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Managing and Running a Hosting Business How to run a hosting business from business licence registration, setting up, billing, chargeback to customer solutions.

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Old 16-06-2012, 05:27   #1
pramge
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Smile Low Cost - To Open and Maintain Business Bank Account.

Hi,

I understand to open Business Banking Account we need S$10K opening Balance and If monthly average balance falls below $10K a minimum monthly fee of S$25 is imposed.

What Bank you guys are using?
Any Bank with low cost monthly fee?


Thanks
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Old 16-06-2012, 11:09   #2
chihuahua
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Try OCBC Business Entrepreneur Account, I think it is $500
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Old 16-06-2012, 17:00   #3
pramge
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If I recollect correctly

OCBC requires daily average balance of $8000. If not $25 will be charged monthly.
UOB requires daily average balance of $10,000 if not $15 will be charged.

I was wondering any other options.
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Old 16-06-2012, 17:13   #4
pramge
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After some search I saw the following

http://info.maybank2u.com.sg/busines.../flexibiz.aspx

http://ocbc.com/business-banking/acc...r-account.html
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Old 16-06-2012, 18:29   #5
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At least OCBC gives you 8 months to reach $8k
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Old 17-06-2012, 00:26   #6
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Quote:
Originally Posted by chihuahua View Post
At least OCBC gives you 8 months to reach $8k
OCBC gives 6 months. But according to OCBC
Quote:
Min. monthly avg. balance

S$0 for the first 6 months
S$8,000 from the 7th month onwards, otherwise a fee of S$25 applies
So if you are start-up or re seller hosting it is difficult to reach $8000 with in six months. Remember we need to maintain balance it is not transaction.
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Old 17-06-2012, 08:46   #7
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True but this is the best so far, not forgetting that Singapore only has 3 large banks with a couple of foreign banks allowing domestic saving accounts. I miss the old POSB
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