Keithchue 5th Gear February 2, 2015 Share February 2, 2015 dear MCF, can anyone advise which is a good business banking account to begin with? ↡ Advertisement Link to post Share on other sites More sharing options...
Darryn Turbocharged February 2, 2015 Share February 2, 2015 I opened mine with Maybank - You talking sole prop or Pte Ltd? For sole prop last time Maybank was $10k initial deposit, but no minimum balance, no monthly charge, Got ATM card, and charge 50cents per cheque. Now with Pte Ltd Account, no more ATM card, but everything else the same. Link to post Share on other sites More sharing options...
Sabian Turbocharged February 2, 2015 Share February 2, 2015 You need them to take any SME loans? If you do, UOB is not bad, compared to the other AM banks. Once they understand your company's business model or if they are familiar with it, they are surprisingly aggressive compared to other banks we dealt with. Citi took forever to get back to us and offered the one of the smallest line. Especially if you have intention to branch out into SEA region+China. They facilitated my company's ventures into these places very well. If no need loan and your company is based in SG, open with one nearest and most convenient. Link to post Share on other sites More sharing options...
Darryn Turbocharged February 2, 2015 Share February 2, 2015 You need them to take any SME loans? If you do, UOB is not bad, compared to the other AM banks. Once they understand your company's business model or if they are familiar with it, they are surprisingly aggressive compared to other banks we dealt with. Citi took forever to get back to us and offered the one of the smallest line. Especially if you have intention to branch out into SEA region+China. They facilitated my company's ventures into these places very well. If no need loan and your company is based in SG, open with one nearest and most convenient. Don't you need at least 3 years of track record before can get an SME loan? (unless of course you do personal guarantor) Link to post Share on other sites More sharing options...
Kangadrool Supersonic February 2, 2015 Share February 2, 2015 Can try Ringgit Halal Bank, free cheque book. 1 Link to post Share on other sites More sharing options...
Myxilplix Turbocharged February 2, 2015 Share February 2, 2015 Pretty content with OCBC, especially since they've upgraded their online banking platform to Velocity 2.0. They were SME-friendly when we started up our little company in 2010 and would even come down to our office to do all the account-opening paperwork etc We've stuck with them ever since. Now we've got 3 pte ltds with them in Singapore with both SGD/USD accounts, plus our sdn bhd is with OCBC Malaysia and our PT company is with OCBC Indonesia. There was a period when they would call us on a monthly basis to offer us loans, but they've backed off on that now. Link to post Share on other sites More sharing options...
Sabian Turbocharged February 2, 2015 Share February 2, 2015 (edited) Don't you need at least 3 years of track record before can get an SME loan? (unless of course you do personal guarantor) Yes. 3 yr track record required. My boss tambah his personal asset. Edited February 2, 2015 by Sabian Link to post Share on other sites More sharing options...
Keithchue 5th Gear February 2, 2015 Author Share February 2, 2015 I opened mine with Maybank - You talking sole prop or Pte Ltd? For sole prop last time Maybank was $10k initial deposit, but no minimum balance, no monthly charge, Got ATM card, and charge 50cents per cheque. Now with Pte Ltd Account, no more ATM card, but everything else the same. it is pte ltd. me only a sleeping partner reading English, all other partners are working outside, I don't work outside.....haha You need them to take any SME loans? If you do, UOB is not bad, compared to the other AM banks. Once they understand your company's business model or if they are familiar with it, they are surprisingly aggressive compared to other banks we dealt with. Citi took forever to get back to us and offered the one of the smallest line. Especially if you have intention to branch out into SEA region+China. They facilitated my company's ventures into these places very well. If no need loan and your company is based in SG, open with one nearest and most convenient. u mean all those bank doesn't make a much difference in account since I got no intention to branch out? Link to post Share on other sites More sharing options...
Darryn Turbocharged February 2, 2015 Share February 2, 2015 it is pte ltd. me only a sleeping partner reading English, all other partners are working outside, I don't work outside.....haha u mean all those bank doesn't make a much difference in account since I got no intention to branch out? Most require a minimum balance of between $10k and $16k or they charge you $30 (or thereabouts) per month. All have some simple benefits, but mostly it comes back to the same thing - Link to post Share on other sites More sharing options...
Keithchue 5th Gear February 2, 2015 Author Share February 2, 2015 (edited) Most require a minimum balance of between $10k and $16k or they charge you $30 (or thereabouts) per month. All have some simple benefits, but mostly it comes back to the same thing - mm, anyone without the min / low balance? Edited February 2, 2015 by Keithchue Link to post Share on other sites More sharing options...
Sabian Turbocharged February 2, 2015 Share February 2, 2015 it is pte ltd. me only a sleeping partner reading English, all other partners are working outside, I don't work outside.....haha u mean all those bank doesn't make a much difference in account since I got no intention to branch out? Not that they don't make much of a difference. Pick one where they are able to support you at locations you intend to be in eventually. For eg: My boss intended to be in SEA locations (Indon/ Msia/ VN/ Thailand/ Myanmar/ Philippines etc except Brunei and Cambodia). So he scouted a few banks for their ability to support and UOB ticked all the boxes. OCBC was second choice bec their VN and Philippines presence not as strong. But OCBC and UOB are our preferred SME bankers for loans per se. So if you do not intend to venture overseas, other features of the bank will take precedence. Eg: If you company collects a lot of cash in SG, you want a bank that can do bulk cash deposit. No need to queue just seal the cash in the bag and hand over to the bank. They will count again and credit your account if the amount tallies. You don't want your admin staff to waste time at the branch queuing. Or if you need the bank to issue company credit cards for your travelling staff. But end of the day, your assigned RM also very important. Link to post Share on other sites More sharing options...
Darryn Turbocharged February 2, 2015 Share February 2, 2015 (edited) mm, anyone without the min / low balance? Maybank $10k initial deposit, but no minimum balance requirement (i.e open account with $10k, one week later can take out $9,950) Only Charge is 50cents per cheque Got Internet banking, monthly statement + if drop cheque to Quick Check deposit they mail you a receipt Edited February 2, 2015 by Darryn Link to post Share on other sites More sharing options...
Sabian Turbocharged February 2, 2015 Share February 2, 2015 (edited) mm, anyone without the min / low balance? Don't have lah. If you are the bank and the customer ask you this, you still want the customer to bank with you? 10k in the bank account also cannot maintain, I think potential staff also think twice about staying for long... Ok. Kiwi just answered. Maybank. Edited February 2, 2015 by Sabian Link to post Share on other sites More sharing options...
Darryn Turbocharged February 2, 2015 Share February 2, 2015 (edited) Don't have lah. If you are the bank and the customer ask you this, you still want the customer to bank with you? 10k in the bank account also cannot maintain, I think potential staff also think twice about staying for long... Why should staff know how much you have in the bank? I don't discuss my bank balance with my staff, and would never consider do so. Hi Sabian Edited February 2, 2015 by Darryn Link to post Share on other sites More sharing options...
Sabian Turbocharged February 2, 2015 Share February 2, 2015 Why should staff know how much you have in the bank? I don't discuss my bank balance with my staff, and would never consider do so. Hi Sabian Finance dept will know mah. Hi Darryn Link to post Share on other sites More sharing options...
Vhtfhwlego Supercharged February 2, 2015 Share February 2, 2015 Any charges have banking loan problems can pm me. Can intro you a broker that charges between 3%~6% to apply loan with banks on your company's behalf even when the bank reject the direct application. Link to post Share on other sites More sharing options...
Othello Supersonic February 2, 2015 Share February 2, 2015 Maybank $10k initial deposit, but no minimum balance requirement (i.e open account with $10k, one week later can take out $9,950) Only Charge is 50cents per cheque Got Internet banking, monthly statement + if drop cheque to Quick Check deposit they mail you a receipt Business banking with Maybank cannot suka suka apply one leh. Need referral from existing Maybank Business Account holder. Link to post Share on other sites More sharing options...
Darryn Turbocharged February 2, 2015 Share February 2, 2015 Finance dept will know mah. Hi Darryn My finance dept is lao por. .... And if want a referral from account holder ....PM me :) ↡ Advertisement Link to post Share on other sites More sharing options...
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