The FNB Platinum Business Account, an upgrade from the FNB Gold Business Account, is better suited to long-term firms. The account provides first-rate transactional and banking services. The account includes a number of non-banking privileges, such as access to SLOW lounges and wealth management services. When you link your petrol card to your FNB Platinum Business Account, you will receive free roadside assistance in the event of an emergency.
The Platinum Business Account has access to instant accounting software, which allows firms to record transactions as they occur. This is due to the fact that every transaction made on the Platinum Business Account is recorded in the affected accounts. The account gives you access to specialized banking services. This is due to the fact that the account is designed to meet the financial demands of practically any industry.
Any business in South Africa that operates in any industry can open this account, as particular changes will be made on this account for that business. The Platinum check account includes an overdraft option that allows your company to access cash when there is none in the Platinum cheque account. An overdraft facility is beneficial in several ways, the most essential of which is that it allows you to satisfy your business’s short-term obligations when there is no cash in the bank account.
The overdraft facility, on the other hand, comes with a cost. Furthermore, the amount of overdraft that your business can utilize is determined by the amount of overdraft that your firm qualifies for. Your company will need to apply for an overdraft facility.
FNB Platinum Business Account Summary
The FNB Platinum Business Account is a business cheque account in the second tier. The account is intended for firms with yearly revenues ranging from R5,000,000.00 to R60,000,000.00. The account costs a 2.75 percent international transaction fee every transaction. FNB Platinum Business Account has two pricing options: a one-time fee and a pay-as-you-go model. There are two possibilities for the single cost facility. Option 1 costs R465.00 per month, while Option 2 costs R630.00 per month.
Option 1 of the Platinum account’s single facility includes 60 free electronic debit transactions, while option 2 includes 90 free electronic transactions. The Pay As You Use price option is R135.00 per month for service.
FNB Platinum Business Account Benefits
- The account comes with more electronic debit transactions.
- Comes with unlimited card swipes.
- Cardholders get access to the slow lounges locally and abroad.
- There are a number of pricing options that a business can choose from depending on the transaction and banking services it needs.
- Clients get access to business on-call service, whereby a business representative can get free advice on banking from an FNB client consultant.
- Free access to the FNB digital platforms.
- Prepaid purchases are for free.
- Can use the FNB cellphone banking app for free when in South Africa.
- Clients get free access to a business or relationship manager who will assist the business whenever needed.
- Comes with free electronic transfers.
- The Pay As You Use account comes with a very cheap monthly service fee.
- The business’s last 12 month’s bank statements are available for free on the FNB App or FNB online banking for business.
FNB Platinum Business Account Fees 2022
| Fee description | Pay As You Use | Single fee Option 1 | Option 2 |
|---|---|---|---|
| Monthly Service Fee | R135.00 | R465.00 | R630.00 |
| Electronic debit transactions through FNB digital platforms | R15.00 | Free 60 transactions thereafter R18,00 per transaction | Free 90 debit transactions thereafter R17.00 |
| FNB ATM cash withdrawals | R2.00 per R1000.00 | Free 10 cash withdrawals thereafter R2.00 per R1,000.00 | Free 10 cash withdrawals thereafter R2.00 per R1,000.00 |
| Cash deposits done at an FNB ATM with cash deposits only | R4.50 + R1.04 per R100.00 or part thereof | Free up to R150,000.00 thereafter R4.50 +R0.70 per R1000.00 | Free up to R250,000.00 thereafter R4.50 +R0.70 per R1000.00 |
| Electronic Pay and Clear now | R45.00 | 1 Free thereafter R35.00 per transaction | 1 Free thereafter R35.00 per transaction |
| Electronic Transfers | Free | Free | Free |
| Transfers at an FNB branch | R15.00 | R15.00 | R15.00 |
| Consultant assisted Transfers | R80.00 | R80.00 | R80.00 |
| International currency commission and conversion fee | 2.75% of the transaction value | 2.75% of the transaction value | 2.75% of the transaction value |
| Other bank’s ATMs prepaid purchases | R15.00 | R15.00 | R15.00 |
| FNB Connect prepaid purchases | Free | Free | Free |
| External debit order fee | R19.00 | R19.00 | R19.00 |
| Third-party payments at an FNB branch | R80.00 | R80.00 | R80.00 |
| Stop payment using digital channels | Free | Free | Free |
| Stop payment at an FNB branch | R80.00 | R80.00 | R80.00 |
| Debit order dispute using digital channels | R5.00 | R5.00 | R80.00 |
| Debit order dispute at an FNB branch or telephone banking | R40.00 | R40.00 | R5.00 |
| Reversal of incorrect eWallet transaction | R55.00 | R55.00 | R55.00 |
Competitive Advantages of the FNB Platinum Business Account
- Can apply for the account online and it is even easier for existing FNB business account holders to open the account.
- 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.
- 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 Platinum Business Account
- The account requires too much turnover to qualify for.
- Out of bundle transactions come at a premium.
Requirements of the Account
- Must be a registered company in South Africa.
- The company representative needs to have the 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.
- Have all the directors’ proof of identification.
- Have the company registration documents.
Conclusion
The FNB Platinum Business Account offers great services to small and medium enterprises as they transact more and require more attention. The account has added transactions and comes with premium services.
