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Business banking with Bidvest Bank

By Bidvest Bank
Corporations, governments and large institutions rely on business banking products and services for the smooth functioning of their processes. Business banking includes the issuing of loans, minimising taxes and working out the complexities of financial agreements.

For exporters and importers as well as trade entities such as ships agents, freight forwarders and marine insurance brokers, it’s useful to have the guidance of professional financial consultants when making foreign currency payments. Another aspect of corporate banking is examining and taking advantage of fluctuations in foreign exchange rates.

Business owners are constantly on the lookout for ways in which to process and realise cost savings. This scrutiny extends to business banking, where the costs and charges applicable to corporate banking services can have an impact on a business’s growth and sustainability.

Bidvest Bank has tailored a variety of business banking products and services that include investment products such as call accounts, notice deposit accounts and fixed deposit accounts. Although Bidvest Bank is known as “The Foreign Exchange Specialists”, in recent years we’ve expanded our offering to provide private and corporate clients with products and services that are competitive and save money.

Locate a Bidvest Bank branch in your province or continue reading to learn about our business banking products in detail.

Corporate banking products and services

Selecting a bank for small business banking or larger corporate banking services comes with some key considerations. First, consider the transaction and borrowing costs and second, compare them to the facilities that the bank offers.

Third, it’s important to recognise whether or not your chosen bank is able to give you individual attention, local market knowledge or foreign exchange expertise – depending on your business’s unique needs. Fourth, carefully consider your chosen bank’s product range and whether its corporate banking products suit your business’s needs.

Bidvest Bank provides the following corporate banking products:

  • Call accounts: Requiring a minimum of R1000, a call account gives businesses access to their funds within 24 hours. Calculated daily and capitalised monthly, interest rates for call accounts are determined by the balances in the accounts. Useful for those businesses that require flexible banking, call accounts hold funds for unlimited investment periods and accept partial withdrawals and additional deposits at any time.

  • Notice deposit accounts: A business banking account with a flexible notice period, a notice deposit account is useful for those businesses seeking short-term investments that deliver excellent returns. The interest rate moves in line with the Prime lending rate. Interest is calculated daily and capitalised monthly.

  • Fixed deposit accounts: Useful for medium-term investment purposes, Bidvest Bank’s fixed deposit account allows for the investment of funds for a period of one to twelve months at a fixed interest rate. Interest is calculated daily and payable monthly or on maturity. The minimum deposit for this business banking account is R5000.

  • Customer Foreign Currency (CFC) accounts: Designed to assist export or import companies as well as service entities with foreign currency payments, Bidvest Bank CFC accounts also provide a legal way of forwarding or holding foreign currency. Subject to the South African Reserve Bank’s exchange control regulations – with which Bidvest Bank, as an Authorised Dealer, assists – CFC accounts may be held in Australian Dollars, Canadian Dollars, Swiss Francs, Euros, British Pounds, Japanese Yen and US Dollars.

  • Corporate Payment Card Solution: The Corporate Payment Card Solution is a secure web-based banking platform that is linked to a Bidvest Bank account held in your business’s name. It is useful for companies with a wide variety of staff and staff-related expenses. Linking debit cards with call accounts, the Corporate Payment Card Solution permits a nominated authority to activate and de-activate debit cards, load roaming cards, assign Personal Identification Numbers and monitor staff expenditure.

  • Loans and advances: Integral to the running of many businesses is cash flow, and Bidvest Bank assists with the granting of working capital loans and selected asset-based finance. Applications for loans are viewed on a case-by-case basis.

    Get professional business banking

    With many branches in provinces throughout the country, Bidvest Bank is well positioned to provide corporate banking services and products to companies. Contact us with your enquiries regarding business banking in South Africa.