What bank do you use for your company?
We are in the process of creating a bank account so we can start receiving payments, and we're wondering what bank you guys use and why (for your business). Besides the obvious differences in fees (which we can easily compare), we are aware that an account with FNB makes it possible to receive funds from PayPal. Are you aware of any other differences that would be applicable to a game dev company?
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If you're getting paid in dollars, set up a foreign currency account. We have one with FNB and another with Mercantile through a company called Currencies Direct that handles international transfers for us. Right now none of that stuff really matters though, so pick the bank whose bank manager is keenest on your business and wants to see you grow. If you can't talk to a bank manager and you only get the drone treatment, go elsewhere.
Oh its worth adding we have moved all our online credit card payments to the FNB account. They have a SMS notification system that really does beat ABSA hands down.
Seems like the differences are small enough that (for now) we're just gonna choose a bank based on our initial feeling and the advice you guys have mentioned. We'll probably do a more in-depth look when the differences actually start to matter and we have a better idea of how our financials will work.
This happened totally without warning. I can't buy games on Steam anymore with our company card, let alone flights etc.
To be honest, you should also check out capitec as they have no banking fees.
Unless it's not? Any opinion on that?
FNB online banking got reworked around October last year. FNB went from having (what I thought) was the best online banking at the time to having easily the worst. The new Absa online banking is a lot better.
As far as I know, FNB has the the best online bookkeeping still. And it saves accountants a bunch of work. But I expect the other banks are improving in that area.
Some of the points raised here are a bit of a concern to us, specifically the credit/cheque card thing. So, in the next week or so, we'll visit some of the banks and trying to get a much better idea of the differences. I'm sure we can share what we find out here afterwards.
Thanks again for the discussion, it has already been quite helpful.
I'm looking to change banks.
I tried to pay for something with my business cheque card and apparently forgot my pin number. Or maybe I didn't, not sure :/
But now I've another bigger issue, and question, how the heck do I register for a Google Play Merchant account (wallet)...so I can use IAP and sell games for Android??
It's a well-known fact that South Africa's excluded from Google's wallet system, I don't think it has changed recently...
Anyone have anything to say about Nedbank?
We've been doing all the fun of picking a bank and going to visit each one.
I can at least say that Capitec is not relevant here. They told me they don't do business accounts.
If one opens an overseas bank account, how does one link that to a Google Wallet account? Is this even possible in South Africa? Or does the company have to be registered overseas?
Conclusion: I don't think it matters. If the bank behaves like shits, pick another one. The big 4 are all essentially the same.
but planning to trial our game dev company stuff on FNB just because they are the only direct link with paypal.
In theory this system keeps intruders away from Free Lives money. In practice it means I can't use features on their online banking after hours because their call centre closes at 7.
And it was pay day today, and we were doing Christmas bonuses early. The forces of the universe were clearly in agreement to empty as much of Free Lives' bank account as possible on this one horrid day.
And, as if FNB hadn't already done enough, FNB's One Time Pin service was completely shut down today. So I had to use telephonic banking to transfer the rent money. It felt like living in the past (and they still haven't emailed me proof of payment, so it's a lot like living in the past assuming the people of the past were bafflingly incompetent).