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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...
Macquarie business banking. The fees, account types and requirements.
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 business banking, wealth management and commodity trading.¹
For businesses in specific sectors, Macquarie bank has business banking solutions that come with added services, tools and assistance. We’re going to look into these in this summary. We’ll also tell you about the Wise Business Account for those that need a flexible international solution.
| 💸 Looking for a stress-free international business account to pay abroad like a local? With multiple cards, AUD and foreign currency account details? |
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Discover the Wise
Business account
Types of business accounts offered by Macquarie
Macquarie Bank has five different business accounts ³:
Macquarie business transaction account
The Macquarie business transaction account is an everyday account that gives you access to your funds 24/7.
It can handle batch payments via electronic funds transfer (EFT) and integrates with accounting software.
At-call investment account
The at-call investment account is a standard interest-earning account. The benefits are that you don’t have to locking money away; and no minimum balance is required.
Term deposit account
To earn higher interest the Macquarie term deposit account requires a minimum deposits of 5,000 AUD.
Terms range from 30 days up to 24 months, and the interest can be paid into any account held with Macquarie Bank.
Trust account
Complex trust structures require their own business bank account. The Macquarie trust account is especially designed for legal, real estate, strata and insurance businesses.
The trust account connects to electronic conveyancing platform PEXA.
Project trust account
Designed in line with the Queensland Government’s requirements the Macquarie project trust account works with the building industry.
Manage subcontractor and project payments, and protect retention monies. You can safeguard process payments and reduce the risk of delayed payments.
Who can open a Macquarie business bank account? Supported industries
The Macquarie business bank account is unique as it’s only available to organisations in specific industries. Macquarie claims to have deep knowledge of these industries, hence its focus on them.
These are the industries that qualify for a Macquarie business account³:
- Accounting
- Architecture
- Engineering
- Financial services
- Healthcare
- Insolvency
- Insurance
- Legal
- Real estate
- Strata management
- Surveying
- Technology
The Wise Business Account welcomes customers from a broader range of industries and is more flexible with smaller businesses and freelancers.
Macquarie Access account fees and costs
Transaction fees are a consideration when choosing a business bank account. Here’s a comparison of the charges Macquarie makes publicly available, side by side with the Wise Business account.
| Fees | Macquarie business Account⁴ | Wise Business account |
|---|---|---|
| Account monthly fees | $15 AUD per account | One-time fee of 22 AUD to get AUD and international bank details. |
| Automated payments (including Direct Debits and Standing Orders) | $0.20 AUD per transaction | No transaction fees |
As seen on: 3 December 2022
The Wise business account has no monthly fees and can receive international payments and hold them until you’re ready to use them. A business debit card is available for multiple cardholders.
| Read more: Getting an Invitation letter for an Australian business visa |
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How to apply for this business account?
Macquarie Bank will match you with a specialist banker based on your industry to help open an account.
Companies will need to complete several forms:
- An Australian companies identification form
- An individual identification form for every signatory
Sole traders will only need to complete the individual identification form.
How to open a business everyday account with Macquarie?
As Macquarie Bank has specialist bankers available to advise the requirements based on your industry, request a call via their site.
What do I need to open an account? Requirements, documents and what to know.
Documentation requirements will vary based on the industry you’re in. The compulsory documents are listed below. Your specialist banker will advise of anything additional.
Which documents do I need to open a Macquarie business account?
To open any account at Macquarie Bank, you must provide 1 primary or 2 secondary documents.⁵
A primary document can be either:
- Australian Passport (current or expired within the last 2 years)
- Australian Drivers License or Learner Permit (current)
- Proof of Age Card/NSW Photo Card (current and government-issued)
- International Passport (current)
- For Aboriginal and Torres Strait Islander people, a statement from a referee is acceptable
A secondary document must show name and current address and need to be 1 from category A and 1 from category B:
Category A
- Australian Birth Certificate
- Australian Citizen Certificate
- Centrelink pension card (current)
Category B
- Taxation Notice (less than 12 months old)
- Council Rates Notice (less than 3 months old)
- Centrelink Statement (less than 12 months old)
- Utility Bill (less than 3 months old)
- Notice from school principal (if you are under 18 years old, less than 3 months old and must show your name, current residential address and period of time attended at the school).
| Read more: How to open a business bank account in Australia |
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Can you manage a Macquarie business account online or on the app?
Macquarie Bank has a mobile phone app; transactions can be performed online via a web browser.
Do I need to deposit money to open a Macquarie business account?
Macquarie Bank’s product disclosure statement doesn’t advise if a deposit needs to be made to open the account. A specialist banker can advise you.
Do I need to go to a bank branch, can I do this online or from abroad?
A specialist banker will advise if completing the form online is requirement enough or if you’ll need to visit a branch. Managed on a case-by-case basis.
Business support details for Macquarie
If you’re ready to open an account, book a call with a specialist banker via the website. Alternatively, call 1800 442 370 in Australia or +61 2 8232 3333 from overseas.
Wise for Business as a smart alternative
The Wise Business Account is a good alternative for local and international banking and more flexible with the businesses it supports. You can check here if your business is supported..
With this Business account, you can make international payments to 80 countries in 53 currencies using the transparent mid-market rate plus a small transaction fee.
You’ll also get access to local Australian account details, and account details for over 9 other major currencies.
The Wise business debit card can be used at ATMs, in-store, or online shopping via the Mastercard network. Additional cards can be made available for other team members as you choose, with one fixed card-creation fee per card and no monthly fees.
Find out how the Wise business account can save you money.
Register for a Wise business account
in minutes 🚀
| Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
- About Macquarie Bank
- Macquarie important information
- Macquarie business bank account
- Macquarie fees and charges
- Macquarie identification documents
Sources checked on: 3 December 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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