Business banking with ASB. How it works and what are the fees.

Roberto Efflandrin

If you’re starting a new business or are considering switching banks, it’s important to choose your new business bank account carefully. You need your new account to do everything your company needs it to, without any expensive fees, complicated processes or delays.

Here, we’ll take a closer look at the main business bank account types offered by Auckland Savings Bank. There are a choice of transaction and savings accounts for small businesses, sole traders and larger companies, plus specialist products for farmers and rural businesses. With our guide, you’ll understand the features, functions and fees for each account – so you can choose the perfect one for your business.

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What are the different account types for businesses with ASB?

ASB Bank has a selection of business accounts available, for everyday transactions, savings and more. There are accounts specially designed for non-profit organisations, rural and farming businesses and even a Foreign Currency Account for firms that trade overseas.

Let’s take a look at some of the main features of the more popular account types:

Business Focus account

This is ASB’s standard business bank account for everyday transactions. It’s designed for small to medium-sized companies with a turnover of under $2 million per year

Business Focus aims to simplify business banking, letting you pick and choose from a range of tools and features on offer. You’ll start with Business Basics and can tailor the package to suit you, adding on extras including²:

  • ASB Accept – a range of online and in-store payment solutions.
  • Linked ASB Visa Debit for Business card.
  • Linked Visa Business Rewards credit card.
  • FastNet Business – letting you link your transactions to your accounting software.
  • Overdraft facility – for managing day-to-day cashflow.
  • Unlimited electronic transactions included in the monthly fee.

The Business Basics package has a monthly base fee of $7.50, and each extra you add on comes with its own separate fee.

Business account

The ASB Business account is all about cash management.³ It’s designed to help businesses to easily manage payments online, whether paying suppliers or receiving payments from customers. It’s a good option for larger businesses with a turnover of more than $2 million per year, offering the following benefits:

  • Integration with online accounting tools
  • Regular, detailed statements
  • Linked ASB Visa Debit for Business card.

There’s no monthly base fee with this account but there are charges for different transaction types and services.

Rural Cheque account

This account is specially designed for farmers and rural businesses and enables them to manage their business funds separately from their personal ones.⁴ It’s designed to be a basic, straightforward way to handle payments and income. The main account features include:

  • Online, mobile, ATM and in-branch account management
  • Regular automatic payments
  • Regular, detailed statements
  • 24-hour cash deposit services at local ASB branches

Society Cheque account

The Society business account is designed to help not-for-profit organisations manage their funds.⁵ It has no monthly base fee, so that charities, clubs and churches can put more of their money towards their projects.

It offers:

  • Free standard transactions
  • Free cash handling and cheque clearance
  • FastNet Business internet banking
  • Integration with accounting software.

ASB Saver account and Foreign currency accounts

ASB also offers two other types of accounts for businesses.

The first is a Business Saver account⁶, designed to be used alongside your everyday transaction account. With this account, you’ll earn interest on your balance and have access to your funds whenever you need them.

The second account type is an ASB Foreign Currency account⁷. This is designed for businesses which trade internationally, sending and receiving money worldwide. The account aims to reduce your exchange rate risk by holding funds in foreign currencies. However, cash handling fees still apply, along with service charges and foreign exchange fees.

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What are the fees for the various ASB business bank accounts?

Before choosing a new bank account, you’ll need to check that it offers all the features and services your business needs. But it’s just as important to look carefully at the different fees and charges associated with the account. You could find that a service your business relied on at your old bank now comes with new, eye-watering fees.

While you’ll need to check all the small print carefully before signing on the dotted line, here are the main ASB business bank account fees you need to know about⁹:

Service Business Focus Business Cheque Society Cheque
Open an account None None None
Monthly base or account management fee $7.50 No base fee None
Transaction fees - within NZ None From 0.50 (dependent on transaction type) None
ATM deposits and withdrawals, EFTPOS withdrawals Free $0.25 Free
Visa Business card fee $5 per 6 months (fee waived for the 1st 6 months if linked to a Business focus account) $5 per 6 months $5 per 6 months
Transaction fees - international From $15 per transaction online to $30 in-branch From $15 per transaction online to $30 in-branch From $15 per transaction online to $30 in-branch
Read more: Best business bank accounts in New Zealand

For the ASB Rural Cheque account, you’ll need to speak to a specialist ASB Rural Manager to find out more about fees.⁴

Remember that as well as the above, you may also be charged fees for other services, such as staff-assisted transfers and deposits to an ASB branch.

So, always check out the full list of fees which you can find here, not just the monthly base fee, to make sure you won’t be paying too much for the services you need.

For example, if your business makes regular international transfers, it could become too expensive to pay the ASB fees of at least $15 a time (not to mention extra fees charged by intermediary banks).

What are the requirements to open a business bank account with ASB?

Ready to get started with ASB business banking? Let’s take a look at how to apply, including the documentation you’ll need to support your application.⁸

ASB has different requirements depending on the structure of your business. Whether you’re a sole trader or the owner of a limited company you’ll still need to provide evidence of your identity and address.

Here are the documents you might need to apply for your new bank account:

  • Proof of ID (i.e. passport or NZ driver licence) and address for all key individuals with a controlling role or interest in the business
  • Certificate of Incorporation (for Limited Companies and Partnerships)
  • Companies Office extract (if you have one)
  • Partnership agreement or trust deed– depending on your business type.
  • Documentation to support your source of funds/wealth – depending on your business type (i.e. for Trusts)

How can you open an ASB business (bank) account?

You can’t apply for an ASB business account online, but you can start the process by:

  1. Visiting a local ASB branch
  2. Requesting an agent to contact you or
  3. Making an inquiry via the online enquiry form.

Fill in the online enquiry form with your details, key information about the business (i.e. annual turnover) and the ASB banking services you’re interested in.

Once submitted, a member of the ASB business banking team will get in touch within a few days to discuss your needs and guide you through the process of setting up an account.

You can, of course, also apply for your account in person. Find your nearest branch and make an appointment to set up your account, making sure you bring with you all the required documentation. If you’re not sure what you need, you can always get in touch with ASB beforehand.

So, you should now have all the facts and figures about ASB business accounts at your fingertips. This includes the options available for different business types (and sizes) and the fees and charges you can expect to pay. Plus, what you’ll need in order to open an account.

Make sure to choose your new business bank account very carefully, as it’s a big decision that could affect the day-to-day running of your company. And if it doesn’t work for you, switch!

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Sources used:
  1. ASB Business focus account
  2. Business focus package
  3. ASB Business Account
  4. ASB Rural account
  5. ASB Society Cheque account
  6. ASB Business Saver Account
  7. ASB Foreign Currency and Overdraft
  8. ASB ID Requirements
  9. ASB Rates and Fees

Sources checked on 29 June 2022.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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