthly for eservice...

DBS worse with min$10,000 and no words on transaction cost.

UOB charges $20 for otc cash deposit, withdrawal etc...

Not that I know of. I believe there's a charge for internet fund transfer. So what I did was that, deposit the cheque and then do cash withdrawals via atm.

Always have $0 in my account.

 

[Denikeve]

DBS $40 annual fee. min average daily balance $10k, fall below fee $35 per month. now apply online got free permanent waiver of $30 IDEAL set up fee and $30 monthly subscription charge. newly incorp companies less than 6 months old got 3 months of fall-below fee waiver. min initial deposit $3k

cheque clearing is free for 1st 30 cheques per month, 50 cents per cheque after 30 (I'm referring to the number of cheques your company issue, not u receive).

Internet funds transfer to accounts within DBS/POSB is free for first 30 transfer in a month. subsequently is $1 I think per transfer.

Internet funds transfer to accounts outside DBS/POSB is chargeable. forgot how much.

so I use cheques since it's free.

 

[henrylbh]

I just moved from Standard Chartered (they're shitty for corporate banking) to Maybank. Their Flexi Biz account has no min. balance to maintain and no monthly fees. They just charge a fee if you want to use cheque books and a small fee if you use their internet fund transfer service.

But they issue a card for the account and I use it to withdraw money so I don't have to pay any fees.

It's a good deal. Consider it.

Any annual fee for maybank? All 3 local banks charge fall below fee. If you maintain above the requisite amount, they will still charge you annual fee

 

[djchris]

Any annual fee for maybank? All 3 local banks charge fall below fee. If you maintain above the requisite amount, they will still charge you annual fee

The Flexi biz account that I am using does not have a fall below fee and annual fees for now. No minimum balance needed.

 

[Denikeve]

Any annual fee for maybank? All 3 local banks charge fall below fee. If you maintain above the requisite amount, they will still charge you annual fee

yah corporate accounts not like personal accounts. if only we can use personal accounts to do business.

 

[underdogrock]

ocbc business first

I think the most important thing for start up is the low capital needed to be maintained in the account.

OCBC business banking account fall below is 5k so that's much easier to maintain than the others. I think their internet banking app is not bad... they recently launched the mobile banking app, pity can only view stuff for now. If can transact, much better lah. Hope they get their act together.

 

[tiertime]

i just saw this comparision chart:
http://i1.wp.com/www.companyconsult...s/2016/02/SGD-Business-Banking-3-Feb-2016.png

But it doesnt seem very updated but can use the categories for reference.

is there a bank that has unlimited free chequebooks, minimal annual fee, free internet banking, any recommendadtions ?

 

[OngHuatHuat]

I am using Maybank now. So far so good.
My company only one employee which is me.

 

[coey]

What is the difference between normal savings account and business account ?

 

[jayou8]

bump

anyone using ocbc velocity? how is the experience so far please?

 

[Sg_Stone]

What is the difference between normal savings account and business account ?

Typically business accounts do not earn interest on their account balance.. not sure whether is it a requirement for companies to have current (business) account for their business, if not I think many people would to delay payment so as to maximize interest earned..

 

[kenny_erik]

Question: As a company owner and employee, how do you actually pay your own salary ?. As a monthly fee drawn from your account, director fee or just anyhow draw like a personal account.

I am using Maybank now. So far so good.
My company only one employee which is me.