There are so many banks in South Africa. From traditional banks, industry-specific banks and banks for a certain tax bracket. One of the most well-known banks in South Africa is Rand Merchant Bank (RMB). RMB has many arms in its bank and one of them is Private Banking.
RMB is a division of FirstRand Group. The financial institution became part of FirstRand Group in 1998. RMB was started in 1977 by three entrepreneurs: Laurie Dippenaar, GT Ferreira and Pat Goss. At first, the three co-founders started RMB as a financial structuring house in Johannesburg.
If you are interested in becoming a client of RMB, then this article is for you. We are going to look into RMB and especially at their Private Bank offering.
What Does RMB Do?
RMB operates as any normal bank. The financial institution has many offerings on its platform. Some of its offerings include:
RMB Corporate Transactional Banking
Under its corporate transactional banking, RMB offers these solutions:
Integration channel.
Foreign currency clearing.
E-commerce solutions.
Foreign exchange.
Nostro services.
G20 and African currencies dealing.
Correspondent banking.
Forex solutions.Tradesport solutions.
Investing solutons.
Payment solutions.
Supply chain finance solutions.
Trade solutions.
RMB Investment banking
Under its investment banking department, RMB offers:
Corporate finance advisory solutions.
Sustainable finance solutions.
JSE Equity sponsor services.
Growth capital solutions.
Principal investments.
Loan solutions.
Equity capital markets solutions.
Export credit agency.
Infrastructure sector solutions.
JSE Debt sponsor services.
Leveraged finance solutions.
Loan syndications.
Mergers and acquisitions.
Real estate finance solutions.
Resource sector solutions.
RMB Private Equity
Under its private equity department, RMB offers:
BEE funds solutions.
Management buy-outs/ins solutions.
Leveraged buy-outs/ins solutions.
Replacement capital solutions.
Growth capital solutions.
African solutions.
RMB Private Banking
Now this is the most important aspect of our article. Here we will look at some of the solutions RMB has under its private banking offering.
One of the first things under private banking is that you receive a private banker and a team of advisors and specialists. This team of financial experts will look at your challenges and balance sheets to construct custom solutions for you. Additionally, you also receive a banking solution that aligns with your lifestyle.
Some of the other solutions offered by RMB include:
Transactional banking solutions.
Specialised and structured lending solutions.
Management services, stockbroking (and a private stockbroker), cash and tax-free range, unit trusts and pre- and post-retirement solutions.
Succession and estate planning.
Global wealth solutions.
eBucks rewards and eBucks lifestyle solutions.
Investment and corporate banking solutions.
Global market solutions.
Private equity solutions.
Client coverage solutions.
Free emergency roadside assistance.
Family banking solutions (spousal account and FNB youth account).
FNB Channel Islands current account.
Securities local trader account.
Securities global trader account.
Access to FNB slow lounges.
Free money maximiser account.
Free global debit card and global account.
Free FNB Connect with 60 minutes, 500mb data and 60 SMS’ per month.
RMB Private Banking Fees
The following fees are applicable to the RMB Private Bank Fusion account, current account, credit card, single facility, one account, revolving facility and money maximiser accounts.
Monthly fusion credit facility fee (clients with credit agreements concluded since 6 May 2016) – R 69
Monthly rebate on fusion credit facility fee – R 69.
Monthly fusion Credit Facility fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R 57,50.
Monthly rebate on fusion credit facility fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R57,50.
Monthly overdraft service fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R 57,50.
Monthly overdraft service fee (for NCA clients with credit agreements concluded since 2016) – R 69.
Monthly revolving facility service fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R 57,50.
Monthly revolving facility service fee (for clients with credit agreements concluded since 6 May 2016) – R 69.
Once-off revolving facility initiation fee – R 1 207,50 depending on your loan amount.
Personal loan monthly service fee – R 69.
Personal loan once-off initiation fee – R 1 207,50.
Business Bank Charges
There are many bank charges under the RMB private bank account(s). We are going to focus on the business bank charges under the private banking offering. With RMB Private bank business, you need to choose between pay-as-you-use (PAYU) or one of two single free pricing options.
You pay a monthly fee upfront and you don’t have to monitor transaction fees each month. However, RMB will ask you to verify your transactions and costs on the statements you receive from them.
The RMB private bank business charges (standard fees) are as follows:
Before we get into the fees, when you do business banking at RMB, you have two options. Option 1 costs R373 per month and option 2 is R484 per month. On option 2, your monthly fees are R 145 or R 159 if your business is a trust entity. Option 1 does not have any monthly fees.
This is just a brief summary of the charges that come with being a private client of RMB. Although the charges are many, there are a lot of benefits and solutions that come with banking with RMB.
To apply at RMB, request a call-back and a consultant will call you back. Alternatively, you can call your private advisor directly and they will help you apply. RMB accepts applications for any type of business entity or non-personal form of ownership.
There are so many banks in South Africa. From traditional banks, industry-specific banks and banks for a certain tax bracket. One of the most well-known banks in South Africa is Read More
