Business banking with Bank of Melbourne. The account types, requirements and fees.
Looking to open a business bank account with Bank of Melbourne? We’ve got you covered. Here’s all you need to know.
Whether you’re a sole trader, running a limited liability business, or sorting out the finances for a huge multinational, one thing is always the same: you need a decent business bank account. Every single business owner needs to have confidence they’re banking with the institution that’s best suited to them.
One option that many Australian businesses consider is Commonwealth Bank, also known more briefly as CommBank. One of Australia’s “Big 4” banks, CommBank offers financial products from personal and business accounts through to help with home buying, financial planning and much else. But how do their business accounts stack up?
This article will tell you what you need to know about CommBank’s business accounts.
💸 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
CommBank keeps things relatively simple when it comes to business bank accounts. There is a Business transaction account with 2 fee levels to choose from:¹
Those 2 are both transaction business accounts. As you’d expect, there are also business accounts for savings:
There are some more specialised products available too:
But, chances are, you’ll already know if you need one of those more specific types of accounts. In this article, the focus will be on the main, everyday accounts for businesses with relatively conventional demands.
CommBank’s most popular account for businesses is the Business Transaction Account. This version with no fees is designed for businesses that will manage the account online themselves and won't need many staff assisted transactions.
Here are some of its key features.²
This account is the same as the free version, with all the features listed above. There's the addition of 20 free assisted bank transactions per month. This account is for companies that want more hands-on help from bank clerks or assistants, the post office or agency.²
The fees that you’ll be charged by CommBank naturally depend on what sort of account you use and the services you need. The main differentiator is the assisted transactions you get with the paid account.
Here’s an overview of the key fees you’ll face with either **Business Transaction Account (BTA) **fee levels.⁴
Service⁴ | BTA — No Monthly Fee | BTA — A$10 per month Fee |
---|---|---|
Monthly Fee | None | $10 |
Assisted transactions — Transactions involving staff assistance help | $3 per assisted transaction | 20 free assisted transactions, then $3 for each over the first 20 |
Commbank ATM overseas | $2 | $2 |
Non Commbank ATM abroad or foreign currency conversion payments |
|
|
International transfers⁷ |
|
|
Foreign exchange rate⁶ | Includes margin | Includes margin |
The international money transfer fees quoted above are CommBank’s standard international transfer fees – they’re not specific to business accounts. But they’re worth taking a look at if you’re likely to need to send – or receive – a lot of these.
Even the international transfer fees quoted above may not be the full picture, because often there are correspondent bank fees that also come out of your transfer amount. CommBank offers a fixed price per currency for upfront payment of such fees, which can take the stress out of the transaction. Better to avoid having to pay these fees altogether, though.
As one alternative specifically in regard to international transfers, take a look atWise’s pricing and coverage.
Both the business accounts mentioned above come with a Visa debit card. CommBank also offers a range of credit cards to businesses.² Depending on your business’s needs, you might be interested in a Low Rate, Awards, Interest-Free Days or Corporate credit card.⁵ Or, of course, you might be fine with just the debit card.
If you are a sole trader or a director of an Australian private company (Pty Ltd), you'll be able to open this account online. In order to get your account, you’ll need to do the following³:
Read more: How to open a bank account with Commonwealth Bank |
---|
Here are the easiest ways to get in touch with CommBank for business support.⁵
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 pay invoices in over 70 countries around the world. There’s no hidden fees and your money is exchanged using the real exchange rate, like you’d see on Google.
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.
Open your Wise business account
in minutes 🚀
Sources checked on 08 March 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 TransferWise 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.
Looking to open a business bank account with Bank of Melbourne? We’ve got you covered. Here’s all you need to know.
ING Australia is a specialist in business deposits and commercial lending. That means you’ll be able to find business savings accounts. We will cover that here.
Macquarie is a global financial services group operating in 34 markets. It’s had 54 years of unbroken profitability. Among its offerings are retail and...
Businesses of all types in Australia are always looking for ways to save money on financial transactions. Many financial institutions, on and offline, offer...
Looking to open a business bank account with AMP bank in Australia? We’ve got you covered. Here’s all you need to know.
If you’re setting up a business, you’ll need a business bank account. This article will give you some tips on how it works and how to choose the right one.