FNB Enterprise Business Account Review 2023

Published by
Lethabo Ntsoane

The FNB Enterprise Business Account is a transactional account for companies with a minimum annual revenue of R60 million. When you shop for specific items or at specific merchants, you can earn up to 40% more eBucks points.

FNB Enterprise Business account include relationship and advisory managers. Account holders also have a 24/7 access to specialists when they need them.

The FNB Enterprise Business Account, as a black card, grants account holders access to SLOW domestic, international, and city lounges.

FNB Enterprise Business Account holders can open a money call account with a minimum deposit of R5,000.00. The interest rate on a business money call account ranges from 4% to 5.65%.

Account holders can also open a 48-hour cash accelerator, 7-day notice account, and/or 32-day Flexi notice account to benefit from the interest earned by these savings accounts.

The FNB Enterprise Business Account also offers investment and borrowing needs. Through Bespoke, business owners can get capital solutions such as private equity, venture capital, and principal investments. 

Borrowing through the FNB platform is easy for Enterprise Business account holders as they get access to overdrafts, debt finance, assist based finance and debt finance. 

The FNB Enterprise Business Account offers users with different benefits, these benefits are listed below. 

FNB Enterprise Business Account Benefits

  1. The account comes with free business solutions to enable your business to transact better. Business solutions offers include:
    • eWallet pro – helps with paying clients and employees electronically and instantly even if they don’t have a bank account.
    • Forex business – help businesses with transacting beyond the South African borders. Businesses can pay international, get their foreign travels organized, and more.
    • PayPal service– businesses can now pay and get paid immediately online through their PayPal account.
    • Merchant services – businesses can now have their customers pay using their cards when transacting.
  2. Clients can now open a virtual card online. The virtual card is more secure as its CVV number changes every hour.
  3. Account-holders can earn eBucks of up to 40% on qualifying purchases.
  4. Clients can switch recipients and debit orders with ease using the FNB Mobile App.
  5. The account comes with a free instant accounting service that enables businesses to record transactions as they happen.
  6. Free access to all FNB digital platforms to track business transactions electronically.
  7. Clients get free email and SMS notifications for every transaction performed.
  8. Businesses can apply for an overdraft facility which is subject to approval. Comes with no minimum monthly payments.
  9. Can make restrictions on FNB enterprise business cheque cards at any time using the FNB Mobile App.

FNB Enterprise Business Account Fees 2023

Fee DescriptionFee
Electronic Debit transactions Free for the 1st 30 transactions and R19.00 per transaction thereafter
FNB ATM Cash Withdrawals feeFree for the 1st 5 transactions and R2.00 per transaction thereafter
Cash deposits at an FNB ATM Free for up to R50,000.00 and R4.50 + R0.80 per R1,000.00 or part thereof
Pay and Clear now transaction feeFree for the 1st transaction and R35.00 per transaction thereafter
Electronic Transfers Free
Transfers at an FNB branchR15.00
Consultant assisted Transfers R80.00
International currency commission and conversion fee2.75% of the transaction value
Other  bank’s ATMs prepaid purchasesR15.00
FNB Connect prepaid purchases Free
External debit order feeR19.00
Third-party payments at an FNB branch R80.00
Stop payment using digital channelsFree
Stop payment at an FNB branch R80.00
Debit order dispute using digital channels R5.00
Debit order dispute at an FNB branch or telephone banking R40.00
eWallet payments per transaction R2.00 + R8.00 per R1,000.00 or part thereof
Reversal of incorrect eWallet transaction R55.00
Electronic Debit transactions Free for the 1st 30 transactions and R19.00 per transaction thereafter
FNB ATM Cash Withdrawals feeFree for the 1st 5 transactions and R2.00 per transaction thereafter
FNB Enterprise Business Account Out of Bundle Fees 2023

Competitive Advantages of the FNB Enterprise Business Account

  • Can apply for the account online and it is even easier for existing FNB business account holders to open the account.
  • Comes with business solutions that a business can take advantage of for better transacting.
  • There are a number of payment plans that one can choose from.
  • Comes with free access to the FNB digital platforms.
  • Clients get automatic entry to the FNB eBucks rewards program.
  • Comes with private client consulting services that are for free.
  • The account gives companies free access to the FNB instant accounting software.
  • Comes with SLOW lounges access.
  • The account can be tailored to suit your industry needs.

Competitive Disadvantages of the FNB Enterprise Business Account

  • Only a selected few companies can qualify for this account.

How to apply for the Account

  1. Must be a registered company in South Africa.
  2. The company representative needs to have a mandate to open a bank account accompanied by minutes of the meeting. If the directors of the business are present at the bank, there won’t be any need for a mandate and minutes.
  3. Have all the directors’ proof of identification.
  4. Have the company registration documents.

Conclusion

FNB makes it clear that the account is only for businesses that earn an annual turnover of R60 million or more, therefore, this account is only for established businesses. The account also offers the best benefits more than any of the FNB business accounts due to the high transactions that are made by the businesses that qualify for the account. 

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo