Along with the development of increasingly complex banking products, activities and information technology, there was a need for corporate accounts accommodated by financial institutions such as banks.
OCBC NISP, the fourth oldest Bank in Indonesia, offers corporate account opening to business or legal entity customers, small to medium-sized businesses.
One of the products is business smart current account OCBC NISP, we have reviewed and compiled its features, charges and advantages of the product below.Â
Get to know OCBC NISP Corporate Account - Business Smart
Business Smart is a checking account that can store multiple foreign currencies in one account number to meet the needs of business transactions and also offers competitive interest rates.
Simply by saving a balance of Rp100,000.00, you can become a Business Smart Bank OCBC NISP customer. After becoming a customer, you can obtain transaction information on your account through internet banking, bank statement or email, and make transactions at any time through e-channel, internet banking or ATM.Â
Transaction history can be accessed through internet banking, or provided in the form of a bank statement or e-statement.Â
Key Features of Ocbc Nisp Corporate Account - Business Smart
Velocity Web
By becoming a customer of bank OCBC NISP, you are given the ease of transactions via Velocity anytime and anywhere. Velocity web is an internet banking feature created specifically to facilitate business transactions of its customers.
Business banking transactions that customers can perform through Velocity@ocbcnisp include:
- Book transfer;
- Domestic Transfer (LLG/SKN, RTGS, Online Transfer) Current Account Traffic/Indonesian National Clearing System, Real Time Gross Settlement, Online Transfer and overseas;
- Telegraphic Transfer (TT);
- Payment of bills and purchases;
- Opening and maintenance of a deposit account;
- Liquidity Management (Account Sweep In & Out);
- Online FX (real time FX transactions);
- Collective transactions (employee salaries, third parties, upload member Virtual Account data);
- Billing and tax payments; and
- Balance information, account mutations and deposits.
Operational Capital Financing and Investment
The loan facilities offered by Bank OCBC NISP can be adjusted according to the operational and investment needs of its customers. The Bank also provides the convenience of checking outstanding trade loans and applying for Bank guarantees through Velocity accounts.
Reliable RM supportÂ
Bank OCBC NISP offers assistance through Relationship Managers (RM) who have the knowledge and experience to provide the best solution, not only to grow business funds, but also for more effective and efficient business fund management.
Online Business Support
As a beyond banking service, Bank OCBC NISP has partners who can help customers' businesses who wish to switch from offline to online sales activities.
Support from trusted bank partners for online sales activities, where the Bank will introduce partners who have worked together to realize your online business development for:
- Develop a system of selling goods online;
- Sales management of goods on various e-commerce platforms; and
- Integrated inventory management in one management.
Multi Currency
The procedure for withdrawing or depositing foreign currency refers to the provisions applicable at Bank OCBC NISP, where Bank OCBC NISP provides business transaction solutions with more than 10 currency options in 1 account.
Available currencies include Rp, USD, SGD, EUR, AUD, JPY, GBP, HKD, CAD, CHF, NZD, CNH, and CNY. With access to many ATMs in Indonesia, Malaysia, and Singapore, customers can enjoy the convenience of transactions with affordable fees.
Interest rate
Current account interest is obtained every 25th day (on the calculation of the 26th to 25th of the following month). Changes in interest rates affect the change in nominal interest received by customers.
Here are the details of current account interest rates from Business Smart OCBC NISP:
up to < Rp50,000,000 : 0.75% p.a
Rp50,000,000 - <Rp250,000,000 : 1.00% p.a
Rp250,000,000 - <Rp500,000,000 : 1.50% p.a
Rp500,000,000 - <Rp2,000,000,000 : 2.00% p.a
> Rp2,000,000,000 : 2.50% p.a
For an example of interest calculation, the final balance position of the customer is Rp10,000,000, the interest received by the customer on that day according to the balance tiering is Rp75,000 (with interest rate of 0.75% p.a).
Balance: Rp10,000,000
Interest rate: 0.75% p.aÂ
Nominal interest rate: Rp75,000
Terms and conditions to open OCBC NISP corporate account
Registration can be done by visiting the nearest branch office directly or through online registration at OCBC website. Here are some requirements that must be met:
- Complete customer statement letter for opening current account;
- Submit supporting documents, including personal identity (KTP/KITAS/Passport/KIMS) Identity Card/Temporary Stay Permit/Passport or business entity (deed of establishment and amendment if any, business Identification Number, and location permit), and other documents if necessary;
- Submit a copy of Tin;
- Fill in the OCBC NISP account opening form;
- New customers are required to choose 1 base currency that will be the main currency, the other currencies selected will be formed automatically; and
- The initial deposit adjusts to the selected base currency.
Costs Associated with The Facilities Offered
The initial deposit for opening a checking account is Rp1,000,000, where the minimum balance is Rp1,000,000, with a daily shopping transaction limit of Rp50,000,000, and a daily withdrawal limit at ATMs of Rp15,000,000.
The limit for e-channel transfers (internet banking, mobile banking and ATM) is a minimum of Rp10,000 for online transfers. Interbank Transfer fee is Rp6,500, for online transfer, Rp2,900 for LLG, and Rp30,000 for RTGS.
Monthly administration fee: Rp30,000
Withdrawal fee at ATMs of other banks: Rp8,000
Card Replacement Fee: Rp20,000
Account Closing Fee: Rp100,000
Foreign currency Transfer fee (TT): Rp100.000, - (flat fee for TT)
Cheque book/Bilyet Giro booking fee: Rp275.000, - per 25 sheets
Balance check fee at other bank ATMs: Rp4,500
Stamp Duty: Rp10,000
Additional administration fees below the minimum balance are free.
OCBC NISP Corporate Account Usage Strategy For Corporate Financial Management
Business Expansion
Bank OCBC NISP provides funding in the form of working capital loans, investment loans and bank program loans. This service is flexible, fast and comes in a variety of options, where the tenor offered is up to Rp10,000,000.00 in a variety of loans and investment options.
Manage Business Funds
Business fund management solutions for more effective and efficient transactions, through reliable system integration, customers can complete business operational needs more easily. Choose the type of transaction that will be integrated with the company's system according to the needs. Faster banking transactions directly from corporate systems that are integrated with Bank systems, such as:
a. Efficiently check account balances & mutations; and
b. Transfer of funds exclusively for corporate purposes.
Comparison Between OCBC NISP - Business Smart Corporate Accounts And Corporate Accounts From Other Banks
Have An Integrated Online System That Is Velocity Web And Mobile Applications
Velocity is an electronic banking platform provided by Bank OCBC NISP in Indonesia, designed to facilitate online banking activities for business customers, including small and medium-sized enterprises. Its best features such as API and Host to Host (H2H) services, account management, transaction fee efficiency, and Bill Payment anytime anywhere.
API & Host to Host (H2H) supported
System integration between banks and companies is carried out for faster banking transaction needs such as fund transfers, suppliers, bills and tax payments directly from the company's system to be processed by the bank. The API system at banks makes it easier for customers to transfer funds specifically for corporate needs, check balances and transfer accounts more efficiently.
Representative Office
OCBC NISP solution offers special services for corporate customers for business expansion to regional reach. OCBC NISP will provide information related to business in China because OCBC NISP has a representative office in China, making it easier for its customers to transact and cooperate with business partners in China.
Corporate Account Alternative from Aspire
Aspire has a corporate account service where its customers can easily make local and international transactions. Aspire features multiple virtual accounts with an integrated billing process, so you can see all your income and expense details in one dashboard.
Send and receive international payments in over 30 currencies with low and transparent fees, local transfers are free and accessible in real time.Â
Users can also receive and manage all payments from vendors and clients in one place and It's all wrapped up in the convenience of an all in one platform.
Main Features of Aspire Corporate Account
Higher profits without FX rate fees
Users will get access to USD and IDR Virtual accounts for global business expansion, ease of transactions in more than 30 currencies, where forex and FX rates are transparent before every transaction is made.
Free Local TransfersÂ
You can save the cost of up to 100 free local transfers in a month, that way you can optimize cash flow through automatic scheduled payments, based on due date.
Revenue Information from Multiple Virtual Accounts At Once
You can create virtual accounts in Indonesia instantly in one platform so you can save on transfer fees. Receive and manage all payments from vendors and clients in one place.
Receive Payments Faster With Integrated Invoicing
Reduce client payment delays with automatic reminders. Create invoices according to tax conditions and business needs with just one click and get real time notifications for every incoming transaction.
Integrate your bookkeeping OS to close Books 2x faster
Connect every transaction in and out through Aspire and Xero's built-in integration, closing your books will be twice as fast and minimizing the risk of manual errors. You can also integrate the system with Journal, Quickbooks, MYOB, Oracle Netsuite, Deskera and SAP for seamless ease.
It can be concluded that the benefits of using Aspire services are better, where companies can easily carry out financial transactions, both local and international, with affordable fees and payments in one very convenient all-in-one platform dashboard. Aspire can send and receive international payments in more than 30 currencies with low and transparent fees. In addition, local transfers are also free and can be accessed in real-time.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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