Absa Business Evolve Lite Account Review 2023

The Absa Business Evolve Lite Account is a business cheque account designed for small businesses that incurs no monthly service […]

Absa Business Evolve Lite Account

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 FeeR0.00
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 feeFree
Mobile Pay fee2.75% Merchant service fee per transaction 
ATM withdrawal FeeFree for the first 2 withdrawals or R3,000.00 per month, whichever occurs first. 
Withdrawal fee at a branchR72.00 + R2.50 per R100.00 
Withdrawal through cash centreR72.00 + R2.50 per R100.00 
Absa ATM withdrawal feeR2.20 per R100.00 
SASWITCH ATM withdrawal feeR12.00 + R2.30 per R100.00 
Overseas ATM withdrawal feeR85.00
ATM deposit feeFree for the first 2 withdrawals or R3,000.00 per month, whichever occurs first.
Absa ATM or POS prepaid top up feeR1.60
SASWITCH ATM prepaid top up feeR12.00 
Balance enquiry at branch counterR10.00 
Absa ATM balance enquiry Free
Stop payment instruction feeR90.00
Debit card replacement feeR140.00

Advantages and Disadvantages of Absa Business Evolve Lite Account

Advantages

  • Low Cost: The account charges no monthly service fee and provides low-cost transactional fees, making it beneficial for newly founded businesses with low capital.
  • Limited Free Transactions: The account provides limited free transactions on certain cost items, making it useful for those who do not transact much in a month and want to save on additional costs.
  • Easy to Apply: The account can be applied for online through the Absa website or digital platforms, and Sole proprietorships can also apply for it.
  • Free Access to Digital Platforms: The account gives account holders free access to the Absa digital platforms.
  • Mobile Pay: Mobile Pay doesn’t charge a monthly fee.
  • Dedicated Service Desk: The account comes with a dedicated service desk to easily help resolve business queries.

Scalable: Account holders can use the same business account as their business grows and migrate to a different Absa Business account.

Disadvantages

  • Out of Bundle Fees: Frequent transactions can inflate the monthly added service fee payable due to the out of bundle high pricing.

Limited Features: The account comes with limited features and doesn’t provide industry-specific banking.

Absa Business Evolve Lite Account Application

  • To apply for the Absa Business Evolve Lite Account, applicants must provide:
  • A valid South African ID book or Smart card.
  • Proof of residence that is not older than 3 months at the time of application.
  • Proof of physical address for the business.
  • Company registration documents if the business is a registered Entity.
  • Company resolution to open an account if the company has more than 1 director.

Conclusion

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.


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