Standard Bank MyMoBiz Business Account Review 2024

The Standard Bank MyMoBiz Business account stands out as one of the most cost-effective options for businesses nationwide, with a […]

MyMoBiz Business Account

The Standard Bank MyMoBiz Business account stands out as one of the most cost-effective options for businesses nationwide, with a monthly service fee as low as R7.00. It’s Standard Bank’s most budget-friendly business account yet. The MyMoBiz Business Account not only offers exceptional value but also comes with a range of generous perks designed to support businesses without breaking the bank.

Account holders benefit from access to a dedicated business support team consisting of Standard Bank’s expert business bankers. These professionals are on hand to assist with various day-to-day company needs, providing personalized guidance and support.

Thanks to Standard Bank’s robust digital banking infrastructure, businesses using the MyMoBiz Business Account can leverage a suite of digital tools. This includes the ability to seamlessly pay suppliers, manage employee payments, and receive funds electronically. The digital platforms provided by Standard Bank encompass Internet Banking, Mobile Banking, and a user-friendly banking application.

Businesses can also work towards financial goals by saving money and earning interest each month. The account’s flexibility allows firms to save any amount, as there is no minimum savings requirement. This empowers businesses to manage their finances efficiently and grow their savings over time.

Standard Bank MyMoBiz Business Account Summary 

Standard Bank’s MyMoBiz Business Account offers an affordable entry point for businesses looking to bank with Standard Bank. With a minimal monthly service fee of R7.00, this account provides cost-effective banking solutions.

For transactions at Standard Bank ATMs, there’s a charge of R9.50 for every R1,000.00, while branch payments incur higher fees compared to ATM and online transactions. Branch payments cost R90.00 plus 0.1 percent, whereas ATM and online payments are only R5.00 with no additional percentage charges.

Account-holders also have the option to acquire PocketBiz point-of-sale devices for convenient payments. These portable devices enable on-the-go transactions. Additionally, by having a MyMoBiz Business Account, you gain access to a team of professional bankers ready to assist with any banking issues your business may encounter.

Standard Bank MyMoBiz Business account Benefits 

  1. Free access to Standard Bank digital platforms. 
  2. An opportunity to join the Standard Bank UCount Rewards Program
  3. Can open a free MarketLink account for savings purposes. Savings on a MarketLink account earn interest. 
  4. Account-holders can create a virtual card online on their Banking App. 
  5. Your business can accept card payments from customers with the Standard Bank PocketBiz solution. 
  6. Clients receive notifications via SMS and/or email whenever payments are made. 
  7. Clients can view statements online or receive email statements for free. 
  8. Can activate or deactivate the MyMoBiz business card for free online using the Standard Bank banking App. 
  9. The MyMoBiz Business Account comes with dedicated business support from Standard Bank’s team of business bankers. 
  10. Comes with a tap to pay feature for purchases under R500.00.
  11. The MyMoBiz Business debit card comes with a secure chip and pin. This keeps cardholders in control of purchases. 

Standard Bank MyMoBiz Business Account Fees 2024

ServiceMyMoBiz PLUSMyMoBiz PAYT
Monthly FeeR155 (Fixed)R7 (PAYT)
Electronic Payments10 Free EAPsR5.50 per EAP
Salary Payments to Standard Bank10 FreeR1.10 (Standard Bank)
Immediate Payments1 Free (under R2,000)R10 (under R2,000)
ATM Cash Withdrawals3 Free at Standard Bank ATMsR2.40 per R100
ATM Cash DepositsFree up to R25,000 at Standard Bank ATMsR4.80 + R1.20/R100
Debit and Cheque Card PurchasesFreeFree
Internet BankingFreeFree
Inter-Account TransferFreeR5
Account Payment (online)R5.50R5.50
Immediate Payment (online)R10 (under R2,000)R10 (under R2,000)
Instant MoneyBelow R500: R9.50Below R500: R9.50
R500 to R1,000: R13R500 to R1,000: R13
R1,000 and above: R16R1,000 and above: R16
Verify Account DetailsFree (Standard Bank)R1.50 (other banks)
Schedule PaymentFreeFree (Setup, change, cancel)
Debit OrdersDebit Order: R3.50Debit Order: R3.50
Disputed Debit Order (within 40 days): < R500: R5Disputed Debit Order (within 40 days): < R500: R5
Disputed Debit Order (after 40 days): –Disputed Debit Order (after 40 days): R157
Stop Debit Order: R2Stop Debit Order: R2 – R80
Unpaid Debit Order: R25Unpaid Debit Order: R25
Payment NotificationsMyUpdates – SMS: R0.50MyUpdates – SMS: R0.50
MyUpdates – Email: FreeMyUpdates – Email: Free
Prepaid PurchasesPrepaid Airtime/Data: R0.60Prepaid Airtime/Data: R0.60 (Standard Bank ATM)
Prepaid Electricity: R1.60 (Standard Bank ATM)
International BankingDebit Card Purchase (International): R4.50 + 2.75%Debit Card Purchase (International): R4.50 + 2.75%
Cash Withdrawal (International ATM): 2.75% + R3/R100Cash Withdrawal (International ATM): 2.75% + R3/R100

Competitive Advantages of the Standard Bank MyMoBiz Business account 

  • The account costs only R7.00 to maintain per month which is the lowest fee for a business account at Standard Bank
  • Clients can view statements of up to two years via internet banking or banking App. 
  • The account holders can apply for a PocketBiz merchant solution to make payments easy. 
  • Clients can verify the details of their accounts before making payments. 
  • Can sign up for a permissions manager to jointly approve payments on internet banking if you have partners. 
  • Debit card purchases and inter-account transfers are free.
  • Comes with free access to all Standard bank digital platforms. 
  • Can save towards a goal with a free MarketLink account that will earn your business interest in the process. 

Competitive Disadvantages of the Standard Bank MyMoBiz Business account 

  • The account only offers one type of point of sale device while Standard Bank has multiple POS devices on hand. 
  • The more transactions the business makes the higher the monthly costs will be. 

How to open the Account 

  1. Must be a registered company in South Africa or a partnership or a sole proprietorship. 
  2. Have a mandate to appoint a director to open the MyMoBiz Business Account. This is only applicable if the company has over 1 director. 
  3. ID document of the owners and signatories of the business. 
  4. Proof of residence not older than 3 months at the time of application. 
  5. Company registration documents if it’s a registered company. 

Conclusion 

The Standard Bank MyMoBiz Business account offers an affordable way to start business banking with Standard Bank. With just R7.00 , you can easily maintain your business account with ease during hard times.

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