Internet Banking for Business Monthly Fee Scrapped

Business Banking
#1

Internet Banking for Business has come a long way in the past few years, with a huge amount of new functionality built into it, adding to its powerful arsenal of banking tools. Now, the $10 monthly fee for using Internet Banking for Business has been scrapped, removing one of its least-liked features!

The platform has a range of business-centric functions that make online banking for companies of any size easier than if they used conventional Internet Banking.

Some of the good stuff added to Internet Banking for Business recently includes, the ability to view and get reports on NAB accounts the same way you can with ANZ or Westpac accounts.

For payments that contain multiple transaction items, you can choose to individualise them. This means that the transaction items will appear as separate transactions on your statement and Transaction History screen, instead of one bulk payment – neat and helpful for reconciling.

Getting information and data out of Internet Banking for Business has never been simpler either, with a much deeper date range added to Transaction History and a new Reports screen accessible from the Accounts tab.

Anyone on Internet Banking for Business can also get the excellent Mobile Business Banking app, which has a new Payment List screen and lets users log in using their fingerprint or a PIN.

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There’s loads more to come – all of it without a monthly fee.

4 Likes
#2

That is a welcome change of tune @Nicko

Earlier this year I asked for a month’s free trial and was declined.

I have My Money for Business, My Money (personal), Kiwisaver, Business First Oncall and BNZ Advantage Visa Business.

I have the following questions:

  • Is there any disadvantages over personal internet banking?
  • Can personal accounts and Kiwisaver be viewed and used within business internet banking?
  • Can a NAB personal account be integrated?

Please also forward a suggestion to integrate merchant services into Internet banking.

My business has e-commerce with currency select. Ideally, I would like to be able to view merchant transactions and download statements in PDF format. Presently, statements are posted monthly and merchant services have advised me there is presently no other option.

1 Like
#3

People interested in Business Internet Banking should also be aware it has it’s own Android app:

BNZ Mobile Business Banking (at Google Play)

2 Likes
#4

Hi @michaelnz
Thanks for the feedback, some responses below :slight_smile:

⦁ Is there any disadvantages over personal internet banking?

Well, this really depends on size of business, and if you have multiple people using your business accounts. The user interfaces are quite different too, so you may prefer one over the other.

⦁ Can personal accounts and Kiwisaver be viewed and used within business internet banking?

Personal accounts can be added to Internet Banking for Business via the Add Accounts flow, but Kiwisavers cannot.

⦁ Can a NAB personal account be integrated?

Yes, a NAB personal account can be added as a view only - so you can see transactions and do reports but you can’t transact with it.

Please also forward a suggestion to integrate merchant services into Internet banking.

I’ve dropped you a private message on this one to see how we can help here.

#5

Hi @Nicko

There used to be bill payee setup fees on personal internet banking which were scrapped last year. Are there any usage fees applicable to Internet Banking for Business?

#6

Hi @michaelnz

Internet Banking for Business service charges are listed here: https://www.bnz.co.nz/business-banking/support/rates-and-fees/business-service-charges

For payee establishment and amendment in Internet Banking for Business, there is no charge.

#7

After going to the work of setting it all up and replacing the personal apps on my cellphone and tablet, I have now discovered it costs $0.30 per payment made. Even then, I only found out because I asked.

The above is not an honest offer. It greatly irritates me when any company tries and slips something in.

Your marketing gives the impression Internet Banking for Business is as suitable (as personal) for any business except the interface is different.

#8

Sorry to hear that Michael, please drop me a line if you have further Internet Banking for Business queries.

#9

Hi Michael, it’s just been pointed out to me that there are no charges for bill payments - I think you may be referring to the $0.30 fee which is applied to transaction items on direct credits which are a different type of payment (more here: https://www.bnz.co.nz/business-banking/support/internet-banking-for-business/payments-and-direct-debits/payroll-and-direct-credit-payments).

Cheers

#10

Oh dear. I know exactly what I asked. Oh well, someone has gone and canceled my Internet Banking for Business anyway so it’s probably a moot discussion now. I asked for it to be canceled as a consequence of being advised of this charge but what a nuisance this is.

To make this super simple for the both of us:
Can I do the stuff I was doing with Personal Internet banking for the same cost - ie: $0 ?

#11

Hi Michael. That’s a tricky one to answer as I’m not sure what you do in personal Internet Banking - however, I caught up with the Transactional Solution Specialist who spoke to you and her advice is that personal Internet Banking is probably the best option for your business.