Watershed study. Monthly charges of business bank accounts in SA.
Not all bank accounts in this study are for PTYs though, some are only for sole proprietors. If comparing only PTY accounts (not all are listed here), the differences become really stark.
Just in: a large Pty Ltd operating for a solid 43 years, switched their business banking to Bank Zero - after decades with a traditional bank. Thank you.
This tells us we have the right Business Banking solution!
We’ve reached our million milestone in real live payments! Yes, that’s still small compared to billions a day done by big banks, but we’re excited to be on our way.
Seeing payments flow from our Bank Zero App to our revolutionary core banking platform and eventually all the way to another bank is just surreal. We can't believe it, it's still sinking in.
Looks like we’re getting it right. High income earners are switching to Bank Zero at an increasing rate. Just recently a super high-net-worth person joined after banking with a traditional bank for more than 50 years. It literally took him 50+ years to find a compelling bank...
One can move so fast if you build your own system exactly like you want it, instead of buying a banking platform and then having to customise it - which introduces high cost and complexity.
Thokozani Zuma (
@zuma_thokozani
) replied to
@BankZeroSA
on Nov 9 2021:
Yep! My 7yr old and 10yr old boys have their accounts and banking apps with Bank Zero! 👌😁
The Bank Zero card can be used internationally. And we charge international card fees of.... ZERO.
In addition to (not) charging card fees, banks tend to charge a % mark-up to cover costs. Ours is 0% if posted in ZAR (eg Netflix) and 1% if posted in foreign currency (eg Amazon)
We love it when South Africans discover real good news - and then spread that further.
(Received this unsolicited comment from a customer, who is definitely not paid to say or do this. 😚)
We launched with both iOS & Android Apps. But on Android there are so many makes & models. This is a typical Bank Zero developer's desk at home. And still not all variability is covered. As you id bugs, let us know (incl phone make/model). We try solve as quickly as possible.
In the spirit of excitement about being one of the 3 new SA bank entrants, here are all interviews:
Tyme:
Us:
Discovery:
(Check Michael's description of being a new entrant, and of the world of a start-up)
Now offering Commercial Banking to any size business. Whether you're a Pty with turnover in hundreds of millions, or an NPO or partnership - set up and change mandates and authorisations from within your Bank Zero app. Not a single branch visit needed.
You asked, we listened.😊
You can now deposit cash directly into your Bank Zero account at these retailers – and see the money appear in your account immediately. All you need is your card & PIN. And of course, the cash… (Retailer sets fee & max amount, so ask cashier.)
This is an emotional day for us. Years of hard work and thinking and designing and doing and redoing that went into this - into creating a bank with the purpose of being the change.
Announcement: Bank Zero's temporarily dropping the card personalisation-&-delivery fee by more than 30%. Retailer pick-up R39, street delivery R79.
Spring put us in a happy mood, but offer won't last forever, so if not yet with Bank Zero, jump! (Most other fees are Zero anyway.)
SA was an early adopter of chips in bank cards (proudly so)! Yet SA banks to this day also include old-fashioned magstripes on all cards... an achilles heel because so easy for fraudsters to skim.
Bank Zero's the only bank which prevents magstripe fraud.
We've been quiet on twitter the last while, busy working hard to build a great digital bank for you. The team's briefly surfacing for the next few days to update you on what we're up to, and then we're going quiet again to complete the last few steps - before you join us... 🤩
Our business customers can now seamlessly link card machines to their Bank Zero accounts. And in line with our ethos of Zero monthly account fees, the monthly rental fees for these are also Zero.
“Tried opening business acc at own bank for 3wks, still waiting on private banker. Started Bank Zero business process on Sat, got card delivery msg on Mon. Everything seamless! Closing my ‘prestigious’ account (costs fortune for NOTHING), moving to Bank Zero, Personal & Business”
The first Bank Zero customer - our very own Neil Armstrong - transferred to her own savings account and successfully made payments to other banks. All live!!!
Thokozani Zuma (
@zuma_thokozani
), 29/10/21:
@BankZeroSA
card cannot be cloned, and even if it falls into the wrong hands, it can't be used online. POWER TO THIS BANK! If it were up to me, everyone would have to get one for their own, especially as the silly season is approaching!
"...South Africans take up to 29yrs to switch banks ...until they move to banks like Bank Zero, there's no reason for traditional banks to cut fees".
If serious about bringing down bank fees, join us in being this change.
#BankZero
Incredibly excited to start revealing our Bank Zero value prop, after a year of dipping under the radar, working hard (and from home!) on putting the finishing touches to the newest kid on the block - Bank Zero.
When a Pty applies for a business bank account in the morning, is fully FICAed before lunch, receives their bank card 2 days later, and uses it that same day... that's efficient Business Banking!
So remember my
@BankZeroSA
Business Account that I opened on Monday this week?
Yes uhm
@pargopoint
delivered the card today at Clicks and I just picked it up 😉
Now that is some speedy service that is worth millions.
Very Happy client guys, well done!
We built Bank Zero so that children can have their OWN bank profiles, OWN apps, OWN cards.
And now children can also have their OWN card machines. No longer do young entrepeneurs have to be turned away for being too young to run a business.
Exciting announcement: late on Thursday night one of our business customers with a R60m turnover, was prevented from losing any money to a fraudulent online card transaction. How? Simple and easy – the Bank Zero card patent. We’ve had ZERO card fraud since launch.
Tweet from Themba Mbuzi 🥩☀️🏋🏿♂️ (
@TMbuzi
) on 20 Jan'22:
My detailing business wasn’t doing great, meaning no money was coming through, but I still had to pay over R70pm in bank fees. R840 pa to keep my account active. Moved it to
@BankZeroSA
4 months later, R0 paid in fees.
Our unique patent means that a Bank Zero card can't be compromised through its magstripe.
No skimming, no fraudsters, and... ZERO CARD FRAUD. We see lots of attempts, but none successful.
If you don't have the Bank Zero card yet, perhaps it's time?
Bank Zero statements tell a story. Whether you prefer pictures or words, your statements shows your income & expenses per payment type. Even the detailed transactions come with pictures.
Sneak peek of the summaries within the typical Bank Zero statements sent out yesterday:
Seems the secret’s out… we softly released ‘Pay Many’ last night to beta-test it, and some businesses already started using it this morning! If you also want to try it, give it a spin? Still fine tuning a few things - DM / email us if you have feedback.
Drum roll!! Our new pricing guide for 2023 has just been released. And… all the Zeros are still Zeros – with a nice drop in our once-off card fee too. Have a look here:
For those that haven't seen yet, Bank Zero gives you a totally personalised card.
Choose your favourite pic, the words you love, and your own special PIN which is then coded into the chip.
(And that's just the start of your personal journey. Your App is personalised too...)
Yes, we did, from scratch. When a team has deep banking skills plus strong tech know-how it can be done. And it can be done cheaper. And more specific to the value prop. And innovative functionality can be built in at all levels. That's the beauty of Bank Zero.
Who said debit orders can't be informative?
Those who've switched debit orders to Bank Zero get info tasks before each debit order runs: from whom for what amount & when exactly it's going to run.
Red=new
Black=existing
Watch out for task clipboard appearing on App login screen.
"Bank Zero cannot be compared with the incumbent banks. They are still in the world of Yellow Pages and SMS, as opposed to Google and WhatsApp.
...paying for electronic banking will soon seem as silly as paying for e-mail and messaging."
Special Feature
#7
:
Stop rogue debit orders from hitting your account... When a NEW debit order is loaded, we warn you with a RED task on your App. Check details & reject immediately if unknown. All at Zero cost to you.
(No need to authorise - it will run if you don't reject.)
Bank Zero: widest range of Zero fees
...and exceptional functionality
...and available to businesses of any size. Not only sole traders but any business from a Pty to an NPO, with no limits enforced on business turnover or on account balances.
Businesses, whether big or small, whether Pty or NPO... at Bank Zero all gets the same Zero-low pricing, same innovative functionality, same Zero card fraud, same customer service. (Oh, and same for individuals too!)
When truth is exposed: lowest fees of digital banks, of neobanks, of all banks in SA.
And the cherry on top? The exact same low (mostly zero) fees apply to personal AND BUSINESS accounts.
(And don't worry - we also claim best-in-world security.)
We often get asked about our the size of our marketing budget. We don't have one. Nor do we have a head of marketing or a head of sales. We hope the facts will speak for themselves.
We listened to our business customers. And then we partnered with the experts.
Bank Zero &
@iKhokhaSA
both believe in:
(1) Making business easy.
(2) Inovative solutions.
(3) Great customer service.
(4) Charging as little as possible, mostly Zero .
From
@terencetobin
(Terence | Financial Planning Not Policy Sales) to
@edward_thuto
:
"It is simple to use, yet not fancy. You can activate/deactivate your card anytime, for POS and ATM. Make multi level approvals for transactions and 99% of stuff is free."
#VoluntaryFeedback
Truth. Our customers will never lose money due to online card fraud, card skimming - actually any form of card fraud! And yes, you can reject all fraudulent debit orders from hitting your account too. Safeguarding our customers is a top priority.
@Obadiretse
@FNBSA
@that_lereng
From debit order fraud, duplicate cards, online shopping fraud and now virtual card compromised, they don't protect their customers. I use
@BankZeroSA
to safeguard myself from all types of fraud.
2 weeks after Deposit Insurance's public launch the true impact is being realised.
Those needing a zero-fee innovative bank with better service, but previously worried about it being small/risky, can now join easily cos their deposits up to R100k is safe.
The behind-the-scenes story of Bank Zero. From how it was built, to how we enable seamless registration, to how we handle complex business mandates seamlessly. Worth a watch!
New online banks are giving traditional banks a run for their money in terms of bank fees. The latest banking fees survey by the Solidarity Research Institute shows TymeBank and Bank Zero offer common services at a fraction of the price compared to traditional banks.
#DStv403
Travelling lightly (and/or surfing lightly) when using your Bank Zero card internationally.
Zero card fees and 0%-1% forex mark-up only. (If merchant posts in ZAR, like Netflix, it's 0%. If merchant posts in their currency, it's 1%.)
#BankZero
#ZeroFees
Now that we’re successfully scaling, why keep the magic to yourself when you can share it with children?
ANY AGE can join Bank Zero. (Well… they must be able to provide a selfie!)
Own profile, own access, own money flow. With an option for you to keep an eye on their account.
Ever wanted to track a payment like you track a parcel? With Bank Zero you actually can!
Latest tracking status of a payment made from any Bank Zero account can be checked on the Bank Zero App - whether you're a customer or not.
(Just use the unique QR code in the PoP.)
Another feature that makes
@BankZeroSA
different. Being able to track how far your payment is from clearing! Now you'll know when your recipient from another bank receives their cash!
Mark messaged us:
"Bank Zero's extra card security saved me! After using card in-store, same guys tried some online card transactions fraudulently. You auto-stopped these & notified me. Thanks to YOU my money’s safe!"
Experience secure banking. Visit .
A “private client experience, and at no fee”… That is enough reason to join Bank Zero!
Especially when you can have that on personal accounts, plus also on business accounts. Same high service levels, same zero fee structure.
Terence CFP® ~ Financial Planning Not Policy Sales
Massive compliments to Wian &
@BankZeroSA
team. I had a problem loading a new beneficiary. He understood my request, confirmed a suitable remedy that would be taken and delivered as promised. Felt like a private client experience at no fee. This was on my business account.
Not a well-known fact (yet): a business that banks with Bank Zero, and uses an iKhokha card machine, will see their card receipts in their Bank Zero account the very next business day.
This is an additional cashflow pleasure on top of the joy of paying Zero monthly fees.
We know that terrible feeling of no funds when debit order should run (just because no time to do admin). So we built a safety net, basically a 2nd chance. Just fund account by 3pm next day & all’s cool. If STILL no money in account by then, well then you’re on your own (R2 fee).
@underscoreurb
Go to
@BankZeroSA
you won't pay such fees. Also, if it bounces on a Monday night, they give you until 3pm following day to sort it out. R2 is the fee if I'm not mistaken
Previous personal experience of having cards skimmed, led to a unique-in-the-world card patent when we built Bank Zero. You can't lose money through card skimming or online card fraud with your Bank Zero card. If already a customer, that's one more reason to sleep well tonight.
Today our Beta testing phase stepped up to a controlled public launch. Still some polishing to do, but as this Beta tester said:
“...we came away impressed ...everything you want from a digital-only bank and then some ...we look forward to seeing how the bank’s offering evolves”
Our business pricing is the same zero/low fee structure as for individuals. A refreshing change. And then there are all the many Special Features - a number of unique innovations. Check out our website for more detail
@hennie_booboo
@BankZeroSA
Truly. Do it. Their service is exceptional, they have a zero fraud record, and I cannot fault them. Heck, they even send statements in a spreadsheet for you already so you don't have to dick around exporting. They are flawless.
Beta started after the green light from alpha. It’s open to all staff doing all sorts of transactions. Salaries are paid in, cash investments are made, bills are paid, etc. This day-to-day banking is limited to staff only – a critical step before inviting external customers.
“In this tough economic environment, businesses and individuals cannot afford to pay excessive bank fees. They should have powerful banking functionality that doesn’t require paperwork or visits to a branch."
Again named most affordable bank account in SA…
Best part, ALL Bank Zero accounts have exact same zero/low fees. No matter what income or business turnover.
Most banks increase fees of their other type/colour account steeply from entry-level shown here.
The days of private bankers assisting with bank admin, are long-gone. But doing it yourself while managing a business is impossible.
Bank Zero created "Relationship Bankers" on your App. Add admin staff there - they load payments, you auth. Full control & security, zero schlep.
And here’s the really good part… even if you ARE phished and someone then tries to access your banking profile, we’ll pick up that it’s from a different phone and we force biometrics to check if it’s really actually truly you.
Bank Zero Commercial Banking - different than at traditional banks. Simple and innovative. And caters for all size businesses (other than listed companies).
Newly launched last week, but in case you missed, it the below provides a very interesting read!
Johan Mynhardt (
@johanmynhardt
) tweeted:
"Another wonderful surprise by
@BankZeroSA
😎. When attaching a document against a transaction when making a payment, it will end up being sent along with the proof of payment!"
@YesReallyAngel
Not that it would help you now, but I’ve opened a Bank Zero account in addition to my normal bank account - no bank charge, comes with a debit card you can use online, super useful for overseas debit orders and payments when travelling, as no extra charge for foreign payments.
We❤️this little-yet-big-impact innovation. Receiver can match invoice sent to payment received. Or contract signed vs what happened thereafter. Or whatsapp screengrab of promise made and then what was paid. Or just a quirky love note to a partner. The applications are endless...
When we launch, we will be available to both individuals and businesses. We believe there is much relief needed in the business segment - both in terms of banking fees and also banking functionality.