Best Business Bank Accounts in Australia

Owning your own business can be an exciting and rewarding venture but comes with many decisions. One important decision is who to choose to manage your business banking needs.

This article will let you know about some of the best business bank accounts available in Australia, as well as give you a few ideas for what to think about when choosing your bank.

💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments?

Discover the Wise Business account

Here are some of the top business bank accounts in Australia

• Wise Business Account
• Commonwealth Bank Business Transaction Account
• Westpac Business One Low Plan Account
• NAB Business Everyday Account
• ANZ Business Advantage Account
• AMP Bank Cash Manager
• Great Southern Bank Everyday Business Account
• Suncorp Business Premium Account

Wise Business Account

Rather than being a traditional bank, Wise is a secure payment provider that specialises in international multi-currency accounts. The Wise Business account enables you to easily send and receive money around the world at the real exchange rate.

This account is great for what type of business

Freelancers working with international clients and companies engaging in business locally or overseas.

Main account fees:

• $22 one off fee to access local and international account details
• 1.6% annual (or approximately 0.00437% daily) fee to hold large amounts. You can hold up to 23,000 AUD for free

Main features of this business account

With the Wise Business account you can have local account details in some of the world's major currencies including AUD, USD, GBP and EUR.

You’ll be able to send money to 160+ countries and store 40+ currencies in a single account.

To make your life easier, the Wise Business account can be connected to a selection of accounting programs including Xero.

Pros	Cons
No minimum balance No hidden fees Store multiple currencies in a single account Local account details for overseas locations Comes with multiple debit cards	Cash deposits aren’t possible No overdraft available

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Commonwealth Bank Business Transaction Account

Commonwealth Bank is one of Australia’s Big Four banks. They offer two levels of business transaction accounts to choose from.¹

• $0 per month account that leans towards online banking
• $10 per month account that has more branch support and services

This account is great for what type of business

Companies and businesses who primarily work within Australia and bank online.

Main account fees:

• $10 monthly account fee if you choose that option¹

Main features of this business account

Both levels of the Commonwealth Business Transaction Account come with unlimited free electronic transactions, free cash withdrawals from Commonwealth ATMs and a business debit card.¹

It can be integrated with online accounting software and businesses may be eligible for Commbank Invoicing or StepPay, CBA’s buy now, pay later system. ¹

Businesses also gain access to personalised analytics generated by Vonto.¹

Pros¹	Cons¹
Business debit card Choice of account fee level Integrates with accounting software Personalised insights	International trade is not a focus May need to visit a branch to open the account

Full review: Opening a CommBank business account. All you need to know.

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Westpac Business One Low Plan Account

Another member of the Big Four, Westpac has a few business accounts with varying features and fee schedules. The One Low Plan Account is aimed at businesses who do most of their banking online.²

This account is great for what type of business

Businesses that prefer to bank online and mostly transact within Australia.

Main account fees:

• $10 per month account fee²
• Fees for in-branch transaction after the monthly free allowance is used up

Main features of this business account

The Westpac Business One Low Plan comes with unlimited free online and app transactions, as well as an allowance of 25 free branch transactions per month.²

You can get a Business Debit Mastercard and there is the option to have a company cheque book.²

It's possible to set up bank feeds to certain accounting software including Xero and MYOB.²

Pros²	Cons³
Business debit card Occasional deals to reduce account fees for new customers Integrates with accounting software Monthly allowance for free branch transactions	No interest is paid on the account 2.2% or 3% fee for foreign currency transactions

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NAB Business Everyday Account

Similar to Commonwealth Bank, National Australia Bank (NAB) has two levels of Business Everyday Account.⁴

• $0 per month account for business that predominantly bank online
• $10 per month account for businesses who bank at a branch and deposit large amounts of cash and cheques

Let’s focus on the NAB Business Everyday Account ($0 monthly fee).

This account is great for what type of business

Small or medium sized businesses who generally don’t deposit cash or cheques.⁴

Main account fees:

• $0 monthly account fee.⁴
• $2.50 banker assisted transactions
• $0.60 for express business deposits and express cheque deposits

Main features of this business account

With the NAB Business Everyday Account, customers get unlimited free standard electronic transactions.⁴

The account comes with a NAB Business Visa Debit Card that’s linked at no additional cost.⁴

It’s possible to integrate the transaction account data feeds with a range of accounting packages including Xero and MYOB, making life easier.⁴

Pros⁴	Cons⁵
Business debit card Free online standard transactions Integrates with accounting software	No free allowance for branch transactions Additional fees for multiple funds transfers

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ANZ Business Advantage Account

The ANZ Business Advantage account is one of three business transaction accounts ANZ has. It’s the middle tier option, offering more features than the ANZ Business Essentials account but less than the ANZ Business Extras account.⁷

This account is great for what type of business

Small businesses that mostly operate within Australia.

Main account fees:

• $10 per month account fee⁷

Main features of this business account

The ANZ Business Advantage account comes with unlimited ANZ transactions per month. This includes deposits, withdrawals and transfers done at ANZ branches.⁷

There’s an optional overdraft feature that can be linked if you need help with short term cash flow.⁷

You’ll also get access to an ANZ Small Business Specialist, who can offer some assistance with your business banking needs.⁷

Pros⁷	Cons⁷
Includes access to branch services Overdraft available Business debit card Integrates with accounting software	There are additional fees and charges for international transactions Daily payment limits of up to $50,000 AUD for Internet banking and ANZ Shield

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AMP Bank Cash Manager

AMP is an accredited Australian bank⁸ who offer a few business banking solutions. With an AMP Bank Cash Manager account you’ll get the benefits of both a transaction account and a savings account.

This account is great for what type of business

Australian companies or sole traders operating within Australia.

Main account fees:

• No monthly account fees or initial deposit⁸

Main features of this business account

The AMP Bank Cash Manager account is designed to be a transaction and savings account rolled into one. You can earn interest on your business savings but the funds are still accessible if needed.⁸

With no monthly fees or minimum deposit the initial account set up is free.⁸

It’s possible to have signatories on the account making it easier if you want to give multiple people the authority to use it.⁸

Pros⁸	Cons⁸
Linked Visa debit card Savings and transaction account are integrated Possible to earn interest	Additional fees for international transactions No cheque book included The interest rate isn’t guaranteed

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Great Southern Bank Everyday Business Bank Account

Great Southern Bank holds the distinction of being Australia’s largest customer owned bank.⁹ Among other accounts, they offer an Everyday Business Account which has no monthly account fee.

This account is great for what type of business

Australian businesses, especially those based in the Eastern States.

Main account fees:

• No monthly account fees¹⁰
• $0.75 EFTPOS purchases and cash out
• $2.00 branch cash out

Main features of this business account

With a Great Southern Bank Everyday Business Account you and any account signatories can make payments and schedule transfers using Online Banking.¹⁰

The account comes with a Visa Debit card which enables free cash withdrawal at eligible ATM’s within Australia.¹⁰

If you use MYOB, Great Southern Bank supports daily bank feeds.¹⁰ If you use different accounting software then your data can be exported as CSV, QIF or PDF.¹⁰

Pros¹⁰	Cons¹⁰
Overdraft available Business debit card Option to add multiple account signatories	Fees for EFTPOS purchases could add up Daily bank feeds can only be linked to MYOB

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Suncorp Business Premium Account

Suncorp is an award-winning Australian bank that has a selection of business bank accounts. The Suncorp Business Premium Account offers unlimited fee free transactions with no monthly account fees.¹¹

This account is great for what type of business

Businesses that want online and in branch support.

Main account fees:

• No monthly account fees¹¹

Main features of this business account

With the Suncorp Business Premium Account you get unlimited, fee free transactions, including electronic, cheque, phone and branch transactions.¹¹

The account can be linked to other Suncorp business products including Business Overdraft and Business loans. Suncorp can also help with in-store EFTPOS facilities and eCommence payment solutions.¹¹

Balances over $20,000 can attract interest of 0.01% p.a.¹¹

Pros¹¹	Cons¹¹
No fees for branch assistance Can be linked to a Business Overdraft Business debit card	Only links to Xero or MYOB

Read more: Business banking with Suncorp Bank. The account types, requirements and fees.

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What you need to open a business account in Australia

How to open a business bank account in Australia varies depending on the bank, but here’s a few things that are commonly requested.

• An Australian ABN or ACN
• Contract details for company directors
• ID documents for the person making the application
• Person applies has to be the owner or a company director

Things to consider when selecting your next business

Do you need a business account?

If you’re running a company, partnership or trust, the Australian Taxation Office (ATO) requires you to have a separate business bank account.⁶

If you’re a sole trader it’s up to you. However, the ATO still encourages you to go ahead and open one because it’ll help to keep your personal and business expenses separate.⁶

Account opening deposits?

Some banks require a starting deposit to open a business bank account. Ideally you want to find something that has no initial deposit or a low value deposit.

What are the fees — local and international transactions

When banks advertise their business accounts they usually don’t mention all of the applicable fees so make sure you read through the fee schedule.

Here’s a few things to look out for.

• Are there fees for multiple funds transfers?
• What are the fees for transferring funds locally and internationally?
• What do they base their exchange rate on?
• Do they have a profit margin on the exchange rate?
• What fees apply to in-branch services?

What are the account limits?

Ideally, the account and transaction limits of your business bank account should be higher than what you expect you’ll be holding and moving around.

Are multiple cards available?

If you work with a team of people it's handy to have the option to have multiple linked business debit cards for added security and convenience.

Can you control your account online?

For many people being able to control their business bank account online is essential. You should check to see what transactions and services you can access online and if there’s anything that you can only do through a bank staff member.

Customer support availability and timeframes

Here’s a couple of things to think about when looking into the business account’s customer support.

• What hours is customer support available and in what time zone?
• What are the different ways to get in touch?
• How long does it take to get a response and would that work for your business?

In-branch support availability and network size

If in-branch support is important to your business, you’ll want to check where the closest branches are and how many are in your area.

Credit and overdraft facilities

At some point your business may need to access credit or go into overdraft. When choosing your business account have a look at what credit and overdraft facilities are available and whether it would be enough to support your business, should you ever need to access them.

Why not check out the Wise Business account

The Wise Business account offers affordable services for local and international transactions. It’s run by Wise, who’s a secure provider that’s authorised to operate in Australia.

With a Wise business account you can send money to 160+ countries around the world. There’s no hidden fees and your money is exchanged using the mid-market exchange rate, like you’d see on Google.

💼 Case Study: Learn how digital music distribution and artist services company GYROstream uses Wise to pay out royalties globally with transparent, low costs

To help make running your business a little easier, you can have multiple business debit cards, all currencies are accessed through a single account and you can pay up to 1000 people at once. It also has options for accounting software integration.

If you're intrigued why not have a look at the Wise Business account for yourself - you can create your own in just minutes.

Register your Wise business account
in minutes 🚀

Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Sources:

1. Commonwealth Bank - Business transaction account
2. Westpac - Business One Low Plan
3. Westpac - Deposit Accounts for Business Customers: Terms and Conditions
4. NAB - Business transaction accounts
5. NAB - NAB Business Everyday Account ($0 monthly fee)
6. ATO - Setting up your business banking
7. ANZ - Business transaction accounts
8. AMP - Cash Manager
9. Great Southern Bank - About
10. Great Southern Bank - Everyday Business Account
11. Suncorp - Business Premium Account
    Sources checked on: 16 March 2022