Heritage bank business account. The fees, types and requirements.

Roberto Efflandrin

Are you looking for a business bank account, but want something a little different to what’s on offer at the big four banking institutions?

This article will uncover what Heritage Bank Australia offers in terms of business accounts, the fees associated and what requirements you need to fulfil to open one. We’ll also introduce you to an alternative business account offered by Wise that also might fit what you are looking for.

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Types of business accounts offered by Heritage Bank

Heritage bank offers customers the Business Cheque account as the standard everyday business account. They also offer several specialty business bank accounts such as the Business Club Cheque account, a Body Corporate account, and a Self Managed Super Fund Account.¹

Let’s check out the eligibility requirements and features that you can get with the Business Cheque account and the Business Club Cheque account.

Business Cheque account

The Heritage Bank Business Cheque account is designed for small to medium businesses, or for those who need to set up a trust account. This account offers²:

  • Low transaction costs
  • Fee free withdrawals at all Heritage bank ATMs
  • Fee free withdrawals at NAB, ANZ, Westpac and Commbank ATMs
  • Interest rate of 0.01% calculated on daily balances and paid every 3 months
  • Visa debit card and cheque book options
  • Access to 24/7 customer service
  • E-statement accessibility
  • Overdraft facilities
  • Paper statements on request
  • Security token to access batch payments (extra fee)
  • Conduct transactions using Bank@Post

Business Club Cheque account

The Business Club Cheque account is designed for incorporated not-for-profit or charitable organisations. Some features include³:

  • No monthly account keeping fee
  • Interest rate of 0.01% calculated on daily balances and paid every 3 months
  • 24/7 online banking access
  • Chequebook only
  • Security token to access batch payments (extra fee)

To keep things simple, we’ll only focus on the Business Cheque account as it is the standard business account offered by Heritage Bank.

Heritage Bank business account fees and costs

To save on unnecessary business costs, it’s important to open a business bank account that suits your business, with fair account fees and costs. Below we’ll go through the Heritage Bank Business Cheque account costs, while comparing it with an alternative on the market — The Wise Business account.

Fees* Heritage Bank Business Cheque Account² Wise Business account
Account monthly fees None One-time fee of 22 AUD to get AUD and international details.
Automated payments (including Direct Debits and Standing Orders) Yes Yes
Access to multiple cards Only on specific request Yes
International transfer fee (for a sample amount of $1,000 AUD to GBP) $15 AUD fee per international transfer via online platform or mobile app

$30 AUD fee for manual international transfer⁴

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.
International purchase fee using card International purchases in foriegn currency incurs a 3% currency conversion fee⁴ Roughly 0.44% depending on the currency and conversion. See pricing here.

Currency conversion rate using the mid-market exchange rate

ATM withdrawals Domestic withdrawals are free

Overseas withdrawals are $5 AUD + 3% currency conversion 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.
Card maintenance fees No maintenance fees however only one free card replacement a year

$10 AUD each subsequent replacement card⁴

None

*Rates up to date as of 15th May 2022

As you can see, many local transactions are cheap with Heritage Bank but start to get pricey when international transactions are involved. If you consider Wise for Business, you can save 60% on international transfers when compared to many of the big local banks.

Meet Wise Business: A great PayPal alternative

How to apply for the Business Cheque account?

One way to apply for a Business Cheque account is by talking to a Heritage Bank representative to walk you through the entire process.⁵ This can be organised by:

  • Visiting a local Heritage Bank branch
  • Calling 13 14 22 anytime
  • Fill out an enquiry form and wait for a representative to call you

If you already know this account is the right for your business, you can organise all the required documents first before making contact with Heritage Bank.

Let’s go through exactly what is needed to open this business account.

What do I need to open a Heritage Bank Business Cheque account?

The first step to open a Business Cheque account is to open a Heritage Bank business membership account. This can be done by filling out the relevant membership application form. What form you fill out depends on the business structure you have. Let’s go through what a Sole Trader or Domestic Private company will need to open an account as examples.

Sole Trader

Opening a Business Cheque account as a sole trader will require⁶:

  1. Sole Trader Membership application form
  2. Australian business register showing ABN details
  3. Personal details and Australian primary ID document

Domestic Private Company (Pty Ltd)

If you have Domestic Private company, you will need to submit⁶:

  1. Company Membership application form
  2. ASIC company name extract within 30 day validity
  3. Certificate of registration with ASIC
  4. Personal details and Australian primary ID document

If you have a different business structure, you can access the relevant membership form and documents required through the Heritage Bank website. If you are a foreign national, you will require subsequent ID documents as part of your application.⁶

Once you have completed the membership form and acquired the associated documentation for your business type, they’ll need to be submitted to Heritage Bank for approval.⁵

What else do I need to know to open a business account with Heritage Bank?

Below we’ll go through some other pertinent questions you may want answered before considering Heritage Bank as your business bank account provider.

Can you manage a Heritage Bank Business Cheque account online or on the app?

Yes, this account can be managed online through the Heritage bank Online banking platform and via the Heritage Bank mobile app.⁷

Do I need to deposit money to open a Business Cheque account?

When opening this account, you will need to deposit a minimum of $100 AUD into the account.⁷

What else do I need to know?

Heritage bank also offers Business credit card accounts to business owners that come with added benefits such as multiple cards for employees.⁸

How to contact Heritage Bank

If you require any more information, you can contact Heritage Bank here or by:

  • Calling 13 14 22 from inside australia
  • Calling +61 7 4694 9000 if you are overseas

Customer service phone lines are available 24/7.

Wise for Business as a smart alternative

If the Heritage Bank Business Cheque account isn’t enough for your business, then you should consider the Wise Business Account. The Wise Business account offers a hassle-free way to conduct local and international business transactions and more. You can also spend and hold up to 50 local currencies for free with the incorporated Wise Multi-Currency account.

You’ll also be able to conduct business with no hidden charges, low currency conversion rates, and be able to manage all aspects of your business completely online.

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.

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Sources:

  1. Heritage Bank Business account types
  2. Heritage Bank Business Cheque Account
  3. Heritage Bank Club Cheque account
  4. Heritage Bank Guide to fees PDF (Downloaded) p.4, p.5, p.6
  5. Heritage Bank apply for business account
  6. Heritage Bank Sole trader ID and Subsequent form requirements (PDF’s Downloaded)
  7. Heritage Bank product guide PDF p.22, p.23
  8. Heritage Bank Business Credit Card

Sources checked on: 15 May 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 Wise Payments 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.

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