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Business, Bank Accounts and Bull

October 24, 2012

Right, so now we’re a business we have to cop crap bank accounts it seems. Want a no fee, high interest online bank account in Australia? Sure – as long as you’re an individual.

When I was looking around for bank accounts to use for our app making venture, I found some really good ones. Many had no fees, some even had relatively high interest that was calculated daily on your balance no matter how much or how little you had in there. That was all good until it became clear that I couldn’t use any of these accounts…and here’s the bull.

I was told at a branch of a large bank that the government was ‘cracking down’ on people using personal accounts for business purposes. If I was receiving money from Apple from selling apps into a personal account I would find myself in hot water apparently. That became (hot) water under the bridge when we decided to incorporate anyway.

So now business bank accounts – what a croc they are! Apparently because we’re a business we have the resources to pay more and get less back from the bank…err why? The account that I’m looking at using won’t pay any interest on a balance of under $5000 and the fee’s are way higher as well. Can anyone tell me why this should be the case?

I was also worried that the payments coming in from Apple would be large amounts of small payments, all incurring some hellish penalty for being an international transfer. If anyone out there knows about how money is transferred from Apple to businesses overseas I would love to hear from them.

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