AMP business account. The fees, types and requirements.

If you’re looking for a business bank that’s not one of the big 4, AMP Bank might be worth considering. AMP operates in Australia and New Zealand as a retail wealth management and banking business.

We’ll cover what AMP can offer to businesses and compare that to the Wise business account.

Discover the Wise Business account

Types of business accounts offered by AMP

AMP offers 4 different types of business accounts¹:

1. AMP Bank GO Everyday Business Account – an everyday business transaction account with a debit Mastercard and no monthly account fee.
2. AMP Cash Manager – a flexible account that lets you access business funds while earning interest on eligible balances.
3. AMP Bank GO Business Save – a business savings account offering a variable interest rate, with no minimum balance or deposit and withdrawal conditions.
4. AMP Bank Term Deposit – a fixed-rate savings option for businesses, with deposits starting from $5,000.

AMP Access account fees and costs

The Access account is the business transaction account on offer from AMP.

Fees associated with the account appear in this table. The Wise Business account is shown as a comparison.

As you can see, the AMP account can be a low-cost option for domestic transactions. However, if your business regularly makes international payments, Wise Business may offer a more suitable alternative.

If you work with businesses in different countries, a Wise Business account lets you receive payments and hold money in multiple currencies. You can also use your Wise debit card for spending, make transfers and set up direct debits, with currency conversion available when needed.

How to apply for this business account?

The AMP Bank GO Everyday Business Account is available to:

• sole traders
• Australian private companies, including eligible sole-director and multi-director companies

Applicants must also meet AMP’s residency, identification and business ownership requirements9.

How to open an AMP Bank GO Everyday Business Account

You can apply for an AMP Bank GO Everyday Business Account through the AMP Bank GO app9. You’ll need to provide your business details, a valid government-issued photo ID and complete a video selfie as part of the verification process. Company applicants may also need to provide details of other directors or business owners.

Australian registered public or proprietary companies

The account can be opened by a director of the company. Directors applying for a company account must be aged 18 or over.

For a sole-director company, the sole director can open and operate the account. If the company has a company secretary, the sole director must also be the company’s only secretary.

For companies with multiple directors, at least two directors must apply for the account. Once approved, company account access is available to directors only.

Directors must be registered with ASIC and live in Australia. Beneficial owners who are not directors may also need to have their identity verified, but they will not be given access to the account.

Sole traders

You can apply for an AMP Bank GO Everyday Business Account through the AMP Bank GO app. You must be an Australian resident aged 15 or over, have a valid email address and Australian mobile number, and provide a valid government-issued photo ID. You’ll also be asked to complete a video selfie as part of the application process.

Other eligible entities

Eligible entities that aren’t a registered business or sole trader will need to download and complete this form. You will need the latest version of Adobe to view it.

What do I need to open an account? Requirements, documents and what to know.

Each different type of business entity has its own document requirements. The specifics are provided on each application form.

Which documents do I need to open an AMP business account?

Documents and identification information may be required from both the business and the individuals associated with it.

For an AMP Bank GO Everyday Business Account, applicants must provide a valid government-issued photo ID and complete a video selfie as part of the verification process6.

For company accounts, AMP may also need to verify the identities of:

• directors
• beneficial owners

Directors must be registered with ASIC and live in Australia. Beneficial owners who are not directors may need to complete identity verification but will not be given access to the account.

Can you manage an AMP business account online or on the app?

You can operate your business account online in 2 ways via My AMP. Download the app available from Google Play or the App Store, or access it directly via the My AMP website.

Do I need to deposit money to open an AMP business account?

No. AMP states that there is no minimum balance or deposit required to open or maintain an AMP Bank GO Everyday Business Account.⁶

How long does it take to open this account at AMP?

AMP says the application for an AMP Bank GO Everyday Business Account takes about 10 minutes to complete in the AMP Bank GO app. However, it does not state exactly how long approval will take.⁴

Do I need to go to a bank branch, can I do this online or from abroad?

You don’t need to visit a branch to apply for an AMP Bank GO Everyday Business Account. Applications are completed through the AMP Bank GO app.

Can you have additional business cards with this account?

For sole traders, only the business owner can access and manage the AMP Bank GO Everyday Business Account.

For company accounts, access is available to approved directors only. AMP appoints the relevant directors as authorised signatories on the account.

The account comes with an AMP Bank GO Debit Mastercard, but AMP does not clearly state whether each director can receive a separate physical card.

Can self-managed super funds open an Access Account?

The AMP Bank GO Everyday Business Account isn’t available to self-managed super funds (SMSFs). However, AMP offers the AMP SuperEdge Cash Account, which is designed for managing SMSF funds.

What else do I need to know?

Most electronic transfers from an AMP Bank GO account are processed in near-real time. If a payment isn’t processed in near-real time, transfers made before 6 pm on a business banking day are processed by the end of that day. Transfers made after 6 pm, or on a non-business banking day, are processed by the end of the next business banking day.

Business support details for AMP

For more information or support with an AMP Bank GO business account, you can contact AMP Bank:

• Phone in Australia: 1800 950 105
• Phone from overseas: +61 2 5135 1930
• Support is available 24 hours a day, 7 days a week.

You can also contact the customer service team through the AMP Bank GO app.

Wise for Business as a smart alternative

As you can see, AMP Access might be a good option domestically, but falls short when it comes to international payments due to the high charges.

With the Wise Business account, you can make international payments to over 70 countries in over 50 currencies. AMP relies on a wholesale market rate selected by Visa⁵. Wise is more transparent by using the mid-market rate, like the one you see on Google, for all international transfers. The advantage to you is no markups.

Wise also offers a business debit card to business owners and allows them to order others for nominated team members. Benefit from zero fees and low foreign exchange conversion charges.

A Wise Business account gives you your own local AUD account details and local account details in a further 9 other major currencies.

To discover more about how much Wise could save you on international payment fees, look at the Wise Business account. You can register online with a few clicks — in minutes.

Open your Wise business account in minutes 🚀

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Sources:

1. AMP Business bank accounts
2. AMP Deposit products fees and charges guide
3. AMP Access account
4. AMP Bank Go
5. AMP Application conditions sole trader
6. AMP Access account terms and conditions
7. AMP ATM withdrawal
8. AMP account limits
9. Setting up AMP Go Account