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...
Every business needs a bank account, and getting the right one can make a big difference. But it can be hard to choose between the different options available to you – which is why we’ve drawn up a guide to one of the options you may well be considering: a business bank account with Bendigo Bank.
Bendigo Bank, originally Bendigo and Adelaide Bank, has a long and distinguished history in Australia and stands as one of Australia’s largest retail bank.
Bendigo Bank offers a range of business banking accounts, tailored to different sorts of businesses. This guide will take you through the main ones.
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There are 2 main business transaction accounts that Bendigo Bank offers. All of them offer the basic services you’d expect, including a debit card, and internet and mobile banking. They are¹:
- Business Everyday Account
- Business Basic Account
That’s not quite the full list of Bendigo’s business accounts: there are also various options for trusts, community sector banking, and also accounts that are specifically designed for accountants to manage trust funds.
What’s more, Bendigo also offers business savings accounts, and other products including private banking services. But this article will concentrate on the current accounts, because that’s what most small to medium businesses will initially be most interested in.
Here’s a little bit more information about the 2 principal business transaction accounts on offer from Bendigo Bank.
- This account is aimed at small businesses that get through a lot of transactions.
- It costs $15 per month as a service fee.
- You can use a variety of services without restrictions including e-banking, BPAY, Pay Anyone, EFTPOS withdrawals and retail purchases.
- Small businesses that need fewer transactions might prefer this account.
- There’s no monthly service fee.
- Instead, you pay per transaction.
Both accounts above come with a Business Debit Mastercard.¹ Additional cardholders can be added for free, and in Australia you won’t face transaction fees on purchases via credit or Tap & go.²
There’s a credit card available too: you can get a Business Credit Mastercard. That comes with a:
- $4 monthly fee
- purchase interest rate of 13.99% per year, and
- minimum payment of 3% monthly.
They offer flexible liability arrangements.³
The requirements for business owners to open an account with Bendigo Bank are quite lenient. The minimum opening balance is just $1 and you don’t need to maintain a minimum balance after opening.
You can only get one of the 2 types of Business Account if your business has total aggregate business lending with the bank of under $500,000. If the figure is above that, you’ll need to get one of the Commercial Accounts instead.⁴
Opening a business account doesn’t have to be complicated, but it is still a significant undertaking. So it’s worth getting your documents in order before you start.
To open an account with Bendigo Bank, you’ll need to start by making an enquiry. You can do this via the form linked above, or head into a branch, or give them a call.¹
You will need to provide the bank with some documents, depending on the type of business you operate.
Sole traders will need to prove their identity, and limited liability companies and so on will need to prove their status, probably via a company search.
The bank may require further documents, as well as general information about your business.⁴
There are various fees that might be charged with any of Bendigo’s business accounts, though some are quite obscure and you may not ever find yourself having to pay them.
The table below shows a few of the most important fees, correct at the time of writing: there are other fees that may come up, and you should check with Bendigo Bank directly for a comprehensive and fully up to date list.⁵
|Monthly service fee
|Non assisted transactions e.g. BPAY withdrawal, e-banking international or Pay Anyone transfer, phone transfer
|In-branch/assisted transactions e.g. Cash withdrawal, Transfer, Agency withdrawal,
|Telegraphic transfers from/to overseas
Telegraphic transfers, otherwise known as international transfers, may be subject to additional fees if any intermediary banks also charge. The exchange rate used for these transactions may also be marked up from the mid-market rate. All in all, it’s hard to give a totally accurate picture of the cost of an international transfer with Bendigo Bank, which is a common situation with banks.
If you’re interested in Wise as an alternative, take a look at their pricing and coverage here.
Here are the best ways to get in touch with Bendigo Bank.
- Make a business enquiry via the Bendigo Bank website.
- Call 1300 236 344 (in Australia) or +61 3 5445 0666 from overseas
- Find your nearest branch via their website.
Any business that operates across borders might well also want to take a look at Wise for Business. International payments with Wise are made at the real exchange rate, with small fees shown upfront.
You only need to pay for your bank details one time, there are no monthly fees to worry about.
To find out more about how Wise can benefit your business, take a look at the Wise Business account for yourself. You can easily sign up online, no need to wait for a call back.
- Bendigo bank business transaction accounts
- Bendigo bank business debit Mastercard
- Bendigo bank business credit cards
- Bendigo Business Accounts and Facilities - Terms and Conditions
- Bendigo Business Fees and Charges
Sources checked on 30 March 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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