Zeller Transaction Account in Australia. What are the fees and how does it work
As a business continues to grow, sorting out its financial and banking aspects becomes important. Setting up a business account is a crucial step that can...
AMP business account. The fees, types and requirements.
If you’re looking for a business bank that’s not one of the big 4, AMP Bank might be worth considering. AMP operates in Australia and New Zealand as a retail wealth management and banking business.
We’ll cover what AMP can offer to businesses and compare that to the Wise business account.
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Business account
Types of business accounts offered by AMP
AMP offers 4 different types of business accounts¹:
- AMP Access account - an everyday business transaction account
- AMP Cash manager - access business funds and earn interest
- AMP Business saver - bonus interest account if linked to a transaction account
- AMP Bank term deposit - fixed term interest rate for a deposit of $5000 AUD or more
AMP Access account fees and costs
The Access account is the business transaction account on offer from AMP.
Fees associated with the account appear in this table. The Wise Business account is shown as a comparison.
| Fees* | AMP Access Account² | Wise Business account |
|---|---|---|
| Account monthly fees | No monthly account keeping fee | One-time fee of 22 AUD to get AUD and international bank details. |
| Access to multiple cards | Yes | Yes |
| International transfer fee | Fee $30 AUD Additional fees may be charged by intermediaries during the SWIFT process. | Small payout fee + 0.45% variable conversion fee You can make a fee calculation here. |
| ATM withdrawals | Domestically: If an ATM operator charges a fee per transaction, it gets rebated. Internationally: $4.50 AUD and a currency conversion fee of 2.50% if the transaction is converted to AUD. | You can take out money for free twice a month — up to a total of $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here. |
| Card maintenance fees | No information provided by AMP | $6 AUD to order each card No monthly maintenance fees |
* As seen on 7 November 2022
As you can see, the AMP Access account appears to be cheap for local transactions. However, it gets expensive for overseas ones. For these transactions, Wise for Business may be a better alternative.
If you are working with businesses in different countries a Wise Multi-currency Account can receive international payments, and hold them in the currency that you need. Then you can withdraw via a debit card for transfers and direct debits with automated conversions.
How to apply for this business account?
The AMP Access account is available only to³:
- companies or organisations (including financial institutions)
- sole traders or partnerships
- government entities
- non-SMSF trusts
- charities
How to open a business access account with AMP?
Some accounts can be opened online, and others require a paper form to be downloaded and completed.³ A different form needs to be completed for each business entity type.
Australian registered public or proprietary companies
The account can only be opened by the company secretary or a director and must be over the age of 18. You will need to complete this form.⁴
Unless your company is registered with a Sole Director/Secretary, AMP requires a minimum of 2 people to be account signatories. These need to be either:
- two directors
- a director and a company secretary
All account signatories will need to provide identification information and participate in the application.
Sole traders
You will need to complete this form. You must be over the age of 18 and provide a valid form of ID.⁵
If you hold any of the following:
- Commonwealth Seniors Health Card
- Health Care Card
- Pensioner Concession Card
You could be eligible for extra basic features of this account.
Other eligible entities
Eligible entities that aren’t a registered business or sole trader will need to download and complete this form. You will need the latest version of Adobe to view it.
What do I need to open an account? Requirements, documents and what to know.
Each different type of business entity has its own document requirements. The specifics are provided on each application form.
| Read more: How to open a business bank account in Australia |
|---|
Which documents do I need to open an AMP business account?
Documents will need to be provided by both the company and associated individuals.
Business entities will need to supply⁶:
- certificate of incorporation or registration
- licence record from the relevant regulator
- trust deed or extract of the trust deed
Personal identification documents of all the individuals who are related parties, including:
- directors
- individual trustees
- beneficial owners
Can you manage an AMP business account online or on the app?
You can operate your business account online in 2 ways via My AMP. Download the app available from Google Play or the App Store, or access it directly via the My AMP website.
Do I need to deposit money to open an AMP business account?
AMP doesn’t mention if you need to deposit money to establish the account. However, it does state that no minimum balance is required to keep the account open.⁶
How long does it take to open this account at AMP?
Unfortunately, AMP doesn't state how long it takes for the account to be approved. What we do know is that the online process takes from 10–20 minutes to complete.⁴
Do I need to go to a bank branch, can I do this online or from abroad?
All applications for AMP accounts can be done via online or paper forms.³
Can you have additional business cards with this account?
Visa debit cards are provided to all signatories on the AMP Access account unless the account has been set to either:
- any two to sign
- all to sign
If either of these has been initiated, AMP Bank will provide no access cards at all.⁶
Can self-managed super funds open an Access Account?
The AMP Access account isn’t available for self-managed super funds (SMSF); however, the AMP SuperEdge Cash account may be appropriate.³
What else do I need to know?
AMP will process any transfers to an external bank on the same business day if the transaction is made before 4 pm (AEST). After that time or on a non-business day, it will be processed on the next business day.⁶
Business support details for AMP
For more info on AMP's business accounts and services, you can contact AMP business:
- Phone in Australia: 13 30 30
- Phone from overseas: +61 2 8048 8005
Monday to Friday: 8 am to 8 pm (AEST) - Saturday and Sunday: 9 am to 5 pm (AEST)
Email: info (at) ampbanking.com.au (replace (at) with @ symbol)
Wise for Business as a smart alternative
As you can see, AMP Access might be a good option domestically, but falls short when it comes to international payments due to the high charges.
With the Wise Business account, you can make international payments to over 70 countries in over 50 currencies. AMP relies on a wholesale market rate selected by Visa⁵. Wise is more transparent by using the mid-market rate, like the one you see on Google, for all international transfers. The advantage to you is no markups.
Wise also offers a business debit card to business owners and allows them to order others for nominated team members. Benefit from zero fees and low foreign exchange conversion charges.
A Wise Business account gives you your own local AUD account details and local account details in a further 9 other major currencies.
To discover more about how much Wise could save you on international payment fees, look at the Wise Business account. You can register online with a few clicks — in minutes.
Open your Wise business account
in minutes 🚀
Sources:
- AMP Business bank accounts
- AMP Deposit products fees and charges guide
- AMP Access account
- AMP Application conditions registered businesses
- AMP Application conditions sole trader
- AMP Access account terms and conditions
Sources checked on: 7 November 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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