Bank of Sydney, also known as BOS, is a local Australian retail bank with several branches around Sydney. BOS offers both personal and business financial...
If you run your own business, you need a business account to keep your personal and company finances separate. In fact, as most experts advise that you need a business account as soon as you need to either send or receive a payment on behalf of your company, getting an account arranged might be one of the first things you do as a new business owner.
Australia and New Zealand bank has a range of business bank accounts for sole traders, owners of limited liability companies, and other entrepreneurs. You’ll be able to access products to meet your commercial banking needs, with a range of perks including mobile banking coming as standard.
While you’re researching business bank accounts it’s also a smart idea to look at modern alternatives, which can come with lower fees and more flexibility than traditional business bank accounts. We’ll talk a little about a great alternative option - Wise business - a little later, to get your research underway.
|💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments?|
Depending on your business needs, you will be able to choose from a range of account products with ANZ. Different accounts are aimed at different types of business owners, so check out the monthly fees, features and benefits available to find the right one for you. Let’s take a look at what’s on offer.
This is the most basic transaction account available for business owners and comes with no monthly fees. It’s aimed at sole traders or small businesses that don’t have that many transactions to do on a monthly basis. This account comes with a linked Visa debit card in your business name, and the option to sync with your accounting software for ease.
You get 20 free local electronic and ATM transactions per month in this package with fees per additional transaction over these. We’ll delve into the fees later on.¹
This is the mid-range transaction account that costs $10 per month to maintain. While you need to already hold a personal ANZ bank account to have access to this, you’ll get unlimited free simple transactions such as deposits and withdrawals, although there are still fees for other services such as overseas payments and international ATM use, which we’ll cover later.
This account comes with a linked Visa debit card in your business name, and the option to sync with your accounting software for ease.¹
This is a slightly more advanced account compared to the Business Advantage product, and comes with a higher fee of $22 a month but gives you certain unlimited ANZ transactions. As well as the features of the Advantage account, you’ll also get access to optional linked overdraft.¹
As well as the transaction accounts aimed at business customers, ANZ offers a range of savings accounts. You can choose between the 2 saving account options:
- ANZ Business Online Saver account and the
- ANZ Business Notice Term Deposit
These interest bearing accounts come with varied conditions, from the easy access Online Saver option, to the fixed term account which requires you to lock away your money for a period of time to receive interest. You can find details about those accounts on ANZ’s dedicated page here.
ANZ also has account products which are designed to meet the needs of specific business types. If you’re running a real estate business, or are a professional conveyancer or solicitor needing to hold client funds in trust, the ANZ Statutory Trust Account might be the right product for you.
If you are a primary producer such as a farmer, you may benefit from the ANZ Farm Management Deposit Account, which is designed to help manage uneven cash flow in a tax efficient way.
You can find details about those accounts on ANZ’s dedicated page here.
Before you choose the right business account for you, you’ll want to review the costs for transactions you frequently make, as well as regular fees such as account maintenance charges.
Here are some of the most common fees and charges for ANZ’s 3 transaction business account in Australian Dollars. ¹ ²
|Monthly fee||None||$10 per month||$22 per month|
|ANZ ATM and electronic transactions||20 free then $0.60 per transaction over that||Unlimited free||Unlimited free|
|International transactions||3% charge for any payment which is processed by a merchant or bank based outside of Australia||3% charge for any payment which is processed by a merchant or bank based outside of Australia||3% charge for any payment which is processed by a merchant or bank based outside of Australia|
|International ATM withdrawals||$5 per withdrawal at a non-ANZ ATM overseas||$5 per withdrawal at a non-ANZ ATM overseas||$5 per withdrawal at a non-ANZ ATM overseas|
As seen on 30 September 2022
|Read more: ANZ international transfers. All you need to know|
ANZ, like many regular banks, add an extra fee for international transactions, which may not suit you if you have to make regular overseas payments. If you work with suppliers based overseas, for example, you may find that the international payment costs eat into your profits.
Here is a sample of fees charged by Wise for the business account.
- One-time fee to get local account details for the business account in 10 world currencies.
- Get the first Wise business card on the account for free and order multiple other cards for your team for $6 AUD each.
- Make 2 withdrawals of up to 350 AUD each month for free. After that, you pay a fee of $1.5 AUD per withdrawal. There’s a 1.75% fee on any amount you withdraw above 350 AUD.
There are no monthly maintenance fees to hold the account and you can connect it to your accounting software, order multiple business cards for your team, send batch payments and integrate into it via API among other features.
There’s no fee to open an account, no monthly charge, and no minimum balance. Check out the full list of pricing and coverage for the Wise account for business, and see if you could save time and money.
You’ll be able to open a business account with ANZ if you fulfil the following eligibility requirements¹:
- You’re aged 18 or older
- You’re a sole trader or an owner/director of an Australian registered business - including a company, trust, partnership or co-operative
- You have acceptable official ID documents such as a passport, birth certificate or driver licence
- You have the correct registration paperwork for your business, based on the entity structure - such as an ACN for business verification
The type of accounts you can apply for, and the process you need to follow to get set up will depend on your personal circumstances and the type of business you run. In some cases you can apply online, but you may need to visit your local ANZ branch to discuss your account and hand over the documents required if you run a partnership, trust, association or co-operative.
If you’re a Sole Trader, or the owner or director of an Australian registered business, you may be able to apply online or on your ANZ App. You’ll just need to enter personal and business details, and provide scanned copies of your ID documents to get started. The process takes around 10 Minutes.¹
In other cases, you will need to complete the paperwork needed online, and then wait for a call back from a member of the ANZ business banking team to discuss your account options and get further details. ANZ states, they will reach out to you within 24Hrs or the next business day.¹
ANZ has a specialist business banking team who can help you with your questions. You can use the tools available online to look up the nearest branch with business banking support staff.
You can also call the team on 1800 801 485 Mon-Fri 8:30am to 8pm (AEST).
More contact options for ANZ support can be found here.
All of Australia’s biggest banks offer business accounts which are designed to suit different individual circumstances. Beyond the banks, you also have a great range of specialist providers which offer modern online accounts and can help cut the day to day costs of managing your money.
Wise is a specialist in international payments, and offers a business service for companies with global ambitions. If you want to work with international customers, suppliers or employees, the Wise business account might be exactly what you need. More on that later. Here’s all you need to know about business accounts from ANZ.
Take a look at the Wise Multi-currency account for business to see if it can help you protect your profits, and grow your business.
Sources correct as of 30 September 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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