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...
If you’re looking for a new business bank account, Suncorp Bank might be a viable option. It's a large Australian bank that offers a wide range of services to both private and business customers. This guide will run through what Suncorp has available for businesses and let you know how the Wise business account compares.
💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments? |
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Discover the Wise Business account
Suncorp Bank has 6 different business accounts¹ on offer.
The Business Premium Account is the daily transaction account Suncorp offers to businesses. The account has a few different fees associated with it, so we’ve broken them down in the table below and compared them to the fees associated with a Wise Business account.
Fees | Suncorp Premium Business Account² ⁵ | Wise Business account |
---|---|---|
Account monthly fees | $0 AUD | One-time fee of $22 AUD to get AUD and international account details |
Electronic transactions | $0 AUD | $0 AUD |
Access to multiple cards | No | Yes |
International transfer fee (for a sample amount of $1,000 AUD to GBP) | $0 Online Telegraphic Transfer sent via Global Payment | $5.14 AUD Comprised of a small fixed fee and 0.45% variable conversion fee |
International card transaction fee (for a sample amount of $1,000 AUD to GBP) | $30 AUDSuncorp Bank Visa Debit Transaction fee of 3% | $4.38 AUD Comprised of a small fixed fee and 0.45% variable conversion fee |
ATM withdrawals | $0 AUD | 2 withdrawals of up to $350 AUD a month for free. After the 2 free withdrawals, there is a $1.50 AUD per transaction fixed fee. If you withdraw over $350 AUD in a month, there’s a 1.75% on the amount exceeding $350 AUD. |
Card maintenance fees | None | None |
The fees for international transactions on the Suncorp Premium Business Account doesn’t reflect what you may lose in the foreign currency exchange rate and potential SWIFT intermediary/recipient bank fees.⁵
With Wise you’ll only need one account that manages both your AUD and foreign currencies. When converting currency, you’ll always get the real exchange rate, just like you see on Google. This generally offsets any fees, making Wise one of the cheaper ways to transfer money around the globe.
There are three ways to apply for a Suncorp business transaction account.
To open a Suncorp Premium Business Account online you just need to visit the Suncorp website and follow the prompts.
Keep in mind the online application is only available to the following businesses, and the person applying must be the business owner or company director³
There’s also a few more criteria for applying online that you’ll need to know.³
If your business does not fall into the category mentioned in the Online application requirement above, you can apply via paper application. You’ll need to fill out the form then take it and any relevant documentation into your local Suncorp branch.³
If you want to discuss opening an account over the phone you can call Suncorp on 13 11 55.³ Make sure you have your ID and all of your business information handy before you start the call and keep in mind you may still be asked to supply some supporting documents.
If you’re a new Suncorp customer you’ll need to provide identification (ID) for the business owners and authorised people³. You may also be asked to have the ID documents certified.
The documents required for the business depends on which type of business it is, while the ID for the people generally depends on their age and nationality.
Usually, you’ll be asked to provide:
You can check here the forms of ID required by Suncorp for your situation before you start your application.
Yes, Suncorp business accounts can be managed using either the Suncorp App or Internet Banking. ³
Suncorp doesn’t state any initial deposit necessary to open an account.
Unfortunately, Suncorp doesn't give estimated times online for how long it takes to open one of their business accounts. It likely varies depending on whether you’re already a client, the business due diligence checks timeframe and if all of the required documents are supplied correctly during the application.
You can open a Suncorp Premium Business Account online using the process described in this guide. As long as your business falls in the category mentioned in above under the Online application section.
Suncorp business customers are only able to have one debit card for each primary credit account³. Keep in mind that the card has to be issued in a person's name and it isn't available to overseas residents, minors or accounts where more than one person needs to sign to operate it.
Here below are the Suncorp business account support contact details. You can call:⁴
Choosing an account for your business is an important decision and it's a good idea to have a look around and see what your options are.
Wise is an Australian Prudential Regulation Authority (APRA) authorised financial services provider with a business Multi-currency account tailored specifically for Australian or International companies and traders.
With a Wise Business account you can get business bank account details in AUD as well as various major global currencies, allowing you to send and receive international business payments like a local. You’ll be able to process international invoices, receive money and pay staff all based on the mid market exchange rate, with no need to worry about hidden fees or charges.
To make day to day business spending and activities easier you can get multiple linked debit cards, seamlessly add team members to your accounts and manage it all through the Wise app or Online account.
API, accounting software and bank integrations are standard features. You can also do mass payments.
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:
*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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