The Absa Business Evolve Lite Account is a business cheque account designed for small businesses that incurs no monthly service fee. Companies with annual revenues ranging from R0.00 to R1,500,000.00 are eligible for the account.
The Absa Business Evolve Lite Account is available in two different forms: a regular transactional account and a Shari’ah-compliant transactional account, both with a monthly account fee of R0.00.
The account’s first five payments are free to any bank. Subsequent payments are subject to a R12.50 fee, and immediate transactions incur a charge of R7.50 for the first transaction and R48.00 after five transactions.
Debit order transactions are subject to an R24.00 fee per transaction, except for the first five external debit order transactions which are free.
The account allows for two free ATM cash deposits or withdrawals per month, limited to a total of two deposits or withdrawals of R3,000.00.
The Absa Business Evolve Lite Account includes several free transactions, products, and services, such as a Visa debit card, digital banking facility, Liquidity Plus, Cashflow Manager, internal account transfers, internal debit orders, Notify Me, point of sale purchases, and Mobile Pay.
In addition to its low transaction fees, the Absa Business Evolve Lite Account provides businesses with a way to build a credit record and offers credit at lower interest rates. Account holders can open the Absa Liquidity Plus investment account for free to start investing and can add Cashflow Manager to enhance their account.
Account holders also receive free access to Absa digital platforms to transact and keep track of their business account. The account is able to accommodate multiple users, allowing key personnel to use the account when necessary. Upon request, secondary debit cards can be issued to aid businesses in transacting more efficiently.
Absa Business Evolve Lite Account Fees 2023
Fee Description | Amount |
Monthly Account Fee | R0.00 |
Payments | Free for the first 5, thereafter, R12.50 |
Immediate Payments | First 5 transactions R7.50. Thereafter, R48.00 per transaction |
External Debit order fee | Free for the first 5 transactions, thereafter, R24.00 per transaction |
Point of Sale purchase fee | Free |
Mobile Pay fee | 2.75% Merchant service fee per transaction |
ATM withdrawal Fee | Free for the first 2 withdrawals or R3,000.00 per month, whichever occurs first. |
Withdrawal fee at a branch | R72.00 + R2.50 per R100.00 |
Withdrawal through cash centre | R72.00 + R2.50 per R100.00 |
Absa ATM withdrawal fee | R2.20 per R100.00 |
SASWITCH ATM withdrawal fee | R12.00 + R2.30 per R100.00 |
Overseas ATM withdrawal fee | R85.00 |
ATM deposit fee | Free for the first 2 withdrawals or R3,000.00 per month, whichever occurs first. |
Absa ATM or POS prepaid top up fee | R1.60 |
SASWITCH ATM prepaid top up fee | R12.00 |
Balance enquiry at branch counter | R10.00 |
Absa ATM balance enquiry | Free |
Stop payment instruction fee | R90.00 |
Debit card replacement fee | R140.00 |
Advantages and Disadvantages of Absa Business Evolve Lite Account
Scalable: Account holders can use the same business account as their business grows and migrate to a different Absa Business account.
Limited Features: The account comes with limited features and doesn’t provide industry-specific banking.
The Absa Business Evolve Lite Account is an easy-to-use and cost-effective transactional account for businesses that are just starting out. It provides limited free transactions, making it a good option for businesses that don’t transact much in a month. However, the account is not suitable for businesses that make multiple transactions per day due to the out of bundle high pricing. Overall, the account guides new businesses into the world of banking for various types of entities, but it may not be appropriate for all types of businesses. An account such as Absa Business Evolve Start may be more suitable for businesses that make multiple transactions per day.
This website uses cookies.