Zeller Transaction Account in Australia. What are the fees and how does it work
As a business continues to grow, sorting out its financial and banking aspects becomes important. Setting up a business account is a crucial step that can...
Beyond Bank Business Account. The Fees, Types and Requirements
Looking to open a bank account for your business and are curious what Beyond Bank Australia provides?
Let’s take you through the business account types on offer, the fees associated with their account options, the features and the requirements needed to open a business account at Beyond Bank. We’ll also introduce you to some of the perks that come with a Wise Business account as a comparison to consider as well.
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Types of business accounts offered by Beyond Bank
Beyond Bank Australia keeps it simple offering only three types of business bank accounts to its customers. Below we will go through each of these available accounts, their features and some eligibility requirements to open each account.
Business Transaction Account
Beyond Bank's Business Transaction Account is the only dedicated business bank account available with Beyond Bank. Some key features that you get when you open this account include¹:
- Tiered interest rates calculated daily and paid monthly
- No minimum or ongoing balance requirements
- Access to online and mobile banking
- Comes with Visa Debit card
- Cheque book and batch banking options
- A monthly allowance based on specific business value portfolio to cover transaction fees
MonEsaver Account
The MonEsaver account is available to both personal and business customers. When opening this account as a business customer, you’ll get extra interest on business deposits.²
Community Reward Account
The community rewards account is another savings account available to all customers. However, signing up as a business customer will mean a percentage of surplus business deposits will be donated to a community organisation at the end of each year.³
On top of these account options, Beyond Bank also offers various business loan products and online payment solutions for businesses. Let’s dig a little deeper into the Beyond Bank Business Transaction account.
Beyond Bank business account fees and costs
As the only business transaction account available at Beyond Bank, it’s important to know what kind of account fees and costs are associated with this account. To see how it compares on the market, we’ll do a comparison with the Wise Business account in the table below.
| Fees * | Beyond Bank business transaction account¹ | Wise Business account |
|---|---|---|
| Account monthly fees | Free | One-time fee of 22 AUD to get AUD and other international account details. |
| Automated payments (including Direct Debits and Standing Orders) | $0.50 AUD per direct debit transaction | Yes |
| Access to multiple cards | Yes⁵ | Yes |
| International transfer fee (for a sample amount of $1,000 AUD to GBP) | Free via internet or mobile banking $25.00 AUD when sending money overseas in branch, over the phone $55 AUD when transferring AUD overseas⁴ | 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. |
| ATM withdrawals | Free withdrawals from Beyond Bank ATMs Other Australian ATMs may incur a corresponding bank fee International withdrawals incur specific bank fee + $4.50 + 3% international transaction fee | 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. |
*Rates checked on the 11th May 2022
As you can see from the above table, there are quite a few fees associated with many types of transactions when using a Beyond Bank Business Transaction account. International transactions costs are considerably higher than those associated with the Wise Business account.
The Wise Business account is a great alternative for anyone doing business both locally and internationally, as you’ll get access to the real exchange rate for all currency conversions, while being able to spend and receive money in several major currencies.
How to apply for this business account?
To be able apply for a Beyond Bank Business Transaction account, you must have a public or private proprietary company, a partnership, be a trustee of a formal trust, or be a sole trader.⁵ If you fit this requirement, you can proceed to open an account.
How to open a Business Transaction account with Beyond Bank?
The only way to open a Business Transaction account is via visiting a local branch or requesting a call through the online enquiry form on the website. This form asks you to provide information regarding⁶:
- Personal identity information
- Business name
- Business structure type
- Personal contact details
- Best time to call
- What you would like to discuss
Once you submit this form, you will receive a call from a Beyond Bank representative.
How to open a MonEsaver or Community Rewards account with Beyond Bank?
To open and connect either of these savings accounts to your Business Transaction account, you’ll need to enquire online or visit a local branch.²
What do I need to open an account? Requirements, documents and what to know.
Now let’s go through some other common questions and answers that come up when opening a business bank account with Beyond Bank.
Which documents do I need to open a Business Transaction account?
Once you have submitted the online form, a Beyond Bank representative will contact you and go through exactly what documents you need to open a Business Transaction account. However, some information that you should have handy is⁵:
- Personal Identification
- TFN, ABN or exemptions
- Proof of business documents
Can you manage a Beyond Bank business account online or on the app?
Yes, you’ll be able to manage your Business Transaction account via the Beyond Banks internet banking platform and their mobile banking app.¹
Do I need to deposit money to open a Beyond Bank business account?
There is no minimum deposit required to open this account.¹
Are there any fees charged for dormant accounts?
Beyond Bank charges $10 AUD dormant account fee when you have not made a transaction in 12 months. If the account has less than this amount, Beyond Bank will close the account⁵.
What else do I need to know?
An interesting perk that comes with opening any bank account at Beyond Bank Australia is that you’ll become a part owner of the bank.¹
Business support details for Beyond Bank Australia
To contact Beyond Bank for any business enquiries, you can connect here. For general enquiries, you can:
- Call from within Australia on 13 25 85
- Call from overseas on +61 8 8205 8888
Phone lines are open 8am to 8pm Monday to Friday or 9am to 3pm on Saturdays only.
Wise for Business as a smart alternative
If you have come to the end of this article and are still unsure if Beyond Bank Australia has the right business account for your business, then maybe it’s a good time to check out what the Wise business account can offer you. By opening a Wise Business account, you’ll get your own local AUD account details and local account details in some of the world's other major currencies.
You’ll also not have to worry about high currency conversion fees as you’ll have access to the real exchange rate on every conversion, plus up-front transparent international transfer fees everytime.
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.
Open your Wise business account
in minutes 🚀
Sources:
- Beyond Bank Business Transaction account
- Beyond Bank Business MonEsaver
- Beyond Bank Community Reward Account
- Beyond Bank Fees Guide cards and telegraphic transfers PDF, p14, p, 18, p.19
- Beyond Bank additional cards and business customer definition product disclosure PDF p.10, p.15, p.37
- Beyond Bank enquiry form
Sources checked on: 11 May 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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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