A professional account is a product that is present in the offer of all credit institutions and that is characterized mainly because it serves to manage money from professional activity of the users. It is intended for entrepreneurs, the liberal professions and the self-employed and is a very practical way to manage the income and expenses of these customer profiles in a single banking product.
To market the professional account, banks offer it free of commissions and other expenses in its management or maintenance. But in any case, it is necessary to meet a series of requirements for its formalization. One of these demands goes through bring a professional income to be received that are equal to or greater than 1.000 euros net per month.
In some cases, these contracting conditions get tougher with the demand to domicile at least three bills in the quarter. Valid deposits in the Professional Account are those made by check or transfer, remittances and POS terminals. In none of the cases is it allowed to make it compatible with the personal movements of each of its holders.
Professional account: what are they like?
Another of the peculiarities in this class of bank accounts is that they allow each holder to have two accounts of these characteristics subscribed. As long as they comply with the requirements of the same and notify the financial institution of this fact. While on the other hand, they are accounts that usually do not have a notable remuneration and the interest rate it reports barely exceeds 0,10% in the best of cases. Although in exchange for containing expenses from the moment of its issuance.
One aspect that makes this financial product unmistakable is that a checkbook can be requested for free from where the holders can make their professional expenses. when hiring it, it carries a Credit or debit card totally free of expenses in its issuance and maintenance. From where you can withdraw cash at ATMs. As well as, in certain cases, a permanent credit line of up to 10.000 euros. With a fixed or percentage return on the total debt, with a minimum of 3%.
Show activity every quarter
In any case, the professional account must be active for a good part of the year. That is, make at least three payment movements per quarter. Since if this requirement imposed by the banks is not met will be canceled automatically by them. On the other hand, it is a product that allows you to avoid overdrafts (up to 500 euros) in the account. So that in this way, this movement is not penalized, as on the other hand it happens in other types of bank accounts directed to other social groups.
It should also be noted that this account format generates other benefits that will be very beneficial for its holders. Among them, it is possible to access tools specially enabled for professionals or entrepreneurs, such as sources of financing specially designed to satisfy their liquidity needs for the maintenance of their businesses. Like a specialized advice to meet all the needs of your business. Another incentive that banks use for their commercialization is the contribution of so-called business insurance. With premiums greater than 1.000 euros per year and that includes the most necessary coverage for small and medium-sized companies. While finally, they eliminate expenses on checks and promissory notes, transfers and other kinds of financial products. In any case, each entity provides some other sign of identity to differentiate itself from the offer of the competition.
Benefits of this product
In any case, professional accounts is not a product aimed at all customer profiles. If not, on the contrary, they are intended for a very well-defined one and that they are professionals or self-employed workers who want to have a banking tool to develop their banking movements. Through a product that satisfies their needs by providing them with the most suitable services and benefits for their professional activity. In some cases, even with the option of saving money every year through commissions and other expenses in its management or maintenance. What are they looking for after all.
Within this general context, professional bank accounts are a very effective weapon from which you can manage your money, pay your workers or pay the monthly installments of your credit lines. With greater optimization than from checking or savings accounts with more traditional or conventional formats. Where banking entities offer much more specific services and benefits aimed at this part of the productive fabric of the Spanish economy.
Like another recently created product that is very innovative in its conception, such as instant transfers, which are required in a good number of cases by professionals or self-employed workers. And that we are going to explain in more detail how they are and what is a function and mechanics. So that you can use them from now on and based on your real needs in your business or professional activity. Because they have been in the banking market for a very short time and you need to know better this payment model.
Instant transfers
Instant transfers are one of the most efficient solutions when the need for sending of money to third parties. It cannot be forgotten that bank transfers are a very common movement to make payments, settle debts or pay the rental fee for the home. But a serious drawback of this monetary transaction is that it usually takes between 1 and 2 days until it is received by the recipient. A fact that sometimes creates very unwanted incidents on the part of bank users.
To remedy this incidence in the most conventional transfers, instant shipments have been designed, which usually shorten the operation in a few minutes. The most immediate effect is that the transfer of money will take place almost in real time. This is the main objective of the so-called instant transfers that are formalized through the TIPS system (target instant payment settlement) Or what is the same, instant payment. In this way, the money sent by customers will reach their destination sooner.
How do they work?
Despite what it may seem from the beginning, this system is not developed exclusively for operations carried out from technological devices (mobile, Tablets, etc.). But on the contrary, it maintains the traditional channels of other delivery systems. That is, from the own Bank branch or the personal computer. If you choose this last option, you will have the great advantage that the operation can be done at any time of the day, even on weekends. Given the need of customers to face a payment of some urgency in this period of the week.
On the other hand, there is no requirement to access this banking service, just accredit yourself as a customer of the financial institution where the savings are deposited through a checking account or other products with similar characteristics. This service entails a cost for the entities of 0,20 cents per euro in each operation, although it will depend on your decision so that the amount may or may not fall on the client.
It also presents a subtle difference, with respect to transfers considered as traditional, and that is that there will be no intermediary in this monetary process. For the benefit of both parties who will be in a position to meet their objectives.
Transaction amounts
Another aspect that must be assessed in instant transfers is that there are limitations in relation to the amount of the amounts sent. This means of payment allows movements on account that can reach a maximum amount of 15.000 euros. With the additional benefit that there will be no waiting for any notification that the shipment has been made correctly and has reached its recipient. Because at the same time the order is given, it will be known that the operation has been carried out normally.
This is an operation that is initially enabled for the member countries of the European Union and therefore will be formalized in euros. However, it is not very difficult to reach an agreement with the banks so that it can be produced in other international currencies: British pounds, US dollars or Swiss francs. In this case, it will require a notice to the bank to express these customer needs and in which case it will have the application of a commission for currency exchange that ranges between 0,20% and 1% of the total amount of the transfer, depending on each financial institution. That is, it is a movement that will be penalized if you want to send money to other countries that are not located in the euro zone, such as the United States, Great Britain or Mexico.