Do you want to know how the Absa business cheque account works in South Africa? Check out this article.
We will briefly explain in simple terms to you what a business cheque account is.
What Is A Business Cheque Account
This account is suitable for starting a small business or managing an existing one.
This account will help you carry out your day-to-day banking requirements like deposits and withdrawals.
Now that you understand what a business account is, we will show you the requirements to open the account.
Requirements For This Account
Below are the main requirements for opening a business cheque account in South Africa:
- A South African ID or smart card per business member, individual, or director.
- Proof of address per business, individual member, or director.
- Proof of physical address of the business or an affidavit for the sole proprietors
- Company registration documents
- Company resolution where more than one (1) signatory is applicable
These are the requirements to qualify for a business cheque account.
We will now look at how the account works in South Africa.
Absa Business Cheque Account
The minimum opening balance is R500
You can do day-to-day cash withdrawals, cash-free payments, and purchases using a debit card.
The debit card allows access to Absa branches and electronic platforms such as online banking, monthly fee-free Absa banking App, self-service kiosks, ATMs, and Absa-supported ATMs.
You have access to cash-handling services with this account.
You have unlimited inter-account transfers and internal Debit orders.
With this account, you have free access to statements via email.
You have a more secure way and convenient way to access your statements.
You are allowed to open multiple unlimited business accounts.
You can block illicit debit orders digitally or at any Absa branch.
You can transfer banking fees to another Absa current account in your profile.
The monthly charge is only R65.
This is how the Absa business cheque account works in South Africa.