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Business Duty Officer

Settlement account: is it worth it?

Settlement account: is it worth it?

You are an individual entrepreneur and are still thinking about opening a bank account? Then this article is for you, since today we will talk about the advantages of a current account for an individual entrepreneur and its profitable opening.

Settlement account, according to the legislation on bank accounts for individual entrepreneurs, is not mandatory (cash payments can be made). But if you choose cash, you immediately create yourself some restrictions, for example:

  • The amount of any transaction you conclude can not exceed 100 thousand rubles;
  • Вы не можете перечислять денежные средства контрагенту безналичным способом или вносить взносы на счет контрагента в банке — ТОЛЬКО наличный расчет;
  • You cannot participate in government contracts (receive money from the government through tenders and grants ).

Obviously, it is worthwhile to opt for a settlement account. How to do it profitably? Here are a few best practices :

  • Analyze the offer on the market of settlement accounts, as the rates in the banks radically differ in cost : somewhere it is only about periodic payments for maintaining the account, где-то — о единоразовом платеже за открытие и постоянных комиссиях за обслуживание расчетного счета.
  • make sure, whether the selected tariff has a possibility to get a bank card , linked to the current account. This makes it more easy to make transactions with your counterparties.
  • Thoroughly prepare and check the package of documents , that are to be submitted to the bank for opening a settlement account (usually it is an application according to the bank's sample and an extract from the Unified State Register of Individual Entrepreneurs). If everything is correct, there's a possibility, that the account will be opened for you within a day.

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