Best Bank for a Business Account + Credit Card

[Devourment]

Also, need one that can accept paypal payments.

What you guys think? Looking for best service, features and convenience, costs and fees are not that big a deal.

[Stephon.]

Scotia.

[Devourment]

Scotia.

They can take payments through paypal? heard FCB is also pretty good.

[ruffrider27]

Soctia d best

[Kish]

not republic. i opened a business account and my credit card is personal.

when i tried to add my business account to online banking so i could transfer funds to the CC from the acct they told me i need to sign up for corporate internet banking which is $150 a month.

And the thing is it's a normal savings account just opened for business funds nothing spectacular. so all my transactions to my CC from the business account needs to be done IN the bank.

[Bizzare]

Republic has stiff fees associated with everything. FCB is the worst when it's about time and technology...... I'm with scotia and republic, but I use Republic cuz they offer certain features online that I don't get elsewhere.

[Kish]

not taking over your post op, but has anyone dealt with a bank that will allow you to use a business account and a personal creditcard on the same online banking profile? (non corporate so no fees)

[eekipoo]

^^
i having the same problem with RBC

[Devourment]

It would be good to have the personal and business accoutns linked, but not a necessity.

As for accepting the paypal payments directly into your business account, is this possible with any local banks?

[Stephon.]

Yes you can put money directly into your bank account via paypal. Once it goes to the card that the account is linked to. Paypal recently put in this feature for Trinidad to be honest, and by recently I mean probably last year. Or months ago.

[eViLwOn]

Soctia d best

X 2 dat!

[TheOne]

I have used FCB's CC service as well as their online banking system and I think it's far superior when compared to Republic banks online service.

I have never had any dealings with RBC or scotia, although I have a friend working at RBC and she mentioned that FCB's online banking was the most technologically advanced in comparison to the other banks.

That was bout 2 yrs ago, so I am not sure if the other banks improved on their online service.

[shaneelal]

Don't have corporate accounts but bank with FCB, RBC and RBL. A few years ago was about to leave FCB because of the long lines for simple tasks, then they revamped their online banking, it was very impressive and convinced me to stay. Tried RBC and RBL online banking and those are severely lacking and not at all user friendly like FCB. Anyone who's serious about online banking will appreciate FCB.

It may not matter to some but note the encryption being used:

[Swisha]

FCB's online banking is top notch ever since they revamped it

[legacyspecb]

FCB for all my corporate/business needs.

[STORM1234]

I have a master card with republic, used it to sign up for paypal but for some reason I cannot receive payments from other paypal users, they say that I must have a visa credit card to receive payments through paypal. So I am currently switching credit cards, those of you who receive payments through paypal can you confirm that you have a visa and not a master card.

[Stephon.]

I have a VISA, my Paypal is set up with my Trinidad address.

[STORM1234]

I have a VISA, my Paypal is set up with my Trinidad address.

yes but are you able to receive payments via paypal? I can only send payments with the master card and not receive.

[Stephon.]

Yes I can receive payments directly to my account.

[Bizzare]

yes but are you able to receive payments via paypal? I can only send payments with the master card and not receive.

You can't receive money with a MasterCard credit card / MasterCard debit card on a Trinidadian Paypal account. Only VISA brand credit / debit cards can receive payments on Trinidadian Paypal accounts last time I checked. Besides, on any of Paypal's withdrawal options / drop down selections, there's only one option - VISA.

[ProgressiveTT]

Apparently those of you who wondering why you can't link business accounts and personal accounts never heard of commingling of funds. The banks just won't allow it. You're not supposed to deposit funds derived from business activities in your personal account.

[STORM1234]

So I got a refund from ebay for an item I purchased and did not receive, does the money go straight back to my savings account or do I end up with a credit on my credit card balance? Is there something I have to do to via my paypal account to have the money sent back to my credit card account or savings account? Also if I receive payment from a local person via paypal is the amount treated in a similar fashion.

what does this mean exactly "Withdraw payments to my Visa card issued in Trinidad and Tobago"?

[Stephon.]

If you got the refund and the money is in your paypal account AND you see the "withdraw" message, it basically means to take the money off of your paypal account to deposit it into your credit card account / bank account which you have the credit card with locally.

[VexXx Dogg]

F C B

[tarzan]

rbc....you get frequent flyer miles or cash back dividends....thay have 24 hr. tech support and monitoring on your card and also as a business customer you have 5 days extra to pay your monthly statement!!!

[X_Factor]

I would say RBC, mainly because of the frequent flyer miles

[tarzan]

$6.5 TT = 1 mile

[Duane 3NE 2NR]

not republic. i opened a business account and my credit card is personal.

when i tried to add my business account to online banking so i could transfer funds to the CC from the acct they told me i need to sign up for corporate internet banking which is $150 a month.

And the thing is it's a normal savings account just opened for business funds nothing spectacular. so all my transactions to my CC from the business account needs to be done IN the bank.

not taking over your post op, but has anyone dealt with a bank that will allow you to use a business account and a personal creditcard on the same online banking profile? (non corporate so no fees)

the commingling of funds is illegal or no longer allowed by banks in T&T

simply put you cannot mix business funds with personal funds since it will not give a clear indication of your income or the business' income.

you can no longer take a cheque made out to your company and deposit it in your personal account and vice versa due to the commingling policy

you need to get a credit card on the business name if you want to transfer business funds to a credit card.

from an accounting and income tax perspective if you want to transfer business funds to your personal credit card then you should pay it to your personal account as a salary and then pay your personal credit card.

I am not sure how the commingling of funds applies to sole proprietors, but this is how it needs to be done for limited liability companies.

Imagine if a manager in big company A was going online and putting funds from the company into his personal credit card - that is front page of the papers!!!
The banks are preventing that kind of activity from taking place.

------------------------------------

WRT paypal:
Paypal will only let you receive funds to a T&T VISA credit card. MasterCard wont work.

[ProgressiveTT]

As a sole proprieter, no distinction is made between the owner and the business. That's why accounts opened will reflect the person trading as the business. That won't be considered commingling in that instance.
It encourages money laundering and tax evasion and banks can be fined heavily and emplyoees charged for encouraging it or ignoring it

[Marct]

As a sole proprieter, no distinction is made between the owner and the business. That's why accounts opened will reflect the person trading as the business. That won't be considered commingling in that instance.

Thats correct to a point the individual could still have a personal account for savings