The Absa Business Evolve Excel Account is a business account designed for companies with a high volume of transactions and carries a monthly fee of R650.00. It is available to businesses with a monthly revenue ranging from R0.00 to R500 million.

This account offers 35 cash deposits or withdrawals per month, which are bundled with the account. Withdrawals and deposits that are bundled by the account are limited to R250,000.00 per month.

The account allows for up to 150 monthly transactions, including bill payments, external debit orders, debit purchases, and more. Standard fees apply to transactions that are not part of the bundle.

The account includes free transactions for most Absa-to-Absa transfers. Additionally, account holders receive two immediate payments per month in addition to the account fee.

Through the Excel Account, account holders receive extra benefits at no extra cost. These benefits are discussed further below.

Absa Business Evolve Excel Account Benefits

• Free 24/7 access to Absa’s digital platforms, including the mobile app, internet banking, and mobile banking, which can be activated as soon as the account is set up.
• Absa provides the account holder with a liquidity investment account where individuals can save money for a rainy day, as businesses must save money for uncertainties. Interest is earned on savings in a liquidity plus investment account.
• Those looking for a Muslim cheque account for business can open a Shari’ah compliant Business Evolve Excel account. Account holders with a Shari’ah-compliant Business Evolve Excel account do not have access to the Absa Liquidity plus investment account.
• The Business Evolve Excel Account has no fees for inter-account transfers, debit orders from one account to another, and the Notify Me service. Each month, statements are also sent to subscribers via email for free.
• Account holders have the option to create additional Excel transactional accounts for other business partners or employees. These accounts can be personalized according to the account holder’s preferences. Alternatively, the account holder can add additional cards to the same account, allowing it to be used by multiple people.
• When downgrading or upgrading their account, account holders can keep their account number with the Absa Business Evolve Excel Account. Therefore, migration to another Absa Business account will carry the same account number, and the account holder will not need to update account details with creditors, debtors, and suppliers.

Although the Absa Business Evolve Excel account offers many benefits that are bundled with the account, it also charges out-of-bundle fees. Details of these fees are discussed below.

Absa Business Evolve Excel Fees

Advantages of Absa Business Evolve Excel Account

• The account includes two free interbank payments per month.
• The account includes 150 free monthly transactions.
• Account holders can open a liquidity plus account in order to save money while also earning interest. Money saved in the liquidity plus account is accessible 24/7.
• Absa inter-account transfers are limitless.
• Debit orders from Absa to Absa are limitless.
• For businesses interested in Islamic banking, there is a Shari’ah-compliant Evolve Excel Account.
• The account provides account holders with access to Absa’s digital platforms.
• Secondary debit cards with personalized naming can be applied for and issued.
• The account can be opened online.
• Account holders can transfer their account number from the Evolve Excel Account to another Absa Business account.

Disadvantages of Absa Business Evolve Excel Account

• The account may be too expensive for businesses that transact infrequently or have a low number of transactions.
• The account does not include a private banking facility.

Absa Business Evolve Start Account Application

To apply for the Absa Business Evolve Start Account, the following requirements must be met:

• Must have a registered business or be a sole proprietorship with an annual revenue of not more than R500 million.
• All directors of a company must have a valid South African ID book or Smart card.
• Proof of address for the business must be provided. If you are a sole trader, a sworn affidavit can be produced as proof of business address.
• Company registration documents must be provided.
• If a company has more than one director, the person applying must provide a company mandate stating the support to open the bank account.
• Existing businesses must provide 3 months bank statements for the company or submit 3 months personal bank statements if you are a sole trader.

Conclusion

The Absa Business Evolve Excel account is ideal for companies that transact frequently and require a large amount of cash withdrawal. With 150 free monthly transactions and limitless Absa inter-account transfers and debit orders, the account can save businesses money on bank charges. However, businesses that transact infrequently may find the account too expensive, and the account does not include a private banking facility. Overall, the account is a good option for businesses that require a high number of transactions and want to save on bank charges.