Entrepreneurship & Small Business

Help me pick a bank

  • Last Updated:
  • Jun 11th, 2011 5:35 pm
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Poll: Which account do you recommend?

  • Total votes: 3. You have voted on this poll.
HSBC Business Direct
 
1
33%
Coast Capital Savings Deposit For Free
 
1
33%
Other (please mention in your post)
 
1
33%
Newbie
Sep 5, 2006
17 posts
4 upvotes
Burnaby

Help me pick a bank

I have a very small business that is incorporated. It currently earns very little, but it is my hobby and want to continue working on it as such.

I am in Vancouver and have narrowed my choices down to the HSBC Business Direct account and the Coast Capital Savings Deposit-For-Free account.

My business makes apps for mobile phones. Some apps are free, but have advertising and the advertisers generally pay by transfer through PayPal. Other apps are paid and I need to give my bank account information to the store owner (Apple, Nokia, etc) for them to transfer the money to the account.

Generally, each payment source pays me once a month (under 5 transactions total per month). So I'd like to find an account that charges no monthly fee and won't charge fees for receiving money through transfers from PayPal and through the electronic transfers.

I've narrowed it down to the HSBC account and the Coast Capital Savings account. I am somewhat unclear what the charges might be for receiving money from PayPal and the direct transfers. I am concerned that some of the banks might treat the transfers as wire transfers, which I know are expensive.

Other than that, I don't have any employees so I am not going to be making many withdrawals. Anyone have experience with these accounts? Am I missing anything in my evaluation? Thanks so much for your help.
3 replies
Sr. Member
Jan 30, 2006
620 posts
34 upvotes
Are you getting CAD or USD? You might want to look at Harris Bank in Chicago for a free $USD account. They're owned by BMO so they'll do a canadian credit check and give you the account in the US. I used xe.com to transfer in and out.

I'm not sure why you need a business account, why not start out with a free personal chequing account and upgrade when you have the volume?
Newbie
Sep 5, 2006
17 posts
4 upvotes
Burnaby
Thanks for the reply.

Cash will be paid out primarily in CAD (from paypal) and Euros, and to a lesser extent in USD.

The reason I am looking for a business account is because the business is incorporated, I want to keep a clear distinction between my personal accounts and the company accounts. The HSBC and CoastCapital accounts are very close to free, which is why I am considering them since, as you say, the company is doing very low volumes at the moment.
Newbie
May 31, 2011
73 posts
3 upvotes
Ontario
icwong wrote: Thanks for the reply.

Cash will be paid out primarily in CAD (from paypal) and Euros, and to a lesser extent in USD.

The reason I am looking for a business account is because the business is incorporated, I want to keep a clear distinction between my personal accounts and the company accounts. The HSBC and CoastCapital accounts are very close to free, which is why I am considering them since, as you say, the company is doing very low volumes at the moment.

It really depends on the person you meet in a bank. All banks have similar fees for an account, but if the teller wants to do you a favour, then you'll get a good deal. So visit at least 2 banks and talk to them first. Ask as many questions as you can come up with, and deal with the one you feel comfortable.

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