Bank News

In the previous article, we figured out what a salary account is and what its benefits are for both business and employees.

In this article, we want to tell you in detail how to choose the good, and most importantly, reliable bank for a salary project and what do you need to pay attention to.

What Should be Considered when Choosing a Bank for a Salary Project?

Financial Stability of the Bank

The first and important step in the choice of a bank is to assess its financial stability and market experience. Search for the official ratings of Kyrgyzstan banks. The higher the bank's position in the rating and the longer it has been working in the banking sector, the more trust it has.

Reputation and Customer Reviews

Search for the reviews of real customers on the Internet, chat with familiar entrepreneurs and representatives of companies that are already using the salary project. Ask which bank they work with and why they chose it.

Additional Services and Opportunities for Employees

For example: participation in the bank's bonus programs, discounts, free consultations, etc.

What Should Businesses Pay Attention to when Choosing a Bank?

Tariffs and Terms of Service

Search for the cost of joining the salary project, whether there are fees for opening and maintaining salary accounts and cards for employees, as well as fees for calculating salaries and cashing out funds.

Money Transfer Rate and Reporting

It is important that the bank guarantees prompt and secure transfer of funds, as well as promptly provides accrual reports.

Conditions for Employees

When joining a salary project, consider not only the benefits for the business, but also the convenience for employees. You need to make sure that:

•There are ATMs all over the country, and employees can easily withdraw cash;

•The bank has branches in the regions where your employees work, as well as a website and a mobile application;

•employees have access to other financial services of the bank. For example: loans processing, opening deposit accounts, etc.

How to Avoid Risks when Joining a Salary Project?

We recommend that you take your time and carefully study all offers from banks. Compare the terms and conditions, consult with your lawyers. It's better to take the time to study thoroughly than to run into problems later.

Make sure that all the important points for you are not only discussed, but also stated in the contract.

Do not sign the final contract if some of the wording is unclear to you. And feel free to ask clarifying questions.

Tips on Choosing a Bank for a Salary Project

Evaluate not only the Rates, but also the Quality of Service

Low tariffs are good, but if you are joining a salary project for the first time, you may have a lot of questions — and this is absolutely normal. Make sure that the business bank has a 24/7 customer support service.

Customer Reviews

Online reviews will help you evaluate the actual level of service. Also, ask your entrepreneur friends to share their personal experiences.

Accessibility for both Business and Employees

Pay attention to the availability of branches, ATMs, and a mobile application, as well as explore the technological capabilities of the bank.

Availability of Special Offers for Businesses and Employees

For example, at the Bank Kompanion, for businessmen who have joined a salary project, we issue a Visa Business card for free, which offers real advantages: 3% per annum on the account balance and 2% cashback on business expenses. We issue Visa Gold to our employees, which can be used to pay both inside and outside Kyrgyzstan.