Personal accounts are not the only type of account you can open with Capitec bank. You can also open a business account. Although Capitec bank does not offer business accounts at the time of this post, the bank is working on business banking. This is why they recently acquired Mercantile bank. Capitec bank is working towards making the Mercantile bank its business bank. So, if you want to open a business account with Capitec, you should consider opening an account with Mercantile bank. In this post, you will learn how to open a business account and the requirements.
After being declared the best bank in the world by the Lafferty Group and the second-largest retail bank in South Africa, Capitec bank is now heading toward making a name for herself in business banking. On October 9, 2019, Capitec bank announced that their acquisition and purchase of Mercantile bank had been formally approved by the South African Minister of Finance and other relevant regulatory bodies. What that meant was that Capitec bank was now ready for business banking.
Although Capitec bank does not offer business accounts, they are working towards making Mercantile bank a household name when it comes to business banking. Capitec bank does not offer business accounts at this stage does not mean that you cannot open a business account with them. Since they are now the legal owners of Mercantile bank South Africa, you can also open a Mercantile business account.
Knowing how well Capitec bank has done in retail banking, there is no doubt that they will make a name for themselves in business banking.
Capitec bank is well known for its unique customer service and top-class security precautions in retail banking. Transactions with your Capitec account are secured such that your account number or details are not required to send money to you. Even when you transfer to others, they don’t get to see your account details.
As secured as retail banking with Capitec bank is, a business account with Capitec bank is completely different from a personal account. Since you can use your personal account for business, it is not professional and does not function as a business account.
Capitec business banking is aimed at helping manufacturing, wholesale, retail, and transport businesses. They provide loans for businesses and investment advice, unlike personal banking. With Capitec business banking, you enjoy the following services:
Whether you own a small or big business, rather than using your personal Capitec account, perhaps you should consider opening a Mercantile bank account to enjoy the benefits of Capitec business banking.
You can start the process of opening a Capitec business account online with your cell phone. After speaking with a Mercantile business banker online, you will then visit the bank with the required documents. Here is how to go about opening a Mercantile business account online:
Currently, it is not possible to convert your personal Capitec account to a business account. This is because Capitec bank does not offer business accounts at this stage. So, if you already have a personal account, you will have to follow the procedure above to open a Mercantile business account.
While opening an account with any bank, including Capitec, there are certain requirements you must meet up with. While opening a personal account, all you need is an identification document, but that will not be enough for opening a business account with Capitec. D ocuments you will need for opening a business account include:
Sole Proprietors
Corporate Companies
Note: Even though you can start opening the business account online, you will have to visit the bank (Mercantile bank) to submit these documents.
Just like a personal account, opening a business account with Capitec is also free. In the case of a personal account, even though opening the account is free, you will have to deposit at least R25 into the account to activate the account. Similarly, opening a business account is free, but you will have to transfer some money into it to activate the account.
To activate your business account with Capitec, you will have to make an initial deposit of up to R770. This is quite bigger than what it costs to open a personal account. This money used for activating the account remains for the account owner but cannot be withdrawn except the account is being closed.
