Business banking with Suncorp Bank. The account types, requirements and fees.

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?

Discover the Wise Business account

Types of Business accounts offered by Suncorp Bank

Suncorp Bank has 6 different business accounts¹ on offer.

1. Business Premium Account - for business transactions
2. Business Savers Account - for business savings
3. Term Deposits - used to earn additional interest
4. Trust Account - used to hold client money when legally required
5. Farm Management Deposit Account - for eligible primary producers
6. Foreign Currency Deposit Account - for foreign currency transactions

Suncorp Business Premium Account fees and costs

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.

How to apply for the Suncorp Business Premium Account?

There are three ways to apply for a Suncorp business transaction account.

• Online
• Paper application
• Over the phone

Apply online

To open a Suncorp Premium Business Account online you just need to visit the Suncorp website and follow the prompts.

Requirements to apply for a premium account online

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

• An Australian sole trader or joint account
• An Australian LTD or PTY LTD company
• An Australian sole trader / joint account or LTD / PTY LTD trading as a registered business

There’s also a few more criteria for applying online that you’ll need to know.³

• The online application is not available if you have more than 2 directors or owners.
• The names of any Authorised Persons on the application need to be listed with ASIC as a Director, Secretary, Owner or Beneficial Owner.
• All of the Authorised Persons will automatically have full authority over the account. You will need to go into a branch to change this.

Apply using a paper application

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

Apply over the phone

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.

Which documents do I need to open a Suncorp business account?

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:

• An ASIC Company Search dated within the last 7 days
• Extract of Business Name search from the Office of Fair Trading dated within the last 7 days
• If your company is foreign, you’ll need to supply:
• Foreign Registration Document — This must have an accredited translation (NAATI) attached if the original document is not in English.

You can check here the forms of ID required by Suncorp for your situation before you start your application.

Can you manage a Suncorp business account online or on the app?

Yes, Suncorp business accounts can be managed using either the Suncorp App or Internet Banking. ³

Do I need to deposit money to open a Suncorp business account?

Suncorp doesn’t state any initial deposit necessary to open an account.

How long does it take to open this account at Suncorp?

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.

Do I need to go to a bank branch, can I do this online or from abroad?

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.

Can you have additional business cards with this account?

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.

Business support details for Suncorp bank.

Here below are the Suncorp business account support contact details. You can call:⁴

• 13 11 55 within Australia
• +61 7 3362 1712 from overseas

Wise for Business as a smart alternative

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 🚀

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Sources:

1. Suncorp - Business Accounts
2. Suncorp - Business Accounts: Product Information Document
3. Suncorp - Business Premium Account
4. Suncorp - Contact Us
5. Suncorp - international transfers
   Sources checked on: 24 January 2021