The Absa Islamic Evolve Pay As You Transact Business Account is a Shari’ah compliant business account that comes with a host of benefits. The account is designed for sole proprietors and SMMEs to transact better and benefit from Absa’s value-added services.
As a pay as you transact account, the Islamic Evolve Pay As You Transact Business Account uses a tier-based transaction system whereby transactions are billed based on tier levels. Transactions are classified into groups and include payments, immediate payments, debit orders and debit card purchases.
The Islamic Evolve Pay As You Transact Business Account is a sister account to the Evolve Pay As You Transact Business Account. The difference between the two accounts is that the Islamic Evolve PAYT account is Shari’ah compliant and as such it doesn’t allow for the opening of liquidity plus investment account whereas the Evolve PAYT account isn’t Shari’ah compliant and allows for the opening of liquidity plus investment account.
The Absa Islamic Evolve Pay As You Transact Business Account is a Shari’ah compliant business cheque account for sole proprietors and SMMEs. The account comes with a monthly service fee of R95.00. To qualify for the Islamic Evolve Pay As You Use account, a company needs to have an annual turnover of R0.00 to R500,000,000.00.
The account comes with zero monthly fees on selected services and products, these include free Absa online and the banking App, free Visa debit card, cash handling service and cash flow management services.
The business Account also offers unlimited services to make in house banking easy and free. Unlimited services include Absa inter-account transfers and Absa to Absa debit orders.
| Transaction Type | Fee Structure |
|---|---|
| Monthly account fee | R95.00 per month |
| Own/Bill Payments | First 30 transactions: R7.50 each |
| 31-70 transactions: R7.40 each | |
| 71-210 transactions: R7.20 each | |
| >210 transactions: R6.30 each | |
| Immediate Payments | R40.00 per transaction |
| Debit Order (External) | R11.50 per transaction |
| Debit Card Purchases | First 20 transactions: R4.35 each |
| 21-40 transactions: R4.00 each | |
| 41-90 transactions: R3.70 each | |
| >90 transactions: R3.00 each | |
| Cash Deposits | Cash deposit (Minimum): |
| – Branch counter: R64.00 | |
| – Cash centre: R42.00 | |
| – Cardless: No charge | |
| – Device: No charge | |
| Cash deposit (Base fee): | |
| – Branch counter: R9.60 | |
| – Cash centre: R8.00 | |
| – Cardless: R7.20 | |
| – Device: No charge | |
| Cash deposit fee (Branch counter): | |
| – R0 – R5,000: 2.35% of deposit | |
| – R5,000 – R30,000: 2.10% of deposit | |
| – > R30,000: 1.70% of deposit | |
| Cash deposit fee (Cash centre): | |
| – R0 – R5,000: 2.15% of deposit | |
| – R5,000 – R30,000: 2.10% of deposit | |
| – > R30,000: 1.35% of deposit | |
| Cash deposit fee (Cardless): | |
| – R0 – R5,000: 2.00% of deposit | |
| – R5,000 – R30,000: 2.00% of deposit | |
| – > R30,000: 1.30% of deposit | |
| Cash deposit fee (Device): | |
| – R0 – R5,000: 2.10% of deposit | |
| – R5,000 – R30,000: 1.95% of deposit | |
| – > R30,000: 1.30% of deposit | |
| Cash deposit (Absa ATM): R4.70 + R1.30/R100 | |
| Cash Withdrawals | Branch counter: R75.00 + R2.60/R100 |
| Cash centre: R75.00 + R2.60/R100 | |
| Absa ATM: R2.40/R100 | |
| Point of Sale (POS) | Local: R4.85 per transaction |
| Saswitch ATM | R12.00 + R2.40/R100 |
| Overseas ATM | R85.00 per transaction |
This business account is a good cheque account to open when you are running an SMME or sole proprietorship. This is because the account is affordable and doesn’t have any unnecessary costs associated with it.
Moreover, the account is a plus for companies that have a high volume of transactions every month. The regressive billing system on transactions can save you a lot of money.
This website uses cookies.
