Need an online-based business bank account? Let’s see what Commbank offers.

With many banking products and services moving online, it's no surprise that banks are now finding new and innovative ways to enable business owners to manage their business completely online.

The Commonwealth Bank or CommBank, as it is more commonly referred to, is no exception — offering robust online business account solutions to their customers.

Through this article, we’ll be discussing CommBank’s online business platforms — Netbank and CommBiz. We will also introduce the Wise Business account, a smart solution for those looking for a 100% online business account.

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Discover the Wise Business account

Does Commonwealth offer Online-based Business accounts?

While Commbank does not offer dedicated online-only business accounts, they do have two different online account management platforms for your traditional business accounts — NetBank and CommBiz.

These allow you to connect existing business or consumer accounts and manage your finances online.¹

• NetBank enables customers to easily manage both personal and business finances in one place, both online and in branch.
• CommBiz is a dedicated business account online platform, with features best suited for businesses with more complex financial needs. Commbiz registration requires a linked eligible online business account to open.²

Accounts that can be added to Commbiz

Here are the types of eligible business accounts that can be linked with the CommBiz platform.³

• Online business savings/cheque account
• Business loan/line of credit account
• Business Credit Card Account
• Foreign Currency Account
• Cash Deposit Account (CDA)

Which features do you get with a CommBiz connected online business account

With a CommBiz connected business account, you will have access to enhanced integrated online features like⁴:

• No fees to establish Commbiz or access it.
• Advanced security, including CommBanks 100% security guarantee plus Netlock
• No transaction limits, access to BPAY and direct debits
• Multiple user access to a single portal to manage business tasks and users
• Online real-time balances and 15 months transaction history
• Manage and create domestic and international transfers
• Access and manage account from the CommBiz mobile app
• Utilise built-in business insights and tools

Differences between Netbank and CommBiz

Here’s a quick glance at the key differences between these online account management services.²

Simple Netbank Access	CommBiz linked account
Can register with a CommBank personal or business account anytime	Must be linked to an eligible CommBank business account.
For small businesses managed directly by business owners	Best for larger business whose finances are managed by multiple staff members — However, smaller businesses can register
Works through CommBank App	Works through CommBiz Mobile
Daily limit up to $250,000 for transfers to unlinked accounts	No limit on transfers
Daily limit up to $100,000 for international transfers	No limit on international transfers
24 months of transaction history	15 months of transaction history

How to apply for a Commbank business transaction account?

Before you can register for CommBiz, you will need to apply for or link an existing CommBank business transaction account.

There are two ways to apply for a Commbank business account. This will depend on if your business type is a sole trader, an Australian Private Company (Pty Ltd) or another entity type.⁸

Read more: Opening a Commonwealth Bank Business Account

If your company is either a Sole Trader or Pty Ltd Company, you can easily open a business account online through following these steps.⁹

1. Go to CommBank’s Business banking website
2. Click “open online now”
3. Fill in your personal details
4. Complete an online identity check
5. Tell CommBank about your business
6. Provide details of directors and beneficial owners — all parties must be informed of account opening (this step excludes sole traders)
7. Get all directors and beneficial owners to confirm their details online (via email from CommBank) (this step excludes sole traders)
8. Wait for and then click the confirmation link from Commbank to open your account

If your business is another type of entity and new to Commbank, you are required to visit a branch with all relevant documents to apply for a CommBank business account⁸.

Once you have opened your new business account, you can now register and link your account to a Commbiz account online. Let's check out how to do this below.

What are the steps to register your account for CommBiz?

The steps to register for Commbiz depends on your business needs. There are two service options and must be chosen to start your online registration. You can choose to have a¹⁰:

Simple control access

• Best for small businesses
• 4 steps to register

Advanced control access

• Best for medium — large businesses
• 12 steps to register
• Option to opt in for foreign exchange and/or money market facilities

What you need to connect an account to CommBiz

As mentioned, you must have an eligible CommBank Business account to be able to access the CommBiz service.

Below we will outline some key information you need to register for Commbiz. Depending on which service option you require will determine how many forms you are required to fill out online.

For example, through the advanced control registration you are required to tell CommBank information regarding¹¹:

• Your organisation
• Preferred layers of security
• If you need foreign exchange facility
• What accounts you want added
• Authorised users
• Authorised accounts for transactions
• Credit and debit transaction availability on account
• Administrator permissions
• Billing details for transactions on CommBiz

Once you have completed these forms, you are required to print, sign and send this application to the email provided during registration.¹²

How long does it take to register for Commbiz?

CommBank states they will be in contact within 5 business days of receiving the forms. CommBank does not disclose specific timeframes outside this range for how long it will take for your account to be connected. ¹²

Is it possible to link a third party bank account on the CommBiz platform?

Yes, once registered, Commbiz customers can link a third party bank account, but only after the consent and approval by the Commbank team.¹⁴

Business support details for CommBiz related support and enquiries.

If you would like to contact CommBank for CommBiz support, you can¹²:

• Call within Australia 13 23 39
• Call from overseas +61 13 23 39
• Visit a branch or speak to a CommBank Relationship Manager

Wise for Business as a smart alternative

As you can see, CommBank offers several business accounts and solutions to manage your business online. However, if you still aren’t sure if CommBank is the right fit for your business, then you should check out the Wise business account. With this account, you'll be able to conduct all your local and international banking directly from the Wise app or the web — in better terms, fully online.

Wise is an authorised financial services provider by the Australian Prudential Regulation Authority (APRA). The Wise business account is tailored to Australian or international companies and traders. Some of the standard features included are API, accounting software and bank integration, with the ability to make mass payments.

You will also have access to various major global currencies, including local details enabling you to send and receive payments like a local. Another great benefit is you will be able to process international invoices using the mid-market exchange rate, saving you from any hidden fees when making international transfers.

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 🚀

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Sources:

1. CommBank — Online business banking solutions
2. CommBank — Compare online solutions
3. CommBank — Eligible account types
4. CommBank — CommBiz Features
5. CommBiz T&Cs — Fee schedule p.61
6. CommBank — FX IMT rate
7. CommBiz — IMT Charges p.3
8. CommBank — Open a business account
9. CommBank — Steps to open a business account
10. CommBiz — Registration types
11. CommBiz — Forms during application
12. CommBiz — Timeframes for account registrationand Contact us
13. CommBiz T&Cs — Third party accountsp.16
    Sources checked on: 6 February 2022