best bank to open business account in nigeria

Bank the way you want to with Stanbic IBTC wide range of personal accounts to suit your needs. Contact us today for more information! Below are some common things you'll need to open a business bank account, along with some options from our picks for best bank accounts for. You can open a domiciliary account with most banks in Nigeria and can It is the best option for those who do business internationally as.
best bank to open business account in nigeria

Best bank to open business account in nigeria -

How Foreigners Can Open Savings Accounts in the U.S.

You're new to the U.S. and need a place to stash your money so you can start saving, but where do you start?

Opening a bank account offers security for your funds and a way to begin creating a financial footprint in the country. But it isn't as easy as it may seem. While it may seem like it takes only a minute for an American to open an account, it can take foreigners a lot longer. There are many more hurdles you'll have to jump through if you want to start saving your dollars in the U.S. Here's what it means if you're a non-citizen resident seeking to open a bank account in the U.S.

Key Takeaways

  • The USA Patriot Act made it difficult for foreigners to open accounts or engage in monetary transactions in the U.S.
  • Foreigners require more identification than permanent residents and citizens.
  • Anyone who opens an account may need a Social Security number or an individual taxpayer identification number.
  • Although many banks allow customers to open their accounts online, nonresidents may need to visit a branch to finish their applications.

The Basics

While you are permitted to open an account, the rules are different for non-citizens. The Civil Rights Act of 1964 explicitly gave private businesses in the U.S. the right to contract with foreign individuals or groups, making it easier for new residents of the U.S. to bank here.

However, the USA Patriot Act, passed after the terrorist attacks on Sept. 11, 2001, made it more difficult for foreigners to open accounts or engage in monetary transactions in the U.S., or even to do business with American financial institutions when abroad.

Under the Act, banks and credit unions must follow stricter guidelines when verifying the identity of an account applicant who is non-American. If you're a legal permanent resident, though, it will probably take you the same amount of time to open your account as a citizen.

You'll Need an ID

Foreign or not, applicants for a bank account must at least verify their name, date of birth, and physical address, say, from a utility bill. But if you're foreign-born, you may need to offer more. These customers also need to show photo identification that includes a numeric identity.

You may use a valid passport, other government-issued ID from your home country, or the alien identification number from a green card, work visa, or student ID. You'll have to bring originals, though, because photocopies are not accepted.

Social Security Numbers

A Social Security number (SSN) generally isn't required to open a savings account in this country. However, not having one may increase the bank's scrutiny of your other documentation. It won't necessarily hinder you from getting an account, but it will help. If you can't get one, you have other options.

Certain resident and nonresident aliens who are unable to obtain Social Security numbers may file form W-7 with the IRS to get an individual taxpayer identification number (ITIN), which may also be accepted by the bank.

You can use a Social Security number or an individual taxpayer identification number to open your account.

What's Required

The laws governing bank accounts for foreigners are federal, but their application is local. Banks and credit unions have different document requirements and processes for non-Americans who open accounts.

Check in advance about what's required before you begin the process, especially since you'll almost certainly be applying in person at a brick-and-mortar location.

Online Banks

Most nonresident aliens need to walk into a bank branch in order to open an account. That means even if you're able to begin opening your account online, you'll probably be required to appear in person to complete your application.

Heightened security after 2001 led to the near-elimination of online applications for foreign accounts, due to the fear of terrorism-related money laundering. That all but blocks you from applying to one of many online-only banks because it will be very difficult for them to properly verify your documentation.

Minimum Deposits

These, too, vary by institution but are usually modest. Some range between $5 and $50, while others have a higher requirement. It all depends on where you bank and what perks they offer which maybe, but not limited to, higher yields or no services charges.

If you're opening the account with a large cash deposit—again, the definition of large may differ by the bank—or with money from a wire transfer, you may need to show proof of funds.

The Bottom Line

Opening a bank account as a foreign national involves more effort, and perhaps more stress, than for an American citizen, especially for those who lack resident-alien status.

If you're still living in your home country, consider seeking out a U.S-based multinational bank that has branches where you live and opening an account with them before you leave. Such a move at a foreign branch bank provides international applicants with the opportunity to build up a business relationship with the institution that should simplify applying for a U.S. account at one of its branches in this country.

Источник: https://www.investopedia.com/ask/answers/060415/can-foreign-individual-open-savings-account-united-states.asp

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A bank is a financial institution licensed by a regulating body to receive deposits and lend surplus money to borrowers, and upon demand, pay the depositor. A bank allows the depositor to open an account, make a withdrawal, pay third parties, and use a debit or credit card, among other services. Banks have different products and services like personal and business banking products for their customers. Personal banking is another name for domestic or retail banking, which involves the bank dealing with you directly or personally. While for Corporate or business banking, the bank deals with a corporate body or an incorporated company.

In Nigeria, most of the banks offer a mix of these services, and if you own a small business, your concern is how to get a loan quickly. But for the regular saver, you want a secure bank. The Nigeria Deposit Insurance Corporation secures your deposit of up to N500,000 in all commercial banks in Nigeria in case CBN closes any of them. To help you filter the best out of the number of banks, we will list ten of the best banks in Nigeria for personal and business banking to enable you to make an informed choice. Let us start with some examples of both services.

 

What are examples of personal banking?

Examples of personal banking are savings account, certificate of deposit, credit, and debit cards, financing a car or a house, and remitting foreign currency. There is also private banking service (for high net worth individuals), insurance, stock brokerage, and wealth management, which the bank will sell to you using its subsidiary company. Extra service includes online banking.

 

What are the examples of business banking?

Corporate banking or business banking services include Loans and advances, treasury services, equipment leasing, trade finance, and small-medium enterprises (S.M.E.) loans, online banking, P.O.S., and more.

After showing you some examples of personal and business banking, let us go straight to the list and examine the best banks right away.

 

The best banks in Nigeria

Here are the best banks in Nigeria for personal and business banking:

 

1. Guaranty Trust Bank Plc

Guaranty Trust Bank Plc (GTBank) is a limited liability company incorporated to carry on the banking business in 1990 and began operating in February 1991. The bank listed its stocks in the Nigerian stock exchange in September 1996.

Through the years, due to sound management, its asset base is now more than 3 trillion naira. The bank has a subsidiary office in the United Kingdom and branches in some African countries like Ghana and Uganda.

GTBank offers excellent personal and business banking to customers using its professional staff. GTbank’s personal banking service includes opening savings and current accounts, nonresident Nigerian service, and private banking, online banking, and A.T.M and P.O.S.

While the business banking gives you access to a GT business account, corporate and commercial banking, S.M.E. and loans and advances, and more.

 

2. First Bank of Nigeria 

First bank is one of the best banks in Nigeria for personal and business banking. Here is why. First bank of Nigeria is true to its brand name and is genuinely the first when it comes to personal banking services.

The bank, which started in 1894, now has close to 900 branches in Nigeria, across ten African countries and the U.K.  First bank has nearly ten thousand employees, and its revenues have continued to grow.

To prove how much the bank has been able to serve its personal banking clients, the bank won “The Asian Banker International Excellence” award for the best personal banking brand five times in a row.

Its personal banking solutions include loans and mortgage, bank cards, payment solutions, online banking and A.T.M and P.O.S and diaspora banking, money transfer, and fixed deposit.

Also, the bank serves its corporate banking customers well, and its loan portfolio continues to increase just like its deposit base. Rest assured that First bank will give you the best of both services.  Its business banking products include Account, S.M.E. connect, loans, e-solutions, payment solutions, Agric financing, and mortgages.

 

3. Zenith Bank P.L.C.

Zenith Bank P.L.C. is a leading Conglomerate and provides financial services across the globe using cutting edge technology and leads while the other banks follow.

The bank was launched in May 1990 and started operating in July of the same year with a commercial bank license.

In 2014, it transformed into a Public liability company (P.L.C). Also, to meet demands for its services, it has 500 branches in Nigeria and subsidiary offices in the U.K, Ghana, South Africa, and more.

Zenith offers numerous customers customized banking services, which include S.M.E. banking, Personal banking, and Corporate banking, investment and loans, bank account, asset management solutions, Online banking, A.T.M, and P.O.S.No wonder it is now among the largest banks in Africa. Its head office is at Zenith Heights, Plot 83, Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria.

 

4. Stanbic I.B.T.C. Bank

I.B.T.C. chattered bank started in 1989 and merged with Stanbic Bank Group in 2007. It is now a part of the Standard Bank Group with the Head office in Johannesburg, South Africa.

The bank provides excellent banking services in well over 180 branches locally with 560 Physical ATMs. Its professional staff is up to 3,000 and keeps increasing to match up with your demand for excellent services.

Its foreign remittances service is top-notch. If you are Nigerian living abroad, you may open a nonresident Nigerian bank account with the bank as the cost of transactions is low, and it is easy to monitor your account from anywhere you live abroad.

The bank’s personal and business banking service is first class, with an unbeatable range of services that include financial advisory services, loans, savings, investments, debit and credit cards, mortgages, pensions, and Stockbroking. Its Head Office is The I.B.T.C Place Walter Carrington Crescent Victoria Island Lagos.

 

5. Standard Chartered Bank Nigeria

Another one of the best banks in Nigeria for personal and business banking is Standard Chartered Bank, Nigeria. Its head office is in London, and its branches worldwide are about 1,200. The bank boasts of over 150 years of banking experience.

Standard Chartered Bank Nigeria started operating on 15 September 1999 and has 22 branches with A.T.M’s and more than 900 employees as of 2013.

The Bank in Nigeria provides one of the best business banking services with an efficient, secure, and easy to use free online banking platform, plus a fair exchange rate service.

That said, its retail banking services are equally responsive to the demands of the customers. Its products include personal banking, priority banking, and business accounts for its retail clients.

While its corporate and institutional services include transaction banking, priority banking, and small and medium enterprises(S.M.E.). Its local head office is at 142 Ahmadu Bello Way, Victoria Island, Lagos.

 

6. Sterling Bank Plc

When this bank began in 1960, it was Nigeria’s first Investment bank called Nigeria Acceptances Limited (N.A.L.).

Sterling Bank became a complete commercial bank when N.A.L. merged with four other banks in the 2006 bank consolidation era. With that merger, Sterling bank was born and ready to improve stakeholders’ value.

Sterling bank has repositioned itself to deliver both personal banking and business banking services plus some extra banking services. Its products include private banking and wealth management, agent banking, commercial agriculture credit scheme, loans to the telecom, power, and steel sectors.

The bank now has up to 179 branches, 847 ATM’s and 7853 point of sale (P.O.S.) terminals as of 2018.  Its head office is at Sterling Towers, 20 Marina, Lagos, Lagos State, Nigeria.

 

7. United Bank For Africa Plc (U.B.A.)

One more bank in this list of the best banks in Nigeria for personal and business banking is U.B.A. This bank started in 1949, and they trade the stock in the Nigeria Stock Exchange. Like its peers, it has undergone a lot of transformation carried out by Tony Elumelu. In 2005, he merged U.B.A. with Standard Trust Bank before his tenure as M.D. ended. As a result, the bank is a lot nimbler than the former conservative company.

U.B.A. is ready to serve stakeholders and to create an enterprise that will continue to advance strategically and be ahead of other banks in all the services it offers to customers in its branches in 22 African countries.

Its core services are corporate banking and personal banking that include S.M.E. banking and internet banking, money transfer, treasury, trade and savings, current account, P.O.S., A.T.M., and online banking, and more.

The bank’s core values have these three words execution, enterprise, and excellence driving its goal of dominance in the banking sector, and has strategically positioned its subsidiary offices in New York, UK, and France. Its headquarters is U.B.A. House, 57 Marina, Lagos, Lagos State, Nigeria.

 

8. Fidelity Bank

Fidelity Bank P.L.C. started in 1988 as a Merchant bank and rebranded into a commercial bank in 1999. It is known for serving startups and has several awards as S.M.E. Friendly Bank, the Most Improved Corporate/Investment Bank, and the Best in Mobile.

It came 4th place as the best retail bank in a survey carried out in 2001 by K.P.M.G. to find out how satisfied customers are about their service providers.

Fidelity bank as of 2017 has 240 branches in Nigeria that includes digital offices with 775 ATM’s and 4346 POS’s.

The bank provides customized products for different customers, corporate banking, S.M.E. banking, private banking, and online banking. Others include mortgages, loans, credit cards, savings, and current accounts and Investments.

Its head office is at Fidelity Place, 2 Kofo Abayomi St, Victoria Island, Lagos, Nigeria.

 

9. Union Bank of Nigeria

The bank started in 1917, and they trade its stocks on the Nigerian stock exchange. Union bank is one of the old generation banks, and like its peers is rebranding its services to become alive to its logo of a galloping Stallion.

That is why it is part of this best banks in Nigeria for personal and business banking. As of 2016, it had 320 branches and two fully-owned subsidiaries in the United Kingdom. The bank offers products that target high net worth individuals and S.M.E’s.

Its banking products include savings account and current accounts fixed deposits accounts, mortgages, auto loans, personal loans, bill payments, and debit cards.

The bank’s business banking product includes credit and advances, trade finance, account and cash management solutions, union one and union 360, and local trade, Agric business solutions, and more.

Additional services include Online Banking, Mobile Banking, Debit Cards, A.T.M’s, and P.O.S. Systems. Its head office is at 36 Marina, Lagos Island, Lagos State, Nigeria.

 

10. Ecobank Nigeria P.L.C.

Ecobank Nigeria is a part of the Ecobank Group. The bank started operations in 1989 to provide financial solutions to enhance its clients’ growth. Ecobank Nigeria is a commercial bank with branches of up to 610 all over the country as of 2011.

It offers personal banking and business banking that includes retail, wholesale banking, treasury, and financial institutions and capital markets and investment banking to its diverse customers. Other personal bank services include Ecobank online internet banking, A.T.M’s, and P.O.S.

The stocks of Ecobank Nigeria is listed on the Nigerian stock market. Its head office is at Plot 21, Ahmadu Bello Way, Victoria Island, Lagos.

Whereas, the parent company Ecobank Group was formed in 1985 to serve the citizens of West Africa. Its headquarters is in Togo employs over 10,000 staff.

The Ecobank Group has a network of over 1,300 branches in 36 countries such as Benin, Kenya, South Africa, including offices in other parts of the world like Dubai, Paris, and London.

 

11. First City Monument Bank (F.C.M.B.)

F.C.M.B is the last bank in this compilation of the best banks in Nigeria for personal and business banking. This bank, which was initially called First City Merchant Bank and launched in 1982,  evolved from City Securities Limited that began in 1977.  In 2001, it became First City Monument Bank and obtained a universal banking license.

F.C.M.B. has roughly 5.1 million customers and 206 branches in Nigeria. It owns  a subsidiary bank in the United Kingdom through F.C.M.B. Bank (U.K.) Limited. The bank aims to become the best financial services group of African origin.

F.C.M.B. offers personal banking products, business banking solutions, and other corporate products for its customers.

Its numerous financial services include micro-lending, asset management, stock-broking, trusteeship, and custodial services, foreign exchange, personal banking, corporate and commercial banking, investment banking, A.T.M’s, P.O.S., and online banking.

Other products it offers clients are commercial, public sector, financial institutions, small and medium-scale enterprises, trade and liquidity management solutions to businesses, and more. The bank’s headquarters is at Primrose Tower, 17A Tinubu Street, Lagos, Nigeria.

 

Conclusion

In this post, you have a list of the best banks in Nigeria for personal and business banking. We gave you their product so you can make up your mind on the one you like best. If you think their products are alike, you are right, but each bank is unique in the way it delivers similar services.

Tell us the bank that you would choose for personal banking and why and do the same for business banking.

 

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Источник: https://www.makemoney.ng/best-banks-in-nigeria/

Welcome

You can choose yourself where to set up your blocked account. It is important that the following conditions are met:

  • The blocked account must have sufficient credit in order to cover the costs arising for the duration of your planned stay in Germany, unless other proof of financial support is presented in the visa procedure. Certain standard rates apply that are based on the rates for German students. From 1 January 2021, the presumed annual requirement that must be paid into the blocked account when applying for a visa amounts to 10,332 euros.
    The account may only permit the withdrawal of a certain amount per month (for students currently 861 euros).
  • The blocked account may only be closed with the consent of the blocked account beneficiary. The blocked account beneficiary is either the mission abroad or, after entering Germany, the competent foreigners authority. A blocking notice therefore only ensures that sufficient funds to cover living expenses are always available. It does not entitle the blocked account beneficiary to withdraw money from the blocked account. 

Many countries have providers that offer blocked accounts. Information is available from the respective competent German mission abroad. Furthermore, certain banks in Germany offer special blocked accounts for students/language students for educational institutions located at their place of business.

The list of providers offering blocked accounts throughout Germany is currently being reviewed.Please note that the naming of institutions offering blocked accounts on the Federal Foreign Office website does not amount to a recommendation. For reasons of competition, the Federal Foreign Office can only name the service-providers offering blocked accounts of which it is aware. The Federal Foreign Office does not however have a business relationship with the institutions offering blocked accounts.

Info

Information for customers of the blocked account provider BAM!:
This provider no longer offers the service of opening new blocked accounts. Please note the information by Federal Financial Supervisory Authority (BaFin) regarding the dissolution of existing accounts.

Источник: https://www.auswaertiges-amt.de/en/sperrkonto/388600

What is a wire transfer? , openWhat is a Remittance transfer? , closedHow do I send a domestic or international wire transfer? , closedWhat should I do if I receive an error message that discusses exact fees from other banks? , closedAre there countries where I should only send USD and not the local/foreign currency? , closedDo business wires require exact fees to be known? , closedHow do I assert an error with my Remittance Transfer? , closedHow do I cancel a Remittance Transfer? , closedCan someone wire funds to my account at Bank of America? , closedAre there fees and limits for domestic and international wire transfers? , closedWhat else do I need to send a wire transfer? , closedWhat is a SWIFT Code? , closedWhich Bank of America SWIFT Code should I provide? , closedWhat is an IBAN number? , closedDoes Bank of America have an IBAN number? , closedHow should I obtain the IBAN numbers of another bank? , closedHow soon can an international recipient receive the funds from a wire transfer? , closed

What is a wire transfer? , open

A wire transfer is an electronic payment service for transferring funds by wire, for example through SWIFT, the Federal Reserve Wire Network or the Clearing House Interbank Payments System.

What should I do if I receive an error message that discusses exact fees from other banks? , open

For Remittance Transfers, we're now required by law to inform you of the exact fees you will incur for international wires, including fees from other banks. For some requests, we won't have the exact fees from other banks and therefore will not be able to process it. If your request was in US dollars, you may try again in foreign currency –– this may help us determine the exact fees incurred for this transaction and enable us to send the wire request successfully.

How do I assert an error with my Remittance Transfer? , open

Contact us at 877.337.8357 (or 302.781.6374 from outside of the U.S.).

You can also write to us at:
Bank of America, N.A.
PO Box 25118
Tampa, FL 33622-5118

For international wires initiated by a consumer primarily for personal, family or household purposes, you must contact us within 180 days of the date we indicated to you that funds would be made available to the recipient. Please have the following information handy:

  • Your name and address (or telephone number)

  • The problem with the transfer, and why you believe it's an error

  • The name of the person receiving the funds, and if you know it, his or her telephone number or address

  • The dollar amount of the transfer

  • The confirmation code (provided from the Transfer Receipt)

We'll determine whether an error occurred within 90 days after you contact us and we'll correct any error promptly. We'll tell you the results within 3 business days after completing our investigation. If we decide that there was no error, we'll send you a written explanation. You may ask for copies of any documents we used in our investigation.

Please note that in the event you provide an incorrect account number or institutional identifying number, and we are not able to recover the funds, you may lose the amount of the payment order.

How do I cancel a Remittance Transfer? , open

International wire transfers initiated by a consumer primarily for personal, family or household purposes may be cancelled within 30 minutes of confirmation for a full refund, including any fees. We'll refund your money within 3 business days of your request to cancel a transfer as long as the funds have not already been picked up or deposited into the recipient's account.

If you initiated the international wire transfer through Online Banking, the best way to cancel is to Sign in to Online Banking; select the Transfer tab and then select Send money to someone using their account number at another bank from the dropdown menu. You can also call us at 877.337.8357. From outside of the U.S., call us collect at 302.781.6374.

If you initiated the international wire transfer at a banking center, you can get the transfer canceled by going to the nearest banking center or by calling us at 877.337.8357 (or 302.781.6374 from outside the U.S.).

Can someone wire funds to my account at Bank of America? , open

Yes, someone with your account information can wire funds directly to your Bank of America account. You will need to provide your account number and wire transfer routing number. For incoming international wires, you will also need to provide the appropriate SWIFT Code.

Bank of America's SWIFT code BOFAUS3N should be used for incoming wires in U.S. dollars.

Bank of America's SWIFT code BOFAUS6S should be used for incoming wires in foreign currency.

If you do not know or are unsure of the type of currency being received please use BOFAUS3N.

To find your account number and wire transfer routing number, Sign in to Online Banking, select your desired account and then select the Information & Services tab.

Are there fees and limits for domestic and international wire transfers? , open

Fees and limits may apply, depending on your account type and the type of wire. You will be able to review any fees and limits before completing your wire transfer in Online Banking. Latest transfer limits are also available in our Online Banking service agreement. For Remittance Transfers, we're required by law to inform you of the exact fees you will incur for international wires, including fees from other banks. For some requests, we won't have the exact fees from other banks and therefore will not be able to process it. If your request was in US dollars, you may try again in foreign currency –– this may help us determine the exact fees incurred for this transaction and enable us to send the wire request successfully.

What is a SWIFT Code? , open

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is a unique identification code that may be required by some banks, broker-dealers and investment managers for the completion of international wire transfers.

Which Bank of America SWIFT Code should I provide? , open

Bank of America’s SWIFT code BOFAUS3N should be used for incoming wires in U.S. dollars.

Bank of America’s SWIFT code BOFAUS6S should be used for incoming wires in foreign currency.

If you do not know or are unsure of the type of currency being received please use BOFAUS3N.

Someone sending an incoming international wire to you may also ask for Bank of America’s address. The address to provide is as follows:

BOFAUS3N (for incoming wires in US dollars or unknown currency)
Bank of America, NA
222 Broadway
New York, New York 10038


BOFAUS6S (for incoming payments in foreign currency)
Bank of America, NA
555 California St
San Francisco, CA 94104

What is an IBAN number? , open

The International Bank Account Number (IBAN) is the international standard for identifying international bank accounts across national borders.

The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe and a maximum of 34 outside of Europe (German IBAN: 22 characters). At present, the United States does not participate in IBAN. Therefore, Bank of America does not have an IBAN number.

When sending wire transfers to countries that have IBAN numbers, we recommend including those numbers in your wire transfer documentation. According to the European Directive, only the account-keeping bank may calculate the IBAN / check digits. To obtain the IBAN numbers of another bank, please visit that banks website or contact them directly to obtain that information.

How soon can an international recipient receive the funds from a wire transfer? , open

If you are transferring funds to an international account, your account will be debited the same day and Bank of America will send the payment out immediately. The beneficiary's bank will generally receive the funds 1 to 2 days later. The funds will usually be credited to the beneficiary within 2 days. However, there are a number of factors which could delay the credit to the beneficiary. These include, but are not limited to: local bank holidays, delays by an intermediary bank or other local conditions. Note, too, that some countries have been designated as slow-to-pay layer countries. Transfers made to or from a slow-to-pay country may experience delays in crediting the beneficiary's account.

List of Slow-to-Pay Countries

  • Afghanistan
  • Algeria
  • Angola
  • Bangladesh
  • Benin
  • Bosnia and Herzegovina
  • Botswana
  • Burkina Faso
  • Burundi
  • Cameroon
  • Central African Republic
  • Chad
  • Congo
  • Congo, The Democratic Republic of
  • Cuba
  • Djibouti
  • Egypt
  • Ethiopia
  • Gabon
  • Gambia, The
  • Ghana
  • Guinea
  • Guyana
  • Haiti
  • India
  • Indonesia
  • Iran
  • Iran, Islamic Republic of
  • Iraq
  • Kenya
  • Korea, Democratic People's Republic of (North Korea)
  • Korea, Republic of (South Korea)
  • Kosovo
  • Lesotho
  • Liberia
  • Libya
  • Libyan Arab Jamahiriya
  • Madagascar
  • Malawi
  • Mali
  • Mauritius
  • Mexico
  • Morocco
  • Mozambique
  • Myanmar
  • Namibia
  • Niger
  • Nigeria
  • North Korea
  • Pakistan
  • Philippines
  • Russia
  • Russian Federation
  • Rwanda
  • Senegal
  • Sierra Leone
  • Somalia
  • South Korea
  • Sri Lanka
  • Sudan
  • Swaziland
  • Syria
  • Syrian Arab Republic
  • Tanzania
  • Tanzania, United Republic of
  • The Gambia
  • Tunisia
  • Uganda
  • Viet Nam
  • Zambia
  • Zimbabwe
Источник: https://www.bankofamerica.com/deposits/wire-transfers-faqs/

Set up a Business Bank Account in 6 Steps: A Small Business Guide

7 Min. Read

Having a business bank account is a more professional way to run your small business. It also makes it much easier to track your income and expenses, according to Inc..

This is hugely important at tax time since many expenses can be written off (deducted from taxes owed). Using a personal bank account for business makes it much harder to pick out potential deductions.

A business bank account also lets an owner plan their budget, deposit payments, receive payments, manage payroll and generate financial reports for potential lenders or investors.

In this article, we’ll cover:

NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area.

1. Check What Accounts You Need

You may need different business bank accounts for income, payroll and taxes, according to Inc.. It depends on the complexity of your business’ affairs. Ask your accountant for recommendations.

The following business accounts are most common:

  • Checking account
  • Savings account
  • Credit card account
  • Merchant services account (see step six)

Businesses that are just starting out probably only need the four accounts listed above, but especially the business checking account.

2. Select a Bank

Don’t automatically open a business account where you do your personal banking. A credit union may not even offer business banking options.

Choose the bank that will best service your small business. Some banks specialize in specific types of businesses or industries. Their specialized expertise and custom offerings will better suit your needs, especially when it comes to lines of credit or business credit cards.

That said, it’s okay to use your personal bank as a comparison point. Still, there may be better options out there, especially if they offer benefits like lower business banking fees or specialize in your industry.

Another note: your business bank should meet all your needs and be able to grow with you in the future. Compare your options carefully.

The following factors are important when choosing a bank, according to the Small Business Administration (SBA):

  • Monthly fees waived if a minimum balance is maintained
  • Interest rates for checking and savings accounts
  • Interest rates for business lines of credit
  • Transaction fees
  • Early termination fees (fees to end bank contract)
  • Introductory offers (such as a bonus)

WalletHub recommends Axos Bank Business Interest Checking as the best business bank account overall and BBVA Compass ClearConnect Business Checking for having the lowest fees.

3. Register Your Business Name

Before you talk to your potential new bank, set up your company name--that is, unless you want to operate under your personal name. This is a natural step in setting up your business.

  • For example, a copywriter can set up a company name like “Sarah Smith Copywriting.”

Check your business name isn’t taken by using the U.S. Patent and Trademark Office’s trademark database. Also, search for the name online to make sure your online presence won’t be overwhelmed by similar names.

Now that you’ve chosen a business name, visit your county clerk or state office and pay the required fee to register your business name. It should cost less than $100. This U.S. Small Business Administration guide will tell you where to register.

You can also go the extra step and apply for trademark protection. This costs less than $300.

4. Collect the Necessary Paperwork

You’ll need to gather some information before approaching your chosen bank and opening an account.

You will need, at minimum:

  • A tax ID number (get one via the IRS for free)
  • Social security number (if you’re a sole proprietor)
  • Proof of incorporation (for business structures like LLCs)
  • A business license or business name filing paperwork

Contact your chosen bank to see what paperwork you’ll need to provide to open your account.

5. Contact the Bank

You can usually open your business bank account online. But some companies will have to do so in person at a bank branch. These include companies in the telemarketing, gambling and money service industries. One of the benefits of going in person is that you’ll be able to get your business debit card immediately.

6. Set up a Merchant Services Account

Now that you have a business bank account, go a step further and make sure your company can accept payments. To do this, you need to open a merchant services account that lets you accept payments. For example, a credit card merchant account will let you accept credit card payments.

Check the following criteria when deciding on an account, according to the SBA:

  • Minimum monthly fees
  • Transaction fees
  • Discount rates: percentage charged per transaction processed
  • Address verification service (AVS) fees: help verify a credit card to prevent fraud
  • Low ACH daily batch fees: fees to settle credit card transactions daily

Alternative payment processing services are also popular and connect to your business bank account. If you accept payments online, you can consider online payment systems like PayPal or Shopify. In-person payments can be processed via point-of-sale systems like Square.

People also ask:

What Do You Need to Open a Business Bank Account?

Each bank requires different information to open a business bank account.

At minimum, you’ll probably need:

  • A tax ID number: the IRS will supply you with one
  • Social security number: for sole proprietors or partnerships
  • Proof of incorporation: for corporations like LLCs
  • A business license or business name filing paperwork

Can You Use a Personal Bank Account for a Small Business?

You can use a personal bank account for a small business, but you probably shouldn’t according to the National Federation of Independent Businesses. Here’s why:

Higher Accounting Fees

While personal bank accounts cost less, this type of account for business will ultimately cost you more in accounting fees because accountant will need to spend more time separating out your business expenses and income from your personal expenses and income.

Harder to Get a Business Loan

Even if you open a separate personal bank account for your business, you’ll have a harder time getting a loan. Lenders don’t usually offer loans to businesses using personal bank accounts because small businesses using business bank accounts usually have more accurate records. And if your personal and business finances are mixed, banks won’t have a clear picture of cash flow nor be able to see an income statement.

On top of this, business bank accounts usually have the option to get a line of credit, which is important in an emergency, according to the SBA.

Taxes Are Trickier

Tax time will probably be a nightmare if you use a personal bank account. Combining your personal and business finance will make getting audited a real problem. Plus, it’s harder to prove that expenses purchased through a personal account were used for business purposes. This makes them more difficult to write off on your taxes.

Can’t Process Payments

Payments are simpler with a business bank account. If you’re making out personal checks, they’ll be processed slower. Plus, personal checking accounts won’t let you connect merchant accounts that can process credit card and debit payments.

How Much Does It Cost to Open a Business Bank Account?

Rates and fees vary from bank to bank. Many bank don’t charge a monthly fee, but they will require you to deposit a minimum amount to open the account.

Minimum deposits can be as low as $25 for a bare-bones business bank account, though this comes with certain requirements like keeping a daily balance of $1500. Some banks even offer no minimum deposits and no minimum balance.

There are also costs associated with getting the required paperwork to open a business bank account:


RELATED ARTICLES

Источник: https://www.freshbooks.com/hub/accounting/set-up-business-bank-account

Best bank to open business account in nigeria -

Whether you work from home or own a multi-million dollar company, there are numerous reasons to separate personal and business finances. Yet, business owners still make the mistake of using a personal bank account for their business.

Although having two bank accounts appears inconvenient, you shouldn't use a personal account for your business finances primarily because it can affect your legal liability.

In fact, one of the first steps to owning a business should be opening a business bank account, in addition to a personal bank account. Most banks now offer free business checking accounts so cost shouldn't be an issue.

Legal Protection

When you set up an LLC or a corporation, one of the primary advantages of doing so is the legal liability protection it affords you.

The bottom line: the courts consider the corporation a separate entity from the individuals who own it. When you do business as a corporation, if the corporation gets sued, the party suing the corporation cannot sue you as an individual, unless of course you have personally guaranteed something.

But, if you mingle your finances, a court can potentially go after the individual running the company because it looks less like you're running a separate entity and more like you and the corporation are one and the same.

Tax Advantages

It doesn't matter if your business is run out of a home office, strictly Web-based, or is a "brick and mortar" location, a separate business account has its advantages. Regardless of whether you set up an LLC, Corporation or Partnership, maintaining a business bank account will help you avoid unnecessary hassles.

For example, using a separate business account makes it much easier come tax time, as you will need to file your business income and expenses separately from your personal transactions. Differentiating personal expenses from business expenses when they are in the same account can be time consuming and cumbersome.

Bryan Greenwood from Washington Mutual Small Business Banking notes, "Keeping separate accounts (business and personal) is always the smart thing to do. Many business owners are so busy starting, running and growing their businesses, it is always better to develop good business habits early, especially when it comes to finances and record keeping."

In addition, the IRS has stringent rules for those who work from home about what can be deducted as "business expenses." If you use your personal account, the IRS may frown upon those deductions, even if they are legitimate business expenses.

Consider Your Credibility

Besides IRS auditing issues, using a business account also adds a note of professionalism to your company. If a client receives a personal check for services rendered, they may not take you as seriously as you would like. However, a professional check from a business account will convey professionalism and, more importantly, confidence.

Added Convenience - the Business Credit Card

One of the best ways to make sure you distinguish between personal and business expenses is by using a separate business credit card. Expense reporting can be a daunting, yet crucial task for small businesses, and credit card statements can be a valuable asset when monitoring business spending.

In addition to the obvious reason of deducting business expenses with ease, using a business credit card gives businesses an additional line of credit that may not be an option from a traditional bank. Not only can businesses extend their cash flow to pay for business supplies, vendor services, and other ongoing payments; business credit cards can be used so that monies do not come out of the business's cash accounts. As soon as a customer pays his or her bill, the credit card bill can be paid.

Many business credit cards also come with business "perks," such as frequent travel discounts, higher credit limits, longer billing cycles, and lower interest rates. For example, the American Express¨ Business Gold Rewards Card is very popular among entrepreneurs. You can earn up to 40,000 bonus membership rewards points during the first year, enough for one round-trip free domestic ticket.

In addition, some business cards give business rewards, such as cash back options on the purchase of office supplies, while others offer flexibility to businesses that may not be offered with a standard, personal credit card. Finally, credit cards have zero liability for fraudulent charges, giving businesses added protection if their credit is used by an unauthorized party.

Processing Credit Cards

With the ability to shop on-line and run in and out of a store in the blink of a Visa swipe, business owners are realizing that customers hardly ever carry cash anymore. So what happens when a potential customer comes into your small business with only a MasterCard, but you only take cash? What if a customer searches for companies on-line with your specific product, but doesn't find you because you lack a Web site with on-line shopping? This is where a reputable Merchant Account Service is key.

A merchant account is a credit card business service set up by a financial institution, allowing businesses to accept credit cards as payment for goods or services. These companies process funds from respective credit card companies and then transfer the collected funds into the business's checking account.

There are two types of merchant accounts: traditional merchant accounts and on-line merchant accounts. Traditional merchant accounts authorize and transmit credit card payments using a credit card machine (swipe terminal), which is installed at the business. Online merchant accounts accept, authorize and process credit card transactions securely over the Internet.

Like any type of business partnership, merchant account providers should be researched thoroughly. The best way to find a suitable merchant account is to shop around and compare merchant accounting service companies, as many of them may try to take advantage of unknowing business owners with hidden fees, such as chargeback, pass through, minimum or termination fees.

Be sure to read any contractual agreement extensively before signing on the dotted line, as some contracts may carry a non-cancellation clause. Be sure to read any contractual agreement extensively before signing on the dotted line, as some contracts may carry a non-cancellation clause.

Setting Up Accounting

Determining whether you will need a business bank account, credit card and merchant account service is imperative, but setting up the accounting for the business is also an important step. You have probably already determined what type of business you will be running, whether it is a corporation, sole proprietorship, or partnership. If not, this must be established, as your business structure will determine which type of accounting will be best suitable for your business' needs.

Once the business structure is established, the next step is to clarify the business' spending requirements. How many checks will you be depositing each week? How many checks are written? Does your company need the ability to deposit large amounts of cash? Is in-person banking a priority or will you be making deposits after hours via an automatic telling machine? These are just some of the questions that need to be answered in order to find out which type of bank accounting is right for you.

With each of the above, finding a reputable company is imperative, whether it is a bank, credit card company or a merchant account. Select a company that is convenient to both your business and your lifestyle. In addition, be sure to choose the most appropriate type of account for your particular business.

Источник: https://www.legalzoom.com/articles/are-you-still-using-your-personal-bank-account-for-your-business

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Guaranty Trust Holding Company PLC

Gtco logo-generic.png
TypePublic limited company

Traded as

LSE: GRTB
ISINUS40124Q2084
IndustryFinance
Founded17 January 1990
Headquarters

635 Akin Adesola Street, Victoria Island, Lagos, Lagos State, Nigeria

Area served

Cote d'Ivoire, Kenya, Liberia, Gambia, Ghana, Nigeria, Rwanda, Tanzania, Uganda, United Kingdom

Key people

Hezekiah Oyinlola, (Chairman) Segun Agbaje, (Group CEO)
ProductsRetail banking
Commercial banking
Corporate banking
ServicesBanking, Payments, pension management, asset management
RevenueIncrease ₦ 455.23 billion (2020)

Operating income

Increase ₦ 210.8 billion (2014)

Net income

Increase ₦ 98.7 billion (2014)
Total assetsIncrease ₦ 3.16 Trillion (2016)
Total equityIncrease ₦ 374.3 billion (2014)

Number of employees

10,000+ (2014)
Websitewww.gtbank.com

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company [1]

GTCO Plc's reorganisation means it will now offer more services beyond banking; with a payments business being top of mind for the group.[2] Under its old structure, it could not have run non-lending businesses because a 2010 regulation [3] by the Central Bank of Nigeria (CBN) mandated banks to stop operating their non-banking subsidiaries. They either had to divest from non-core lending service or restructure as a holdings company.

Its new businesses include payments, pension management, asset management, and its existing banking business. GTCO's banking subsidiary in Nigeria, Guaranty Trust Bank Limited is Nigeria’s most valuable bank by market value with its most recent market valuation [4] at N840.26 billion.

Guaranty Trust Holding Plc original started as Guaranty Trust Banks and it was founded in 1988 by over 35 young Nigerians in their thirties, spearheaded mostly by Tayo Aderinokun and Fola Adeola, but also included Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others.[5]

History[edit]

Guaranty Trust Bank Plc was incorporated 1990 as a limited liability company licensed By Central Bank of Nigeria to provide commercial and other banking services to the Nigerian public . In 1991 the bank commenced operations as commercial bank. On February 11, 1991, the Bank commenced operations at its first Head Office located at The Plaza, Adeyemo Alakija, Victoria Island, Lagos, and in 1992, the Bank opened two branches in Lagos (Ikeja and Broad Street) and its first upcountry branch in Kano, while Port-Harcourt branch launched out in 1993.

Guaranty Trust Bank plc became a publicly quoted company In September 1996, and won the Nigerian Stock Exchange President's Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.[6]

In the same year, it established subsidiaries in Gambia and Sierra Leone.[7]

Guaranty Trust Bank undertook its second share offering in 2004 and raised over N11 billion from Nigerian Investors to expand its operations.

On 26 July 2007, GTBank became the very first subsaharan bank and first Nigerian joint stock company to be listed on London Stock Exchange and Deutsche Börse. The IPO raised US$750,000,000.[8] In the same year, they successfully placed Nigeria's first private Eurobond issue on the international capital markets.[9]

The GTBank USD 500,000,000 Eurobond was the first ever Benchmark Eurobond issue by a Nigerian corporate and the second Eurobond programme by GTBank in the last 5 years.[10]

The long-term debts of Guaranty Trust Bank plc are rated BB- by Standard & Poor's and AA- by Fitch Ratings, which are the highest ratings for a Nigerian bank.[11][12]

They introduced online banking and SMS banking in Nigeria and a naira denominated MasterCard as well as the Platinum and World Signia cards and with GTB-on-wheels, mobile branches.

On 12 March 2008, GTBank was given a banking licence for the United Kingdom by the Financial Services Authority.[13]

Guaranty Trust Bank Limited is a partner of Eko Atlantic City, a newly made island (820 ha.) in the Atlantic ocean, adjacent to Victoria Island Lagos. It will be the home of the new Financial District. The building of Eko Atlantic City started in 2009 and is expected to be finished in 2016.[14]

To commemorate the bank's 20th anniversary, the Nigerian Postal Service issued a set of GTBank Anniversary postage stamps. This was the first time in Nigeria that a corporate organization was honored in such a way.[15]

Gtbank, Maryland branch, Lagos

In 2011, the bank became the biggest bank in Nigeria by market capitalisation.[16]

In 2013, the bank acquired 70 percent shareholding in the Fina Bank Group for a cash payment of US$100 million.[17] Fina Bank branches and subsidiaries were rebranded GT Bank soon afterwards.

In 2013, the Bank issued a US$400,000,000 Euro bond at a coupon rate of 6%; the least obtained by a Nigerian company in the international capital market. The Eurobond was issued under the US$2,000,000 Global Medium Term Note Programme, which is registered under both Regulation in the United States of America and Rule 144A in the United Kingdom and sold to investors across Africa, America, Asia and Europe.[18]

The Bank has over 10,000 employees.[19]

On 29 March 2019, the Supreme Court asked GT bank to pay Innoson motors the sum of ₦8.7 billion debt.[20]

In May 2021, GT Bank announced a [21] change in its corporate structure, moving to a holding company and spinning off its banking and other businesses into subsidiaries. The proposed change was [22] ratified by its shareholders on December 4, 2020 after a court mandated shareholders meeting.

Leadership[edit]

  • Hezekiah Oyinlola is chairman; Segun Agbaje is Group Chief Executive Officer. The other board of directors are Catherine Echeozo, Suleiman Barau, Helen Lee Bouygues, and Adebanji Adeniyi.[23]

Branches and Subsidiaries[edit]

Guaranty Trust Holding Company Plc has 11 banking subsidiaries with plans to launch payments, asset management and pension management subsidiaries.

GTCO PLC has subsidiaries in the following countries:

  1. GTBank Nigeria - Lagos, NigeriaNigeria
  2. GTBank Kenya - Nairobi, KenyaKenya
  3. GTBank Rwanda - Kigali, RwandaRwanda
  4. GTBank Uganda - Kampala, UgandaUganda
  5. GTBank Côte d'Ivoire - Abidjan, Ivory CoastIvory Coast
  6. GTBank Gambia - Banjul, GambiaThe Gambia
  7. GTBank Ghana - Accra, GhanaGhana
  8. GTBank Liberia - Monrovia, LiberiaLiberia
  9. GTBank Sierra Leone - Freetown, Sierra LeoneSierra Leone
  10. GTBank UK - London, England, United KingdomUnited Kingdom
  11. GTBank Tanzania - Dar es Salaam, TanzaniaTanzania

Corporate social responsibility[edit]

Guaranty Trust Bank has a long history of corporate social responsibility projects,[24] often gaining recognition [25] for its CSR efforts.

Its Annual Autism Conference, which it has held for eleven years,[26] works to reduce the stigma associated with autism. The event also provides free speech and behavioural consultations with medical experts for people living with autism.

In education and sports, Guaranty Trust Bank also hosts the Masters Cup,[27] one of the most popular grassroots football tournaments in the country. In 2021, the Bank celebrated Children's day with a meeting between young children and Mabel Segun,[28] the iconic Nigerian poet and playwright.

The bank has other CSR efforts in improving access to healthcare,[29] and it hosts the GTBank Food and Drink Festival[30] and the GTBank Fashion Week,[31] two of the most popular pop culture events in Nigeria.

Awards and recognition[edit]

In July 2019, GTBank was recognized as the best bank in Africa at the annual Euromoney Awards for Excellence held in London. In the same year, it was adjudged the best bank in Nigeria for the ninth time.[32]

In 2020, Guaranty Trust Bank was awarded the Euromoney Excellence in Leadership Africa Award and was also named the Best Bank in Nigeria by Euromoney [33] in 2020 and Africa's best Bank by the same publication in 2021.[34]

Guaranty Trust Bank was also named the Best Digital Bank in Nigeria by the research and credit rating agency, Agusto & Co.[35] The bank was also the most admired finance brand in Nigeria and Africa in 2020.

In 2021, Guaranty Trust Bank was named the Best Banking Group, the Best Retail Bank in Nigeria and the Most Innovative Bank in Nigeria by the World Finance Banking Awards. The World Business Outlook awarded Guaranty Trust Bank the Best Digital Bank as well as an award for the Best Mobile Banking app.

References[edit]

21. Bestmarket- Nigeria Guaranty Trust Bank Plc transfer code: Retrieved 2020

External links[edit]

Источник: https://en.wikipedia.org/wiki/Guaranty_Trust_Holding_Company_PLC

Select Your State

Please tell us where you bank so we can give you accurate rate and fee information for your location.

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Set up a Business Bank Account in 6 Steps: A Small Business Guide

7 Min. Read

Having a business bank account is a more professional way to run your small business. It also makes it much easier to track your income and expenses, according to Inc..

This is hugely important at tax time since many expenses can be written off (deducted from taxes owed). Using a personal bank account for business makes it much harder to pick out potential deductions.

A business bank account also lets an owner plan their budget, deposit payments, receive payments, manage payroll and generate financial reports for potential lenders or investors.

In this article, we’ll cover:

NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area.

1. Check What Accounts You Need

You may need different business bank accounts for income, payroll and taxes, according to Inc.. It depends on the complexity of your business’ affairs. Ask your accountant for recommendations.

The following business accounts are most common:

  • Checking account
  • Savings account
  • Credit card account
  • Merchant services account (see step six)

Businesses that are just starting out probably only need the four accounts listed above, but especially the business checking account.

2. Select a Bank

Don’t automatically open a business account where you do your personal banking. A credit union may not even offer business banking options.

Choose the bank that will best service your small business. Some banks specialize in specific types of businesses or industries. Their specialized expertise and custom offerings will better suit your needs, especially when it comes to lines of credit or business credit cards.

That said, it’s okay to use your personal bank as a comparison point. Still, there may be better options out there, especially if they offer benefits like lower business banking fees or specialize in your industry.

Another note: your business bank should meet all your needs and be able to grow with you in the future. Compare your options carefully.

The following factors are important when choosing a bank, according to the Small Business Administration (SBA):

  • Monthly fees waived if a minimum balance is maintained
  • Interest rates for checking and savings accounts
  • Interest rates for business lines of credit
  • Transaction fees
  • Early termination fees (fees to end bank contract)
  • Introductory offers (such as a bonus)

WalletHub recommends Axos Bank Business Interest Checking as the best business bank account overall and BBVA Compass ClearConnect Business Checking for having the lowest fees.

3. Register Your Business Name

Before you talk to your potential new bank, set up your company name--that is, unless you want to operate under your personal name. This is a natural step in setting up your business.

  • For example, a copywriter can set up a company name like “Sarah Smith Copywriting.”

Check your business name isn’t taken by using the U.S. Patent and Trademark Office’s trademark database. Also, search for the name online to make sure your online presence won’t be overwhelmed by similar names.

Now that you’ve chosen a business name, visit your county clerk or state office and pay the required fee to register your business name. It should cost less than $100. This U.S. Small Business Administration guide will tell you where to register.

You can also go the extra step and apply for trademark protection. This costs less than $300.

4. Collect the Necessary Paperwork

You’ll need to gather some information before approaching your chosen bank and opening an account.

You will need, at minimum:

  • A tax ID number (get one via the IRS for free)
  • Social security number (if you’re a sole proprietor)
  • Proof of incorporation (for business structures like LLCs)
  • A business license or business name filing paperwork

Contact your chosen bank to see what paperwork you’ll need to provide to open your account.

5. Contact the Bank

You can usually open your business bank account online. But some companies will have to do so in person at a bank branch. These include companies in the telemarketing, gambling and money service industries. One of the benefits of going in person is that you’ll be able to get your business debit card immediately.

6. Set up a Merchant Services Account

Now that you have a business bank account, go a step further and make sure your company can accept payments. To do this, you need to open a merchant services account that lets you accept payments. For example, a credit card merchant account will let you accept credit card payments.

Check the following criteria when deciding on an account, according to the SBA:

  • Minimum monthly fees
  • Transaction fees
  • Discount rates: percentage charged per transaction processed
  • Address verification service (AVS) fees: help verify a credit card to prevent fraud
  • Low ACH daily batch fees: fees to settle credit card transactions daily

Alternative payment processing services are also popular and connect to your business bank account. If you accept payments online, you can consider online payment systems like PayPal or Shopify. In-person payments can be processed via point-of-sale systems like Square.

People also ask:

What Do You Need to Open a Business Bank Account?

Each bank requires different information to open a business bank account.

At minimum, you’ll probably need:

  • A tax ID number: the IRS will supply you with one
  • Social security number: for sole proprietors or partnerships
  • Proof of incorporation: for corporations like LLCs
  • A business license or business name filing paperwork

Can You Use a Personal Bank Account for a Small Business?

You can use a personal bank account for a small business, but you probably shouldn’t according to the National Federation of Independent Businesses. Here’s why:

Higher Accounting Fees

While personal bank accounts cost less, this type of account for business will ultimately cost you more in accounting fees because accountant will need to spend more time separating out your business expenses and income from your personal expenses and income.

Harder to Get a Business Loan

Even if you open a separate personal bank account for your business, you’ll have a harder time getting a loan. Lenders don’t usually offer loans to businesses using personal bank accounts because small businesses using business bank accounts usually have more accurate records. And if your personal and business finances are mixed, banks won’t have a clear picture of cash flow nor be able to see an income statement.

On top of this, business bank accounts usually have the option to get a line of credit, which is important in an emergency, according to the SBA.

Taxes Are Trickier

Tax time will probably be a nightmare if you use a personal bank account. Combining your personal and business finance will make getting audited a real problem. Plus, it’s harder to prove that expenses purchased through a personal account were used for business purposes. This makes them more difficult to write off on your taxes.

Can’t Process Payments

Payments are simpler with a business bank account. If you’re making out personal checks, they’ll be processed slower. Plus, personal checking accounts won’t let you connect merchant accounts that can process credit card and debit payments.

How Much Does It Cost to Open a Business Bank Account?

Rates and fees vary from bank to bank. Many bank don’t charge a monthly fee, but they will require you to deposit a minimum amount to open the account.

Minimum deposits can be as low as $25 for a bare-bones business bank account, though this comes with certain requirements like keeping a daily balance of $1500. Some banks even offer no minimum deposits and no minimum balance.

There are also costs associated with getting the required paperwork to open a business bank account:


RELATED ARTICLES

Источник: https://www.freshbooks.com/hub/accounting/set-up-business-bank-account

Select Your State

Please tell us where you bank so we best bank to open business account in nigeria give you accurate rate and fee information for your location.

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Guaranty Trust Holding Company PLC

Gtco logo-generic.png
TypePublic limited company

Traded as

LSE: GRTB
ISINUS40124Q2084
IndustryFinance
Founded17 January 1990
Headquarters

635 Akin Adesola Street, Victoria Island, Lagos, Lagos State, Nigeria

Area served

Cote d'Ivoire, Kenya, Liberia, Gambia, Ghana, Nigeria, Rwanda, Tanzania, Uganda, United Kingdom

Key people

Hezekiah Oyinlola, (Chairman) Segun Agbaje, (Group CEO)
ProductsRetail banking
Commercial banking
Corporate banking
ServicesBanking, Payments, pension management, asset management
RevenueIncrease ₦ 455.23 billion (2020)

Operating income

Increase ₦ 210.8 billion (2014)

Net income

Increase ₦ 98.7 billion (2014)
Total assetsIncrease ₦ 3.16 Trillion (2016)
Total equityIncrease ₦ 374.3 billion (2014)

Number of employees

10,000+ (2014)
Websitewww.gtbank.com

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company [1]

GTCO Plc's reorganisation means it will now offer more services beyond banking; with a payments business being top of mind for the group.[2] Under its old structure, it could not have run non-lending businesses because a 2010 regulation [3] by the Central Bank of Nigeria (CBN) mandated banks to stop operating their non-banking subsidiaries. They either had to divest from non-core lending service best bank to open business account in nigeria restructure as a holdings company.

Its new businesses include payments, pension management, asset management, and its existing banking business. GTCO's banking subsidiary in Nigeria, Guaranty Trust Bank Limited is Nigeria’s most valuable bank by market value with its most recent market valuation [4] at N840.26 billion.

Guaranty Trust Holding Plc original started as Guaranty Trust Banks and it was founded in 1988 by over 35 young Nigerians in their thirties, spearheaded mostly by Tayo Aderinokun and Fola Adeola, but also included Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others.[5]

History[edit]

Guaranty Trust Bank Plc was incorporated 1990 as a limited liability company licensed By Central Bank of Nigeria to provide commercial and other banking services to the Nigerian public. In 1991 the bank commenced operations as commercial bank. On February 11, 1991, the Bank commenced operations at its first Head Office located at The Plaza, Adeyemo Alakija, Victoria Island, Lagos, and in 1992, the Bank opened two branches in Lagos (Ikeja and Broad Street) and its first upcountry branch in Kano, while Port-Harcourt branch launched out in 1993.

Guaranty Trust Bank plc became a publicly quoted company In September 1996, and won the Nigerian Stock Exchange President's Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.[6]

In the same year, it established subsidiaries in Gambia and Sierra Leone.[7]

Guaranty Trust Bank undertook its second share offering in 2004 and raised over Best bank to open business account in nigeria from Nigerian Investors to expand its operations.

On 26 July 2007, GTBank became the very first subsaharan bank and first Nigerian joint stock company to be listed on London Stock Exchange and Deutsche Börse. The IPO raised US$750,000,000.[8] In the same year, they successfully placed Nigeria's first private Eurobond issue on the international south seattle food bank markets.[9]

The GTBank USD 500,000,000 Eurobond was the first ever Benchmark Eurobond issue by a Nigerian corporate and the second Eurobond programme by GTBank in the last 5 years.[10]

The long-term debts of Guaranty Trust Bank plc are rated BB- by Standard & Poor's and AA- by Fitch Ratings, which are the highest ratings for a Nigerian bank.[11][12]

They introduced online banking and SMS banking in Nigeria and a naira denominated MasterCard as well as the Platinum and World Signia cards and with GTB-on-wheels, mobile branches.

On 12 March 2008, GTBank was given a banking licence for the United Kingdom by the Financial Services Authority.[13]

Guaranty Trust Bank Limited is a partner of Eko Atlantic City, a newly made island (820 ha.) in the Atlantic ocean, adjacent to Victoria Island Lagos. It will be the home of the new Financial District. The building of Eko Atlantic City started in 2009 and is expected to be finished in 2016.[14]

To commemorate the bank's 20th anniversary, the Nigerian Postal Service issued a set pay prepaid verizon wireless bill GTBank Anniversary postage stamps. This was the first time in Nigeria that a corporate organization was honored in such a way.[15]

Gtbank, Maryland branch, Lagos

In 2011, the bank became the biggest bank in Nigeria by market capitalisation.[16]

In 2013, the bank acquired 70 percent shareholding in the Fina Bank Group for a cash payment of US$100 million.[17] Fina Bank branches and subsidiaries were rebranded GT Bank soon afterwards.

In 2013, the Bank issued a US$400,000,000 Euro bond at a coupon rate of 6%; the least obtained by a Nigerian company in the international capital market. The Best bank to open business account in nigeria was issued under the US$2,000,000 Global Medium Term Note Programme, which is registered under both Regulation in the United Walmart money card number of America and Rule 144A in the United Kingdom and sold to investors across Africa, America, Asia and Europe.[18]

The Bank has over 10,000 employees.[19]

On 29 March 2019, the Supreme Court asked GT bank to pay Innoson motors the sum of ₦8.7 billion debt.[20]

In May 2021, GT Bank announced a [21] change in its corporate structure, moving to a holding company and spinning off its banking and other businesses into subsidiaries. The proposed change was [22] ratified by its shareholders on December 4, 2020 after a court mandated shareholders meeting.

Leadership[edit]

  • Hezekiah Oyinlola is chairman; Segun Agbaje is Group Chief Executive Officer. The other board of directors are Catherine Echeozo, Suleiman Barau, Helen Lee Bouygues, and Adebanji Adeniyi.[23]

Branches and Subsidiaries[edit]

Guaranty Trust Holding Company Plc has 11 banking subsidiaries with plans to launch payments, asset management and pension management subsidiaries.

GTCO PLC has subsidiaries in the following countries:

  1. GTBank Nigeria - Lagos, NigeriaNigeria
  2. GTBank Kenya - Nairobi, KenyaKenya
  3. GTBank Rwanda - Kigali, RwandaRwanda
  4. GTBank Uganda - Kampala, UgandaUganda
  5. GTBank Côte d'Ivoire - Abidjan, Ivory CoastIvory Coast
  6. GTBank Gambia - Banjul, GambiaThe Gambia
  7. GTBank Ghana - Accra, GhanaGhana
  8. GTBank Liberia - Monrovia, LiberiaLiberia
  9. GTBank Sierra Leone - Freetown, Sierra LeoneSierra Leone
  10. GTBank UK - London, England, United KingdomUnited Kingdom
  11. GTBank Tanzania - Dar es Salaam, TanzaniaTanzania

Corporate social responsibility[edit]

Guaranty Trust Bank has a long history of corporate social responsibility projects,[24] often gaining recognition [25] for its CSR efforts.

Its Annual Autism Conference, which it has held for eleven years,[26] works to reduce the stigma associated with autism. The event also provides free speech and behavioural consultations with medical experts for people living with autism.

In education and sports, Guaranty Trust Bank also hosts the Masters Cup,[27] one of the most popular grassroots football tournaments in the country. In 2021, the Bank celebrated Children's day with a meeting between young children and Mabel Segun,[28] the iconic Nigerian poet and playwright.

The bank has other CSR efforts in improving access to healthcare,[29] and it hosts the GTBank Food and Drink Festival[30] and the GTBank Fashion Week,[31] two of the most popular pop culture events in Nigeria.

Awards and recognition[edit]

In July 2019, GTBank was recognized as the best bank in Africa at the annual Euromoney Awards for Excellence held in London. In the same year, it was adjudged the best bank in Nigeria for the ninth time.[32]

In 2020, Guaranty Trust Bank was awarded the Euromoney Excellence in Leadership Africa Award and was also named the Best Bank in Nigeria by Euromoney [33] in 2020 and Africa's best Bank by the same publication in 2021.[34]

Guaranty Trust Bank was also named the Best Digital Bank in Nigeria by the research and credit rating agency, Agusto & Co.[35] The bank was also the most admired finance brand in Nigeria and Africa in 2020.

In 2021, Guaranty Trust Bank was named the Best Banking Group, the Best Retail Bank in Nigeria and the Most Innovative Bank in Nigeria by the World Finance Banking Awards. The World Business Outlook awarded Guaranty Trust Bank the Best Digital Bank as well as an award for the Best Mobile Banking app.

References[edit]

21. Bestmarket- Nigeria Guaranty Trust Bank Plc transfer code: Retrieved 2020

External links[edit]

Источник: https://en.wikipedia.org/wiki/Guaranty_Trust_Holding_Company_PLC

Whether you work from home or own a multi-million dollar company, there are numerous reasons to separate personal and business finances. Yet, business owners still make the mistake of using a personal bank account for their business.

Although having two bank accounts appears inconvenient, you shouldn't use a personal account for your business finances primarily because it can affect best bank to open business account in nigeria legal liability.

In fact, one of the first steps to owning a business should be opening a business bank account, in addition to a personal bank account. Most banks now offer free business checking accounts so cost shouldn't be an issue.

Legal Protection

When you set up an LLC or a corporation, one of the primary advantages of doing so is the legal liability protection it affords you.

The bottom line: the courts consider the corporation a separate entity from the individuals who own it. When you do business as a corporation, if the corporation gets sued, the party suing the corporation cannot sue you as an individual, unless of course you have personally guaranteed something.

But, if you mingle your finances, a court can potentially go after the individual running the company because it looks less like you're running a separate entity and more best bank to open business account in nigeria you and the corporation are one and the same.

Tax Advantages

It doesn't citi premier card credit limit if your business is run out of a home office, strictly Web-based, or is a "brick and mortar" location, a separate business account has its advantages. Regardless of whether you set up an LLC, Corporation or Partnership, maintaining a business bank account will help you avoid unnecessary hassles.

For example, using a separate business account makes it much easier come tax time, as you will need to file your business income and expenses separately from your personal transactions. Differentiating personal expenses from business expenses when they are in the same account can be time consuming and cumbersome.

Bryan Greenwood from Washington Mutual Small Business Banking notes, "Keeping separate accounts (business and personal) is always the smart thing to do. Many business owners are so busy starting, running and growing their businesses, it is always better to develop good business habits early, especially when it comes to finances and record keeping."

In addition, the IRS has stringent rules for those who work from home about what can be deducted as "business expenses." If you use your personal account, the IRS may frown upon those deductions, even if they are legitimate business expenses.

Consider Your Credibility

Besides IRS auditing issues, using a business account also adds a note of professionalism to your company. If a client receives a personal check for services rendered, they may not take you as seriously as you would like. However, a professional check from a business account will convey professionalism and, more importantly, confidence.

Added Convenience - the Business Credit Card

One of the best ways to make sure you distinguish between personal and business expenses is by using a separate business credit card. Expense reporting can be a daunting, yet crucial task for small businesses, and credit card statements can be a valuable asset when monitoring business spending.

In addition to the obvious reason of deducting business expenses with ease, using a business credit card gives businesses an additional line of credit that may not be an option from a traditional bank. Not only can businesses extend their cash flow to pay for business supplies, vendor services, and other ongoing payments; business credit cards can be used so that monies do not come out of the business's cash accounts. As soon as a customer pays his or her bill, the credit card bill can be paid.

Many business credit cards also come with business "perks," such as frequent travel discounts, higher credit limits, longer billing cycles, and lower interest rates. For example, the American Express¨ Business Gold Rewards Card is very popular among entrepreneurs. You can earn up to 40,000 bonus membership rewards points during the first year, enough for one round-trip free domestic ticket.

In addition, some business cards give business rewards, such as cash back options on the purchase of office supplies, while others offer flexibility to businesses that may not be offered with a standard, personal credit card. Finally, credit cards have zero liability for fraudulent charges, giving businesses added protection if their credit is used by an unauthorized party.

Processing Credit Cards

With the ability to shop on-line and run in and out of a store in the blink of a Visa swipe, business owners are realizing that customers hardly ever carry cash anymore. So what happens when a potential customer comes into your small business with only a MasterCard, but you only take cash? What if a customer searches for companies on-line with your specific baml deals 2018, but doesn't find you because you lack a Web site with on-line shopping? This is where a reputable Merchant Account Service is key.

A merchant account is a credit card business service set up by a financial institution, allowing businesses to accept credit cards as payment for goods or services. These companies process funds from respective credit card companies and then transfer the collected funds into the business's checking account.

There are two types of merchant accounts: traditional merchant accounts and on-line merchant accounts. Traditional merchant accounts authorize and transmit credit card payments using a credit card machine (swipe terminal), which is installed at the business. Online merchant accounts accept, authorize and process credit card transactions securely over the Internet.

Like any type of business partnership, merchant account providers should be researched thoroughly. The best way to find a suitable merchant account is to shop around and compare merchant accounting service companies, as many of them may try to take advantage of unknowing business owners with hidden fees, such as chargeback, pass through, minimum or termination fees.

Be sure to read any contractual agreement extensively before signing on the dotted line, as some contracts may carry a non-cancellation clause. Be sure to read any contractual agreement extensively before signing on the dotted line, as some contracts may carry a non-cancellation clause.

Setting Up Accounting

Determining whether you will need a business bank account, credit card and merchant account service is imperative, but setting up the accounting for the business is also an important step. You have probably already determined what type of business you will be running, whether it is a corporation, sole proprietorship, or partnership. If not, this must be established, as your business structure will determine which type of accounting will be best suitable for your business' needs.

Once the business structure is established, the next step is to clarify the business' spending requirements. How many checks will you be depositing each week? How many checks are written? Does your company need the ability to deposit large amounts of cash? Is in-person banking a priority or will you be making deposits after hours via an automatic telling machine? These are just some of the questions that need to be answered in order to find out which type of bank accounting is right for you.

With each of the above, finding a reputable company is imperative, whether it is a bank, credit card company or a merchant account. Select a company that is convenient to both your business and your lifestyle. In addition, be sure to choose the most appropriate type of account for your particular business.

Источник: https://www.legalzoom.com/articles/are-you-still-using-your-personal-bank-account-for-your-business

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Welcome

You can choose yourself where to set up your blocked account. It is important that the following conditions are met:

  • The best bank to open business account in nigeria account must have sufficient credit in order to cover the costs arising for the duration of your planned stay in Germany, unless other proof of financial support is presented in the visa procedure. Certain standard rates apply that are based on the rates for German students. From 1 January 2021, the presumed annual requirement that must be paid into the blocked account when applying for a visa amounts to 10,332 euros.
    The account may only permit the withdrawal of a certain amount per month (for students currently 861 euros).
  • The blocked account may only be closed with the consent of the blocked account beneficiary. The blocked account beneficiary is either the mission abroad or, after entering Germany, the competent foreigners authority. A blocking notice therefore only ensures that sufficient funds to cover living expenses are always available. It does not entitle the blocked account beneficiary to withdraw money from the blocked account. 

Many countries have providers that offer blocked accounts. Information is available from the respective competent German mission abroad. Furthermore, certain banks in Germany offer special blocked accounts for students/language students for educational institutions located at their place of business.

The list of providers offering blocked accounts throughout Germany is currently being reviewed.Please note that the naming of institutions offering blocked accounts on the Federal Foreign Office website does not amount to a recommendation. For reasons of competition, the Federal Foreign Office can only name the service-providers offering blocked accounts of which it is aware. The Federal Foreign Office does not however have a business relationship with the institutions offering blocked accounts.

Info

Information for customers of the blocked account provider BAM!:
This provider no longer offers the service of opening new blocked accounts. Please note the information by Federal Financial Supervisory Authority (BaFin) regarding the dissolution of existing accounts.

Источник: https://www.auswaertiges-amt.de/en/sperrkonto/388600

Top 8 best money-saving apps with high-interest rates in Nigeria

Saving has become a golden financial tip that everyone who desires financial security works with. It is increasingly touted as one of the many ways by which you can grow your income and build stable wealth while reaching long- and short-term financial goals. With saving, every note counts as small amounts do add up over time.

Most people are familiar with the conventional method of saving – piggy banks or ‘kolo’ as it is popularly called in Nigerian parlance. However, it is not always safe or effective to save all of one’s money using piggy banks, especially when you start to deal with larger amounts of money. Not only is it unsafe to keep such at home, it may also be a temptation to you and you may risk constantly dipping into your savings to spend on splurges and everyday expenses. 

With technology, however, new and easy ways have been created to save in a quick and efficient manner. These are trustworthy money-saving applications with an easy-to-use interface that help you in a planned, rigorous and accessible way.

You need a money-saving app if:

  1. You find it challenging to plan out your savings over a period of time. You constantly forget that you ought to save or are not sure how to go about it.
  2. You have less than stellar delayed gratification abilities and will constantly dip into your savings for splurges or any expenses that come your way.
  3. You need a better and more efficient way to keep your money.
  4. Your savings have become quite large and it is no longer effective to keep them in your usual bank account.

Many of these money-saving apps do not only offer you a space to keep your hard-earned money, they also offer safe financial tips as well as interest on all monies saved with them. Not to worry, they are registered with and accountable to the central Bank of Nigeria and are therefore trustworthy and safe. Read on to enjoy a list of the 8 Best Money-saving apps with high interest rates in Nigeria.

Eight Best Money-saving apps with high interest rates in Nigeria

1. ALAT
ALAT is Nigeria’s first ever fully digital bank and tops this list for a plethora of very good reasons. The saving platform is the innovative brainchild of WEMA Bank Nigeria and is fully digital. This means that you can perform all your transactions on your electronic devices and from the comfort of your home – you do not have to go to a physical branch.

It is simple, convenient and reliable with an interest rate of up to 8.75% on the amount saved per annum – three times the standard bank rate! This account can be opened within minutes. All you have to do is download the app from the Google Play Store or the Apple App Store and upload all necessary details to create the account.

ALAT allows you to set your savings goal and determine how much you want to save and for how long. You can automate your savings or choose to save at your own pace. You can also choose to save alone or with friends via the Group Savings option. Interest rate on your savings is up to 4.2% provided you do not withdraw more than 3 best bank to open business account in nigeria in a month.

It also has the added benefit that it functions like a regular bank account so you don’t have to link to another bank account to set up your savings. Your ALAT debit card (Visa, Mastercard, Verve card) is also delivered to you at home or in your location of choice at zero cost. This debit card is internationally acceptable and can be used for foreign transactions within and outside the country. 

With ALAT, you can create a free virtual dollar card for your online and foreign transactions.

2. PiggyVest
Formerly known as Piggy Bank, PiggyVest is a start-up that is affiliated with UBA Nigeria Plc. The savings app has a safe lock which enables you to lock up parts of your money for a specific period of time. For unlocked funds, there are 4 withdrawal dates, one per quarter and withdrawing outside of these dates attract a penalty fee of 5% of the withdrawal amount.  The app is available on Android and iOS and requires no deposit or monthly fees.

3. Cowrywise
Launched in 2017, Cowrywise offers savings with interest rates at periodic, fixed and one-time rates. With this app, you can build your savings and investment portfolios and manage your money securely. It has an interest rate calculator that determines how much interest you get per time. It also allows you to save as an individual or with a group. A notable highlight of Cowrywise is the friendly user-interface and the ‘Savings Challenge’, which challenges you to engage in rigorous savings plans that help you build emergency funds or a better stash of funds at the end of the specified period.

4. Sumotrust
Sumotrust, formerly known as Sumobank is another money-saving app that allows you to set aside money easily and automatically. They offer both savings and investment services with an interest rate of up to 10% per annum. The platform positions itself to cater to those who desire to save for business purposes. It is therefore a big fit for entrepreneurs and business corporations.

5. Kolopay
Kolopay is another app to save money on a schedule. With the EasySave and Autosave option, you can choose to automate your savings by schedule – daily, weekly or monthly. You can also use the Koloshare feature to invite others to contribute to your saving goal. Just like many of the other apps, Kolopay has a withdrawal date policy and offers an interest rate of up to 10%. Kolopay allows you to have multiple saving goals at a time.

6. KudaBank
Kuda is another saving platform that offers the opportunity for you to effortlessly save while earning interest on your money. With the Spend+Save tool, KudaBank allows you to put money away every time you spend on something. The savings plan is flexible and allows you to put your savings on your own schedule. You can also lock up the money in a Fixed Savings Plan and you can make up to 25 transfers to other banks associated bank login bill payments a month. 

7. Jetseed
Jetseed, formerly known as Pettysave is a savings and investments platform that aims to help you save and grow your money. You can automate your savings from as low as N100 and save towards specific targets such as a new car, wedding, travel, etc. The app also offers free financial tools and guides to help you on your path to financial security.

8. Crowdyvest
Crowdyvest is another saving app that offers you the opportunity to build your wealth consistently. With its autosave option, you have the freedom to automate your savings and create as many savings plans as you desire.

How do I get on ALAT?
In case you are wondering how you can join ALAT, Simply Click here to download the app or on Google Play (for Android phones) or on iOS App Store (for iPhone).

Источник: https://guardian.ng/technology/tech/top-8-best-money-saving-apps-with-high-interest-rates-in-nigeria/

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A bank is a financial institution licensed by a regulating body to receive deposits and lend surplus money to borrowers, and upon demand, pay the depositor. A bank allows the depositor to open an account, make a withdrawal, pay third parties, and use a debit or credit card, among other services. Banks have different products and services like personal and business banking products for their customers. Personal banking is another name for domestic or retail banking, which involves the bank dealing with you directly or personally. While for Corporate or business banking, the bank deals with a corporate body or an incorporated company.

In Nigeria, most of the banks offer a mix of these services, and if you own a small business, your concern is how to get a loan quickly. But for the regular saver, you want a secure bank. The Nigeria Deposit Insurance Corporation secures your deposit of up to N500,000 in all commercial banks in Nigeria in case CBN closes any of them. To help you filter the best out of the number of banks, we will list ten of the best banks in Nigeria for personal and business banking to enable you to make an informed choice. Let us start with some examples of both services.

 

What are examples of personal banking?

Examples of personal banking are savings account, certificate of deposit, credit, and debit cards, financing a car or a house, and remitting foreign currency. There is also private banking service (for high net worth individuals), insurance, stock brokerage, and wealth management, which the bank will sell to you using its subsidiary company. Extra service includes online banking.

 

What are the examples of business banking?

Corporate banking or business banking services include Loans and advances, treasury services, equipment leasing, trade finance, and small-medium enterprises (S.M.E.) loans, online banking, P.O.S., and more.

After showing you some examples of personal and business banking, let us go straight to the list and examine the best banks right away.

 

The best banks in Nigeria

Here are the best banks in Nigeria for personal and business banking:

 

1. Guaranty Trust Bank Plc

Guaranty Trust Bank Plc (GTBank) is a limited liability company incorporated to carry on the banking business in 1990 and began operating in February 1991. The bank listed its stocks in the Nigerian stock exchange in September 1996.

Through the years, due to sound management, its asset base is now more than 3 trillion naira. The bank has a subsidiary office in the United Kingdom and branches in some African countries like Ghana and Uganda.

GTBank offers excellent personal and business banking to customers using its professional staff. GTbank’s personal banking service includes opening savings and current accounts, nonresident Nigerian service, and private banking, online banking, and A.T.M and P.O.S.

While the business banking gives you access to a GT business account, corporate and commercial banking, S.M.E. and loans and advances, and more.

 

2. First Bank of Nigeria 

First bank is one of the best banks in Nigeria for personal and business banking. Here is why. First bank of Nigeria is true to its brand name and is genuinely the first when it comes to personal banking services.

The bank, which started in 1894, now has close to 900 branches in Nigeria, across ten African countries and the U.K.  First bank has nearly ten thousand employees, and its revenues have continued to grow.

To prove how much the bank has been able to serve its personal banking clients, the bank won “The Asian Banker International Excellence” award for the best personal banking brand five times in a row.

Its personal banking solutions include loans and mortgage, bank cards, payment solutions, online banking and A.T.M and P.O.S and diaspora banking, money transfer, and fixed deposit.

Also, the bank serves its corporate banking customers well, and its loan portfolio best bank to open business account in nigeria to increase just like its deposit base. Rest assured that First bank will give you the best of both services.  Its business banking products include Account, S.M.E. connect, loans, e-solutions, payment solutions, Agric financing, and mortgages.

 

3. Zenith Bank P.L.C.

Zenith Bank P.L.C. is a leading Conglomerate and provides financial services across the globe using cutting edge technology and leads while the other banks follow.

The bank was launched in May 1990 and started operating in July of the same year with a commercial bank license.

In 2014, it transformed into a Public liability company (P.L.C). Also, to meet demands for its services, it has 500 branches in Nigeria and subsidiary offices in the U.K, Ghana, South Africa, and more.

Zenith offers numerous customers customized banking services, which include S.M.E. banking, Personal banking, and Corporate banking, investment and loans, bank account, asset management solutions, Online banking, A.T.M, and P.O.S.No wonder it is now among the largest banks in Africa. Its head office is at Zenith Heights, Plot 83, Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria.

 

4. Stanbic I.B.T.C. Bank

I.B.T.C. chattered bank started in 1989 and merged with Stanbic Bank Group in 2007. It is now a part of the Standard Bank Group with the Head office in Johannesburg, South Africa.

The bank provides excellent banking services in well over 180 branches locally with 560 Physical ATMs. Its professional staff is up to 3,000 and keeps increasing to match up with your demand for excellent services.

Its foreign remittances service is top-notch. If you are Nigerian living abroad, you may open a nonresident Nigerian bank account with the bank as the cost of transactions is low, and it is easy to monitor your account from anywhere you live abroad.

The bank’s personal and business banking service is first class, with an unbeatable range of services that include financial advisory services, loans, savings, investments, debit and credit cards, mortgages, pensions, and Stockbroking. Its Head Office is The I.B.T.C Place Walter Carrington Crescent Victoria Island Lagos.

 

5. Standard Chartered Bank Nigeria

Another one of the best banks in Nigeria for personal and business banking is Standard Chartered Bank, Nigeria. Its head office is in London, and its branches worldwide are about 1,200. The bank boasts of over 150 years of banking experience.

Standard Chartered Bank Nigeria started operating on 15 September 1999 and has 22 branches with A.T.M’s and more than 900 employees as of 2013.

The Bank in Nigeria provides one of the best business banking services with an efficient, secure, and easy to use free online banking platform, plus a fair exchange rate service.

That said, its retail banking services are equally responsive to the demands of the customers. Its products include personal banking, priority banking, and business accounts for its retail clients.

While its corporate and institutional services include transaction banking, priority banking, and small and medium enterprises(S.M.E.). Its local head office is at 142 Ahmadu Bello Way, Victoria Island, Lagos.

 

6. Sterling Bank Plc

When this bank began in 1960, it was Nigeria’s first Investment bank called Nigeria Acceptances Limited (N.A.L.).

Sterling Bank became a complete commercial bank when N.A.L. merged with four other banks in the 2006 bank consolidation era. With that merger, Sterling bank was born and ready to improve stakeholders’ value.

Sterling bank has repositioned itself to deliver both personal banking and business banking services plus some best bank to open business account in nigeria banking services. Its products include private banking and wealth management, agent banking, commercial agriculture credit scheme, loans to the telecom, power, and steel sectors.

The bank now has up to 179 branches, 847 ATM’s and 7853 point of sale (P.O.S.) terminals as of 2018.  Its head office is at Sterling Towers, 20 Marina, Lagos, Lagos State, Nigeria.

 

7. United Bank For Africa Plc (U.B.A.)

One more bank in this list of the best banks in Nigeria for personal and business banking is U.B.A. This bank started in 1949, and they trade the stock in the Nigeria Stock Exchange. Like its peers, it has undergone a lot of transformation carried out by Tony Elumelu. In 2005, he merged U.B.A. with Standard Trust Bank before best bank to open business account in nigeria tenure as M.D. ended. As a result, the bank is a lot nimbler mechanics cooperative bank ma the former conservative company.

U.B.A. is ready to serve stakeholders and to create an enterprise that will continue to advance strategically and be ahead of other banks in all the services it offers to customers in its branches in 22 African countries.

Its core services are corporate banking and personal banking that include S.M.E. banking and internet banking, money transfer, treasury, trade and savings, current account, P.O.S., A.T.M., and online banking, and more.

The bank’s core values have these three words execution, enterprise, and excellence driving its goal of dominance in the banking sector, and has strategically positioned its subsidiary offices in New York, UK, and France. Its headquarters is U.B.A. House, 57 Marina, Lagos, Lagos State, Nigeria.

 

8. Fidelity Bank

Fidelity Bank P.L.C. started in 1988 as a Merchant bank and rebranded into a commercial bank in 1999. It is known for serving startups and has several awards as S.M.E. Friendly Bank, the Most Improved Corporate/Investment Bank, and the Best in Mobile.

It came 4th place as the best retail bank in a survey carried out in best bank to open business account in nigeria by K.P.M.G. to find out how satisfied customers are about their service providers.

Fidelity bank as of 2017 has 240 branches in Nigeria that includes digital offices with 775 ATM’s and 4346 POS’s.

The bank provides customized products for different customers, corporate banking, S.M.E. banking, private banking, and online banking. Others include mortgages, loans, credit cards, savings, and current accounts and Investments.

Its head office is at Fidelity Place, 2 Kofo Abayomi St, Victoria Island, Lagos, Nigeria.

 

9. Union Bank of Nigeria

The bank started in 1917, and they trade its stocks on the Nigerian stock exchange. Union bank is one of the old generation banks, and like its peers is rebranding its services to become alive to its logo of a galloping Stallion.

That is why it is part of this best banks in Nigeria for personal and business banking. As of 2016, it had 320 branches and two fully-owned subsidiaries in the United Kingdom. The bank offers products that target high net worth individuals and S.M.E’s.

Its banking products include savings account and current accounts fixed deposits accounts, mortgages, auto loans, personal loans, bill payments, and debit cards.

The bank’s business banking product includes credit and advances, trade finance, account and cash management solutions, union one and union 360, and local trade, Agric business solutions, and more.

Additional services include Online Banking, Mobile Banking, Debit Cards, A.T.M’s, and P.O.S. Systems. Its head office is at 36 Marina, Lagos Island, Lagos State, Nigeria.

 

10. Ecobank Nigeria P.L.C.

Ecobank Nigeria is a part of the Ecobank Group. The bank started operations in 1989 to provide financial solutions to enhance its clients’ growth. Ecobank Nigeria is a commercial bank with branches of up to 610 all over the country as of 2011.

It offers personal banking and business banking that includes retail, wholesale banking, treasury, and financial institutions and capital markets and investment banking to its diverse customers. Other personal bank services include Ecobank online internet banking, A.T.M’s, and P.O.S.

The stocks of Ecobank Nigeria is listed on the Nigerian stock market. Its head office is at Plot 21, Ahmadu Bello Way, Victoria Island, Lagos.

Whereas, the parent company Ecobank Group was formed in 1985 to serve the citizens of West Africa. Its headquarters is in Togo employs over 10,000 staff.

The Ecobank Group has a network of over 1,300 branches in 36 countries such as Benin, Kenya, South Africa, including offices in other parts of the world like Dubai, Paris, and London.

 

11. First City Monument Bank (F.C.M.B.)

F.C.M.B is the last bank in this compilation of the best banks in Nigeria for personal and business banking. This bank, which was initially called First City Merchant Bank and launched in 1982,  evolved from City Securities Limited that began in 1977.  In 2001, it became First City Monument Bank and obtained a universal banking license.

F.C.M.B. has roughly 5.1 million customers and 206 branches in Nigeria. It owns  a subsidiary bank in the United Kingdom through F.C.M.B. Bank (U.K.) Limited. The bank aims to become the best financial services group of African origin.

F.C.M.B. offers personal banking products, business banking solutions, and other corporate products for its customers.

Its numerous financial services include micro-lending, asset management, stock-broking, trusteeship, and custodial services, foreign exchange, personal banking, corporate and commercial banking, investment banking, A.T.M’s, P.O.S., and online banking.

Other products it offers clients are commercial, public sector, financial institutions, small and medium-scale enterprises, trade and liquidity management solutions to businesses, and more. The bank’s headquarters is at Primrose Tower, 17A Tinubu Street, Lagos, Nigeria.

 

Conclusion

In this post, you have a list of the best banks in Nigeria for personal and business banking. We gave you their product so you can make up your mind on the one you like best. If you think their products are alike, you are right, but each bank is unique in the way it delivers similar services.

Tell us the bank that you would choose for personal banking and why and do the same for business banking.

 

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Источник: https://www.makemoney.ng/best-banks-in-nigeria/

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