If you run a small to medium-sized business in Australia you’ll know that being your own boss can be an incredibly rewarding albeit challenging experience at...
Australia New Zealand Bank or ANZ Bank — offers a wide range of business accounts, including dedicated online solutions, suitable for all types of businesses.
In this article, we’ll explore what ANZ offers for online business account management and introduce you to the Wise Business Account. An alternative that may be just what you are looking for.
|💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments?
While there aren’t online only business bank accounts on offer, ANZ Bank providesits customers three different online based business platforms to manage their business accounts online.
Each solution is catered to different business types and business banking needs. These online platforms include³:
- ANZ Internet Banking
- ANZ Internet Banking for Business
- ANZ Transactive Account
For those looking for a basic online solution to manage their business with no fees, then ANZ internet banking with business functionality should suffice.³ If your business has more complex needs, then the two latter options could be a better fit. Let's delve deeper into these two solutions.
If you’re interested in adopting a more multifaceted online business solution to manage your business, then the ANZ Internet Banking for Business or the ANZ Transactive account might prove to be more up your alley.
Below we’ll highlight some key differences between these two online business platforms.³
|Features and Benefits
|ANZ Internet Banking for Business
|Suitable business types
|$15 per month
|Daily payment transaction limit
|Up to $1 million
|Foreign currency and Trade accounts
|Direct Debit collections
|How to Access the platform
|Most web browsers⁴
|ANZ Transactive — Global Mobile app or online
Before we jump a bit further into these accounts, let’s take a quick step back and see what other sorts of fees might be added using an example linked ANZ business account.
The best way to determine if a certain business account from ANZ is the best fit for your business is to compare it with other alternatives out there. Below we will compare some fees and features between a mid-range ANZ business transaction account and the Wise Business account.
|Fees* & Benefits
|ANZ Business Advantage²
|Wise Business account
|Account monthly fees
|10 AUD monthly
|One-time fee of 22 AUD to get AUD and international details.
|International transfer fee (for a sample amount of $1,000 AUD to GBP)**
|$9 AUD + potential correspondent fees may be incurred + potential beneficiary bank fees on top of original transfer⁵
|Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.14 AUD) You can make a fee calculation here.
|Exchange rate used
|ANZ Bank includes a margin on its foreign exchange rate offered⁵
|Mid market rate
|Unlimited withdrawals monthly and no fee for ANZ ATM transactions only⁶ International ATM = $5 AUD per/withdrawal + 3% transaction fee⁷
|You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here.
|Card maintenance fees
|Access to multiple cards
|Multiple User Access
*Rates and fees seen as of the 13th February 2022
ANZ Bank offers business transaction accounts, business savings and specialist accounts to its customers.¹ If you are looking to open a straightforward business account, then their range of business transaction accounts will cover much of your business banking needs.
There are three options available that range in fees, rates and included benefits. They are as follows²:
- ANZ Business Essentials: a basic business account with just the essentials and a $0 monthly account service fee
- ANZ Business Advantage: A business account that allows unlimited transactions, all the essentials with a low $10 monthly service fee
- ANZ Business Extra: The highest level of transaction accounts, offering ANZ Internet Banking for Business included in the $22 monthly service fee.
If you don’t opt in for an ANZ Business Extra account, but still require an online- based business solution to manage your business, then keep reading to check out what types of online solutions are available with ANZ Bank.
|Read more: Opening an ANZ Business Account
There are two ways to apply and gain access to the ANZ Internet Banking for Business platform. As mentioned, the first way is through opening an ANZ Bank Business Extra transaction account as this service is included as a benefit.
If this option isn't for you, then let’s check out the steps to apply for this account.
Before you apply for ANZ Internet Banking for Business, ANZ recommends you have the following information handy¹⁰:
- Which accounts you would like linked
- Who needs access to the platform once registered
- What level of access is required those who need access
Once you have all the above information ready, have read ANZ T&Cs plus the Fees and Charges documents, you can apply for ANZ Internet Banking for Business by following these steps¹⁰:
- Download and fill out the registration form from the ANZ website
- Send the completed registration to an ANZ representative (if applicable), via email or by fax to 1800 304 131
- Wait for ANZ to send your Customer Registration number and temporary password
- Finish your registration by applying for ANZ Shield registration or requesting and activating an ANZ security device.
You can apply for ANZ Transactive by contacting the ANZ sales team. They’ll personally set it up for you.¹¹
Timeframes for getting connected to ANZ Internet Banking for Business depends on which security method is chosen in the final stage of registration. If ANZ Shield is chosen, access will be granted immediately to the platform.
If you have chosen to link an ANZ security device, you will need to wait 7-10 days for the device to arrive so activation can occur on first time login.¹²
ANZ does not disclose specific timeframes on how long it takes to get connected to the ANZ Transactive platform.
Currently ANZ Internet Banking for Business registration is not supported for use on any mobile device. You can access it via a web browser.¹³
If you require any business support from ANZ, you can¹⁴:
- Call 1800 801 485 for general support
- Call 1800 269 242 for ANZ Internet Banking for Business enquiries
Both support lines are open between 8am-8pm AEST, Monday to Friday.
Still not sure if ANZ is the right bank for your business — then take a look at what Wise and its Wise business account can offer you. By doing business with a Wise business account, you can easily conduct all your local and international banking all through the one account.
You’ll have your very own local account details in several major global currencies to receive payment from abroad like a local.
To learn more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.
- ANZ Bank Business Accounts
- ANZ Bank Comparison of Business Transaction accounts
- ANZ Bank Online banking
- ANZ Bank Accessibility requirements IB4B
- ANZ Bank FX Rate — margin and Correspondent fees T&Cs
- ANZ Bank Account fees and Chargesp.4
- ANZ Bank ATM Charges p.7
- ANZ Bank Multiple card users p.44
- ANZ Bank Mass Payments
- ANZ Bank Opening a ANZ IB4B account
- ANZ Bank ANZ Transactive Contact
- ANZ Bank Timeframe for connecting to ANZ IB4B
- ANZ Bank ANZ IB4B on a Mobile FAQ
- ANZ Bank Contact for business support p.98
Sources checked on: 14 February 2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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