Funny question for here I know, but SSers, your opinions are highly regarded. Best and cheapest Bank for a no frills easy business account for a new Pty Ltd company. (Foreign currency option would be nice but not essential) Suggestions?
I looked at Suncorp recently - they have a free business account. Banked with ANZ for a long time though and I have no compelling reason to change - their business account is $12/month.
Have a look at HSBC if you want a bank where foreign currency transactions are routine and easy to arrange. www.hsbc.com.au
First hand account.... Suncorp are APPALLING !! Even with computers they can't open/close/maintain a simple saving account. Stay well clear.
I use a credit union with a local branch nearby on the off chance I need to do any over the counter stuff. Never paid fees. VISA card rate on foreign purchases is VISA spot (surprisingly competitive) plus 0% commission.
could not agree more, the smaller the "bank" the better they are in keeping people/companies, sure you wont get the best intrest rates with savings but from personal experiance they will give the best loans out, happy undercut the best price you can find. Go with a credit union for both your profsional and your personal banking. Best thing I ever did!
BOQ have a great business model with the manager being the franchise owner. That way you know the manager and he knows you. Problem is, 2 branch managers (that have been reported by the media) so far have been caught stealing funds, 1 to pay for an exotic lifestyle, the other faked a robbery to pay for his gambling debts! Once is an incident, twice is a systemic failure. There seems to be a problem with their auditing/oversight.
I've heard bad news about NAB and small businesses, though they may not be any worse than others. Are you sure you want to setup a company rather than a trust? A trust is a more secure and robust entity than a company.
