Bence contacted me to help me cut down on the bank charges for your business.
You have a carrier company, so most of your transfers and inbound transactions are made in or out of Europe.
Last year’s bank cost was 9 million HUF ! This is the result of nearly two hundred euro transfers a month and over a hundred euro credits, but at a discount on company size.
A small business
(With a turnover of over 700 million years) can expect the following costs from one of the largest Hungarian banks:
Monthly fee 5,400 HUF, EUR transfer to EU via Internet (SEPA): 0.1%, minimum 10 EUR. Cost of the credit: 0.05%, but minimum 10 euros. Paper-based fees are even higher.
So, if a small business makes a monthly transfer of 30 euros and receives the same, it costs a minimum of 600 euros plus a monthly fee, even if modest, at least 180 thousand for a month, and other costs (money withdrawals, credit card fees, etc.).
In a special foreign currency account of another large Hungarian bank, which is advertised with “extremely favorable international money transfer discounts”, we find the following costs:
SEPA transfer: 0.1%, minimum HUF 3,300, Credit transfer in foreign currency: 0,03%, but minimum EUR 2,5. So to pay is more expensive, to receive a transfer is slightly cheaper than at another bank.
(SEPA, by the way, is not a form of transfer, contrary to common misconception, but an abbreviation for the Single Euro Payments Area, a geographical name, only secondarily to a SHA cost accounting standard for euro, I wrote about it here.)
After that, the Benedictines got quite good prices with their bank charges of $ 9 million.
First, I asked for offers from competing banks in Hungary
And then the big idea flashed: the solution is over there.
I mean, across the border in Slovakia.
I asked the tax office if there is any obstacle for a Hungarian company to have an entrepreneurial account in Slovakia. The answer was no, you can open a Slovak bank account without further ado.
So I got up and didn’t stop until Komarno. Walking through the well-known banks (I wrote about opening a private account here), I considered Good Finance’s offer to be one of the best.
Let’s see how much one who saves euro transfers on the Internet but through a Slovak account saves?
For very small companies
For a monthly fee of € 5 on account PLUS, 10 free euro transfers anywhere in the Union (SEPA) and 10 free credits. All other transfers and credits amount to EUR 0.15 per item, up to EUR 50,000 per item. The $ 5 monthly fee is refundable under certain conditions. So, in the worst case scenario, the total cost of this small business is HUF 3,190. This is an annual saving of more than HUF 2.1 million!
Larger companies have an account with Elektron for $ 15 per month. This means an unlimited number of online transfers and 50 credits per month, with an additional credit of € 0.15 per item.
You think that’s all? Then go on: free credit card, even embossed, free savings account with 0.8% interest (with seven days notice, no deposit). Cash deposit is only EUR 0.5, cash withdrawal is EUR 1.7, regardless of the amount. (Cash withdrawals above EUR 5,000 must be announced two days in advance.)